The post Bitcoin Miner Ionic Faces Challenge From Disgruntled Shareholders appeared on BitcoinEthereumNews.com.

In brief Figure Markets is rallying Ionic Digital shareholders, attempting to establish a new direction for the Bitcoin miner. Ionic’s IPO plans have faced delays, the company said, following the resignation of its auditor. Ionic said its CEO left the company last month, along with two board members. The cryptocurrency exchange Figure Markets is mobilizing Ionic Digital shareholders, staging efforts through social media to shake up the Celsius-linked Bitcoin miner’s board of directors. Ionic, a Texas-based mining firm, emerged from Celsius’ Chapter 11 bankruptcy as a company owned entirely by the failed lender’s creditors. The company became operational in February, aiming to run 127,000 mining machines across five different sites in North America. After a week and a half of outreach, enough Ionic shares have been pledged to Figure to force a board meeting, according to CEO Mike Cagney. In an interview with Decrypt, the SoFi co-founder and former CEO said that shareholders have had enough of Ionic’s current direction. “The Celsius community is very galvanized, very organized, and they’re very pissed off,” he said, referencing Ionic’s 86,000 shareholders. “The board of this company is just not acting on the behalf of shareholders, and so we want to lean in and change that.” We are at 24.85% of shares to force a board meeting at Ionic Digital. 0.15% to go – every share counts! This is to force a board meeting to introduce alternative paths for Ionic (all with immediately liquidity options), and to force board action. Pledge your shares here:… — Mike Cagney (@mcagney) September 3, 2024 At the same time, Cagney said that Figure has a “dual motive” with efforts to bring about change to Ionic’s board of directors. The company believes that Ionic could be listed on Figure’s alternative trading system (ATS), becoming the first public equity…

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Filed under: News - @ September 7, 2024 1:25 pm