Eric Trump has been removed from the World Free and Treasury Board of Directors “Alt5 Sigma” by Nasdaq rules. According to a Forbes report, Eric Trump stopped planning first for the board of directors of the Fintech Firm Alt5 Sigma following consultations with Nasdaq, but did not explain why.
“To discuss with Nasdaq Stock Market LLC (‘Nasdaq’) and adhere to Nasdaq’s listing rules, Zachary Witkoff accepts his appointment as chairman of the board and is the first candidate for the WLF’s chosen board,” SEC Filing said. “Both Eric Trump and Zachary Folkman have been designated as observers. In accordance with the Nasdaq listing rules and in accordance with the approval of the company’s shareholders, the board has approved the appointment of Zachary Folkman, appointed to the board of directors selected by the WLF as director.”
More about Alt5 Sigma
Alt5 Sigma Corporation (Alts) is a fintech giant that offers next-generation blockchain-powered technology for tokenizing, trading, liquidating, settlement, payments and storage of digital assets. The company announced in August that it would raise $1.5 billion through direct and private sales of its stock and use its revenue to purchase digital tokens from World Liberty Financial, a crypto startup that includes co-founders, including Donald Trump and his three sons.
As part of the deal, Alt5 Sigma said “Eric Trump will be the director of that board,” with the global Liberty Financial COO and fellow co-founder Zak Folkman coming to join as board observers. However, after consulting with NASDAQ and following listing rules, it was announced that Trump will instead become an observer on the board, subject to shareholder approval.
According to Forbes, it was unclear why Nasdaq was justified in accepting one appointee from the company, rejecting others. NASDAQ rules require that a majority of board members of listed companies be independent, but it is not clear why co-founder Zak Folkman would do so if Trump wasn’t independent. Neither Trump nor Alt5 Sigma publicly commented on the decision.
