Tony Vejseli, Figure Markets and GXD Labs Provide Clarification Following October 28 Meeting with Ionic Digital’s Board

October 31, 2024

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San Francisco, USA, October thirty first, 2024, Chainwire

Tony Vejseli, Figure Markets Holdings Inc., and GXD Labs, LLC (collectively “the Group”) immediately issued a statement to deal with latest developments following a gathering held on October 28 at White & Case’s Midtown Manhattan places of work, the place the Group met with the board of administrators (the “Board”) and administration workforce of Ionic Digital, Inc. (the “Firm” or “Ionic”). The Group thanked White & Case for internet hosting the dialogue however famous a necessity for clarification following the Firm’s abstract of the assembly in a press release, which they imagine misrepresented a number of key factors.

In response to Ionic’s assertion concerning its affirmation of “sturdy momentum” and its “laser-focus” on implementing its strategic initiatives, the Group raised considerations over the Board’s obvious lack of know-how of core working metrics. They highlighted that the Board appeared unprepared to debate any elements of its monetary or operational efficiency, together with by answering any of Mr. Vejseli’s questions as described in his post on X, resulting in questions concerning the Firm’s aggressive place and valuation. The Group additionally expressed skepticism about Ionic’s capacity to finish its audit, initially anticipated in early 2024 and now anticipated by Q1 2025 based on the Firm, inside the introduced timeframe because of the obvious lack of accessible monetary data, together with the Firm’s EBITDA and bills.

The Group indicated that various liquidity choices for shareholders had been mentioned, but they felt these choices had not been totally explored or evaluated by the Board. The Group additionally raised considerations over Ionic’s contract with Hut 8, noting that, though it had introduced a proposed resolution, no various path ahead was mentioned by the Board or administration.

In the course of the assembly, the Group outlined a proposed plan for refreshment of the Board, particularly suggesting the resignation of three present board members—Scott Duffy, Tom DiFiore, and Emmanuel Aidoo – to get replaced by three new, impartial administrators with the requisite expertise and ability units. The proposal, supported by an in depth presentation, emphasised the necessity for strategic and skilled management to higher align the corporate’s actions with shareholder pursuits.

Shareholders are inspired to review the proposal and take into account supporting a particular assembly to vote on board adjustments.

About Determine Markets

Figure Markets is democratizing finance via blockchain. We’re constructing the trade for the whole lot – a decentralized custody market for crypto, shares, bonds, credit score and extra. We’re bringing best-in-class leverage, margining, and liquidity to our trade, whereas providing our members in depth borrowing choices and distinctive funding alternatives. Determine Markets places our members accountable for their property and knowledge, disintermediating legacy brokers, exchanges and lenders.

Determine Markets is backed by main enterprise capital corporations and strategic companions, together with Soar Crypto, Pantera, Distributed International, Faction Lightspeed, NewForm Capital and CMT Digital. Determine Markets was based by a seasoned workforce of entrepreneurs and operators from TradFi, fintech, and DeFi, together with Mike Cagney and June Ou.

Customers can study extra at www.figuremarkets.com.