Empery Digital's BTC Holdings Plunge Amid Proxy Fight with ATG Capital
A Delaware Court of Chancery vice chancellor has ordered ATG Capital to reveal its list of Empery Digital stockholders, removing their anonymity in a proxy fight that has seen the company's BTC holdings plummet by 68%.
Empery Digital, formerly known as Volcon, renamed itself less than two weeks after closing a $500 million private placement last July. It held 4,018.36 BTC at an average cost of $117,552 each in August 2023 but now has only 1,279 remaining after selling the majority for staggering losses.
The company's stock price has crashed by 72% over the past year, from $10 to $2.84, with each of its remaining BTC worth approximately $65,000. Empery Digital has already incurred $7,828,001 in fees defending against ATG Capital's proxy fight.