WonderFi Technologies' Shareholder KAOS Capital Pushes for Board Overhaul

Dow Jones03-27

By Robb M. Stewart

WonderFi Technologies' shareholder KAOS Capital plans to nominate five directors to the Canadian crypto trading platform's board in a move it says has been promoted by a weak stock performance.

The Miami-based hedge fund management firm said the nominees would be drawn up ahead of WonderFi's planned annual shareholder meeting May 21.

It said its call for change has the support of shareholders representing 22% of the WonderFi's issued and outstanding shares, including its largest investor Mogo which has a roughly 13% stake and which has a voting agreement with KAOS.

KAOS Chief Executive Adam Arviv said WonderFi is positioned to leverage its spot as the only fully regulated crypto exchange in Canada, but accused its board of not showing itself capable of leading the way.

WonderFi's shares are down 10% on the Toronto Stock Exchange so far in 2024 and have fallen 22% over the last three months.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

March 27, 2024 08:37 ET (12:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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