Court protects Ionic Digital's stockholders from self-serving agendas

On March 14, 2025, in the United States, Ionic Digital Inc.'s Board of Directors issued an open letter to stockholders emphasizing their commitment to enhancing stockholder value, optimizing Bitcoin mining operations, and ensuring liquidity through potential listings on securities exchanges. The letter addressed ongoing disputes involving Figure Markets and GXD Labs, which were accused of pushing their own commercial interests by attempting to access Ionic's confidential stockholder information. These actions were allegedly driven by lawsuits filed by three stockholders, who sought to leverage the sensitive information for the benefit of Figure Markets. Moreover, a recent ruling from the Delaware Court of Chancery recognized the validity of Ionic's concerns over maintaining stockholder privacy by limiting access to the confidential stockholder list of the company. The court's determination also called for negotiations to establish a confidentiality agreement regarding the review of stockholder information, thereby reinforcing Ionic's commitment to transparency. The Board announced that the upcoming Annual Meeting, initially scheduled for March 17, 2025, would be postponed, allowing time for stockholders to be informed and to participate fairly in the governance process. This postponement would occur prior to a court trial set for early May 2025 to resolve various challenges posed by the plaintiffs, including board size and quorum requirements. The Board expressed their anticipation in collaborating with stockholders to advocate for the best interests of the company and discouraged votes for the nominees supported by Figure Markets and GXD, asserting that these candidates serve their own interests instead of those of Ionic's shareholders.