Cannell Capital Demands Board Refresh at VIA Optronics

Rhea-AI Summary

Cannell Capital LLC, a major shareholder of VIA Optronics (NYSE: VIAO), expresses deep concerns with VIAO's leadership, particularly with founder Jürgen Eichner, who was reinstated by the board despite alleged accounting irregularities. The company has formed 'Rescue VIAO' to address these issues and maximize shareholder value.

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• None.

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• The reinstatement of Mr. Eichner without completing a thorough investigation reflects a disregard for corporate ethics and responsible governance, undermining trust and faith in the supervisory board.

Alta, Wyoming--(Newsfile Corp. - December 14, 2023) - Clients of Cannell Capital LLC, which per its September 30, 2023, Form 13F enjoy beneficial ownership of 9.8% of the American Depositary Receipts of VIA Optronics (NYSE: VIAO) releases the following statement in support of Rescue VIAO.

Cannell Capital has deep concerns with VIAO's leadership. Such concerns begin with, but are not limited to Jürgen Eichner, the founder of VIAO. On November 17, the VIAO Supervisory Board suspended Mr. Eichner given alleged accounting irregularities. According to VIAO, these irregularities may have included the personal usage of company credit cards, improper expense reimbursements, inadequate documentation of vehicle usage, and irregularities in vacation days.

On December 1, the VIAO Board reinstated Mr. Eichner without providing any substantive causation as to why such reinstatement was in the best interest of owners. The decision to reinstate Mr. Eichner is both shocking and unacceptable. It reflects an apparent blatant disregard for corporate ethics and responsible governance, undermining the trust and faith placed in the supervisory board to uphold the highest standards of integrity and accountability.

The Company's assertion that it "takes these matters seriously" seems hollow and disingenuous, given its contradictory action of reinstating Mr. Eichner before completing and releasing the results of a full and thorough investigation into his conduct.

We call for a renewed suspension of Mr. Eichner until the investigation is conclusively completed. We also call for the release of the complete investigation findings to all VIAO shareholders.

Cannell Capital supports "Rescue VIAO" was formed on (date). It is dedicated to maximizing the value of VIAO for the benefit of all VIAO shareholders and to that end intends to start exposing ways in which both management and the supervisory board failed in their duty of service to VIAO shareholders. In doing so they reflected a complete disregard for prudent management and supervision by those entrusted to supervise.

Contact:
David Pointer
(509) 319 2345
https://www.rescueviaoptronics.com/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191087

FAQ

What percentage of VIA Optronics does Cannell Capital LLC own?

Cannell Capital LLC owns 9.8% of the American Depositary Receipts of VIA Optronics (NYSE: VIAO) as of September 30, 2023.

Who is Jürgen Eichner and what is his role in VIA Optronics?

Jürgen Eichner is the founder of VIA Optronics. He was suspended by the VIAO Supervisory Board on November 17, 2023, due to alleged accounting irregularities.

What is 'Rescue VIAO' and what is its purpose?

'Rescue VIAO' is a group formed to maximize the value of VIAO for the benefit of all shareholders and to address the alleged failures of management and the supervisory board.

What are the concerns expressed by Cannell Capital LLC regarding VIA Optronics?

Cannell Capital LLC has deep concerns with VIAO's leadership, particularly with the reinstatement of Jürgen Eichner despite alleged accounting irregularities, reflecting a disregard for corporate ethics and responsible governance.

How can shareholders contact 'Rescue VIAO'?

Shareholders can contact 'Rescue VIAO' by visiting https://www.rescueviaoptronics.com/ or contacting David Pointer at (509) 319 2345.