- A Delaware judge removed Anonymity protections for a list of stockholders in BTC treasury company Empery Digital, accelerating an activist lawsuit.
- Empery Digital stock crashed 72% over the past year, falling from $10 to $2.84, while its BTC holdings dropped 68% to 1,279 coins.
- The company sold the majority of its Bitcoin for staggering losses, and loan agreements now restrict 954 of its remaining 1,279 BTC.
Vice Chancellor Lori W. Will ruled that a list of stockholder names compiled by activist fund ATG Capital is not a protected business strategy, forcing its disclosure to Empery Digital’s counsel. The decision comes in an expedited lawsuit where ATG alleges the company’s board unfairly used bylaws to shut down a proxy voting contest.
Empery Digital, formerly an electric off-road vehicle maker, held 4,018 BTC at an average cost of $117,552 apiece one year ago. As of August 6, it reported just 1,279 BTC after selling on the way down and finalizing tens of millions in losses. Consequently, the company is now worth less than the Bitcoin it holds.
ATG, founded by Gabriel Gliksberg in November 2020, holds 4.5 million shares, representing 14.7% of the company in March. The activist fund has proposed nine directors for Empery’s board, but the company claimed the nominations were “invalid and misleading” under its corporate bylaws. Defending the proxy fight has already cost the company $7,828,001 in fees through June 30. The core trial has concluded, but final closing briefs remain before the court renders a verdict.
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