Sol Strategies nominates Borsai, Logan as directors

Executive Summary

• Sol Strategies Inc. has announced a proposed refreshed board slate for its Annual General Meeting (AGM) on March 31, 2026, resulting from a co-operation agreement with concerned shareholders Max Kaplan and Tony Guoga.
• The slate includes two new independent directors, Laszlo (Les) Borsai and Dennis Logan, replacing outgoing director Ungad Chadda, who will serve as a special adviser for six months.
• Concurrent with the board changes, interim CEO Michael Hubbard is set to be appointed as full-time CEO, and Steve Ehrlich will be appointed as Chief Strategy Officer.

Key Details

• Board Composition Changes:
  • New Directors: Laszlo (Les) Borsai and Dennis Logan are proposed as new independent directors.
  • Incumbent Directors: Luis Berruga (Chairman), Michael Hubbard (Interim CEO), Jon Matonis, Rubsun Ho, and Jose Calderon remain on the proposed slate.
  • Outgoing Director: Ungad Chadda will not stand for re-election.
  • Committee Changes: Dennis Logan will replace Ungad Chadda on the Audit Committee.
• Management Appointments:
  • Michael Hubbard to be appointed as full-time Chief Executive Officer (CEO) no later than reasonably practicable following the AGM.
  • Steve Ehrlich (currently Head of Capital Markets) to be appointed as Chief Strategy Officer.
• Shareholder Agreement Terms:
  • The changes reflect a co-operation agreement with shareholders Max Kaplan and Tony Guoga.
  • Concerned shareholders have agreed to vote in favor of the proposed slate.
  • Replacement Rights: If Dennis Logan is unable/unwilling to serve, shareholders have the right to appoint a replacement. If Laszlo Borsai is unable/unwilling, shareholders will work with the company to determine an agreeable replacement.
• Director Profiles:
  • Laszlo (Les) Borsai: Early participant in cryptocurrency; advised Ripple Labs (2013); co-founded Wave Digital Assets (2018), an SEC-registered investment advisory firm specializing in digital asset venture capital and wealth management.
  • Dennis Logan: Financial executive and CPA, CA; currently CFO of American Tungsten Corp., Sterling Metals Corp., and BTU Metals Corp.; former CFO at Planet 13 Holdings Inc. and other public companies.
• Transition Plan: Ungad Chadda will remain engaged as a special adviser to the board for a six-month transition period, providing counsel on audit and regulatory matters.
• Upcoming Events: Management information circular to be published in early March 2026.

Notable Quotes

• "We value open communication with our shareholders and appreciate the constructive engagement that led to this agreement... This resolution and bringing Les and Dennis on board strengthen our governance while letting us stay focused on execution." — Michael Hubbard, Interim CEO
• "I want to thank Ungad for his services and contributions... It is under his chairmanship of the audit committee that the company obtained a successful PCAOB audit and Nasdaq listing... I'm also excited to welcome Les and Dennis, whose combined expertise in digital assets and capital markets positions us well for what's next." — Luis Berruga, Chairman