largest shareholder has launched an unusually personal proxy fight to replace the company’s chief executive officer and a majority of its board of directors, a battle that could ultimately oust the team that put the organization together.
Enthusiast, a media and gaming company, went public through a three-way merger in 2019, and its shares took off in the fall of 2020, soaring from roughly $1.60 apiece to more than $10 each by April, 2021. The past year has been misery for shareholders, however, with the stock losing three-quarters of its value and falling to $2.70 before the proxy battle was announced.
“Our primary and clear conclusion is that the company’s current chief executive officer , Adrian Montgomery, is a detriment to the company’s management, operations, communications, and growth strategies,” the investment firm wrote.Despite being so pointed with its intentions, Greywood has disclosed very little about itself. The public letter is not signed by any individuals, solely by “Greywood LLC,” and a website or history of the investment firm could not be located.
“We have tried in vain to engage with the board, and we were particularly dismayed when in response to our most recent constructive letter we received a terse, generic, disingenuous and dismissive e-mail. It has become apparent to us that this board works for the CEO,” Greywood wrote.
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