Figure Markets and Veton Vejseli Request Access to Ionic Digital Records to Investigate Potential Board Misconduct

Figure Markets today announced that, together with Veton Vejseli, a shareholder of Ionic Digital, it has requested access to certain company records under Section 220 of the Delaware General Corporation Law.

Figure Markets, together with Veton Vejseli, a shareholder of Ionic Digital (NASDAQ:IONC), today announced that it has requested access to certain company records under Section 220 of the Delaware General Corporation Law. This request seeks information to investigate potential misconduct by the Board of Directors and assess their performance of fiduciary duties.

Figure Markets and Mr. Vejseli believe access to these records (the “Books and Records”) is crucial for protecting shareholder interests. This request arises from concerns about potential self-dealing behavior by board members and actions that may have disadvantaged shareholders. Specific areas of investigation include:

Based on interactions with the Board, public filings, and other information, Figure Markets and Mr. Vejseli believe the Board may be prioritizing its own interests over those of shareholders. This pattern of behavior is allegedly evidenced by:

Mike Cagney, CEO of Figure Markets, said:

“Having been involved in the Celsius bankruptcy from the beginning, it’s unfortunate how creditors have been treated. We hope by forcing a special shareholder meeting to improve Ionic's management, governance, and strategy, we can salvage value for shareholders.”

In response to widespread shareholder dissatisfaction, Figure Markets initiated a grassroots social media campaign aimed at securing 25% of Ionic shareholders to call for a special shareholder meeting. Remarkably, despite the challenge of rallying 86,000 shareholders, none of whom hold more than 1% of the stock, Figure Markets has successfully garnered support from 29% of the outstanding shareholders.

Figure Markets and Mr. Vejseli believe the Board’s actions may constitute gross negligence and warrant removal. They also express concern that these actions may have stripped shareholders of their voice in company governance. Access to the Books and Records represents a critical step towards restoring shareholder democracy at Ionic.

This inspection request will allow Figure Markets and Mr. Vejseli to investigate potential misconduct and assess the Board’s performance of its fiduciary duties. They urge the Board to act with urgency and collaborate constructively to address shareholder concerns.

The full text of the Books and Records demand can be found here.

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