RBCH, the largest external shareholder of Solmate Infrastructure (SLMT), filed a lawsuit in the Supreme Court of the State of New York against the company’s current directors and executives. According to Viktor Fischer, founder of RockawayX and an ally of RBCH, the firm’s leadership engaged in a flagrant breach of their fiduciary duty and self-dealing practices that severely harmed the treasury’s value.
The conflict erupts at a critical moment for Solmate Infrastructure, whose shares are trading at a 50% discount relative to their net asset value (NAV), accumulating a 78% drop this year. The lawsuit exposes irregular capital transfers and the allegedly illegal issuance of discounted shares for the board’s own benefit, right after rejecting a premium takeover offer from Forward.
RBCH is now seeking an emergency injunction to remove the current board, freeze their voting rights at the upcoming general meeting on June 26, and reduce annual corporate costs from $10 million to $3 million. The outcome of this litigation will determine the fate of the 2 million SOL managed by the company’s treasury.
Source: https://goo.su/zAlkNlp
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