{"id":16944,"date":"2024-10-31T14:10:33","date_gmt":"2024-10-31T14:10:33","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=16944"},"modified":"2024-10-31T14:10:33","modified_gmt":"2024-10-31T14:10:33","slug":"tony-vejseli-figure-markets-and-gxd-labs-provide-clarification-following-october-28-meeting-with-ionic-digitals-board","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=16944","title":{"rendered":"Tony Vejseli, Figure Markets and GXD Labs Provide Clarification Following October 28 Meeting with Ionic Digital\u2019s Board"},"content":{"rendered":"

[PRESS RELEASE \u2013 San Francisco, USA, October 31st, 2024]<\/strong><\/p>\n

Tony Vejseli,\u00a0Figure Markets Holdings<\/a> Inc., and GXD Labs, LLC (collectively \u201cthe Group\u201d) today issued a statement<\/a> to address recent developments following a meeting held on October 28 at White & Case\u2019s Midtown Manhattan offices, where the Group met with the board of directors (the \u201cBoard\u201d) and management team of Ionic Digital, Inc. (the \u201cCompany\u201d or \u201cIonic\u201d). The Group thanked White & Case for hosting the discussion but noted a need for clarification following the Company\u2019s summary of the meeting in a press release<\/a>, which they believe misrepresented several key points.<\/p>\n

In response to Ionic\u2019s statement regarding its affirmation of \u201cstrong momentum\u201d and its \u201claser-focus\u201d on implementing its strategic initiatives, the Group raised concerns over the Board\u2019s apparent lack of knowledge of core operating metrics. They highlighted that the Board appeared unprepared to discuss any aspects of its financial or operational performance, including by answering any of Mr. Vejseli\u2019s questions as described in his post<\/a> on X, leading to questions about the Company\u2019s competitive position and valuation. The Group also expressed skepticism about Ionic\u2019s ability to complete its audit, initially expected in early 2024 and now anticipated by Q1 2025 according to the Company, within the announced timeframe due to the apparent lack of available financial information, including the Company\u2019s EBITDA and expenses.<\/p>\n

The Group indicated that alternative liquidity options for shareholders were discussed, yet they felt these options had not been fully explored or evaluated by the Board. The Group also raised concerns over Ionic\u2019s contract with Hut 8, noting that, although it had presented a proposed solution, no alternative path forward was discussed by the Board or management.<\/p>\n

During the meeting, the Group outlined a proposed plan for refreshment of the Board, specifically suggesting the resignation of three current board members\u2014Scott Duffy, Tom DiFiore, and Emmanuel Aidoo \u2013 to be replaced by three new, independent directors with the requisite experience and skill sets. The proposal, supported by a detailed presentation, emphasized the need for strategic and experienced leadership to better align the company\u2019s actions with shareholder interests.<\/p>\n

Shareholders are encouraged to review the proposal<\/a> and consider supporting a special meeting to vote on board changes.<\/p>\n

About Figure Markets<\/strong><\/p>\n

Figure Markets<\/a> is democratizing finance through blockchain. We\u2019re building the exchange for everything \u2013 a decentralized custody marketplace for crypto, stocks, bonds, credit and more. We\u2019re bringing best-in-class leverage, margining, and liquidity to our exchange, while offering our members extensive borrowing options and unique investment opportunities. Figure Markets puts our members in control of their assets and data, disintermediating legacy brokers, exchanges and lenders.<\/p>\n

Figure Markets is backed by leading venture capital firms and strategic partners, including Jump Crypto, Pantera, Distributed Global, Faction Lightspeed, NewForm Capital and CMT Digital. Figure Markets was founded by a seasoned team of entrepreneurs and operators from TradFi, fintech, and DeFi, including Mike Cagney and June Ou.<\/p>\n

Users can learn more at www.figuremarkets.com<\/a>.<\/p>\n

The post Tony Vejseli, Figure Markets and GXD Labs Provide Clarification Following October 28 Meeting with Ionic Digital\u2019s Board<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

[PRESS RELEASE \u2013 San Francisco, USA, October 31st, 2024] Tony Vejseli,\u00a0Figure Markets Holdings Inc., and GXD Labs, LLC (collectively \u201cthe Group\u201d) today issued a statement to address recent developments following a meeting held on October 28 at White & Case\u2019s Midtown Manhattan offices, where the Group met with the board of directors (the \u201cBoard\u201d) and […]<\/p>\n","protected":false},"author":0,"featured_media":16945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16944"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16944"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16944\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/16945"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}