YZi Labs is calling on 10X Capital and its director Hans Thomas to immediately disclose their actual ownership of CEA Industries.
PANews reported on February 18 that YZi Labs stated in its official blog that it has sent a formal letter to 10X Capital Asset Management and related parties, accusing them of violating Sections 13(d) and 16(a) of the Securities Exchange Act of 1934 by failing to disclose their beneficial ownership of common stock in CEA Industries Inc. YZi Labs pointed out that, according to public information, 10X Capital has beneficially held more than 5% of the outstanding common stock of BNC since the end of 2025, but failed to file Schedule 13D to disclose the formation of this shareholding group. Furthermore, Hans Thomas, a founding partner of 10X Capital and a director of BNC, failed to file Form 3 with the SEC, failing to fulfill the initial shareholding reporting obligation under Section 16(a).
YZi Labs stated that it filed its initial Schedule 13D on November 26, 2025, and promptly filed amended documents following changes in shareholding due to company buybacks and issuances. To maintain the consent solicitation process and exercise shareholder rights under Nevada law, YZi Labs chose to form a consortium with other shareholders and fulfill its disclosure obligations as required. Alex Odagiu, Investment Partner at YZi Labs, emphasized that SEC disclosure rules are not "personal preference" or "optional housekeeping," but rather a fundamental obligation that anyone wishing to serve as a director of a publicly traded company must adhere to. YZi Labs calls on 10X Capital to immediately disclose its beneficial ownership of BNC under Section 13(d) and requests Hans Thomas to file Form 3 as soon as possible to disclose his shareholding.
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