Overview
Sol Strategies Inc (NASDAQ:STKE) saw its shares increase by 3% in after-hours trading on Friday after the company disclosed that it had reached a cooperation agreement with two previously concerned shareholders. The pact secures support from Max Kaplan and Tony Guoga, who have agreed to vote in favor of the company's proposed board slate at the Annual General Meeting scheduled for March 31, 2026.
Board composition and governance changes
The proposed slate includes two new independent directors and five returning board members. The independents are Laszlo "Les" Borsai and Dennis Logan. The incumbents listed on the slate are Luis Berruga, Michael Hubbard, Jon Matonis, Rubsun Ho, and Jose Calderon. The company described the engagement with the shareholders as constructive and said the cooperation agreement resolved outstanding concerns ahead of the AGM.
Ungad Chadda will not stand for reelection at the meeting but is expected to remain involved as a Special Advisor to the Board for six months. Following the AGM, Dennis Logan is slated to join the Audit Committee.
Executive appointments under the agreement
As part of the terms, Michael Hubbard will be appointed full-time Chief Executive Officer after the meeting. Steve Ehrlich, who currently serves as Head of Capital Markets, will transition to the role of Chief Strategy Officer following the AGM. These changes are described in the cooperation agreement as part of the governance refresh accompanying the new slate.
Background on incoming directors
Laszlo "Les" Borsai has a background advising Ripple Labs beginning in 2013 and later co-founded Wave Digital Assets in 2018, an SEC-registered investment advisory firm. Dennis Logan holds multiple chief financial officer roles at publicly listed resource companies - American Tungsten Corp., Sterling Metals Corp., and BTU Metals Corp. - and is credentialed as a CPA, CA.
Next steps and shareholder materials
The company indicated it will publish its management information circular for the Annual General Meeting in early March, ahead of the March 31, 2026 meeting. The circular will provide shareholders with the formal materials related to the proposed slate and governance changes.
This article presents the facts disclosed by the company regarding the board slate, shareholder cooperation agreement, and resulting management changes.