Solmate's Largest Shareholder RBCH Sues Board Over Fiduciary Breach and Self-Dealing, Holds 22.74% Stake

According to The Block, Solmate Infrastructure's largest external shareholder RBCH filed a lawsuit on June 23 against the company's board, alleging breach of fiduciary duty and self-dealing. RBCH, led by RockawayX founder and CEO Viktor Fischer, holds approximately 22.74% of Solmate and claims the company's stock trades at a 50% discount to net asset value due to mismanagement.

The lawsuit alleges that after the PIPE financing closed, directors signed a 10-year strategic advisory agreement granting five insiders 10.7% equity options and 0.85% annual management fees, while cashing out over $1.6 million in shares above $33 each. Additionally, on May 21, directors Ron Sade and Keren Maimon exclusively purchased 2.298 million Class B shares at $4.97 per share, diluting existing shareholders by approximately 20%. RBCH seeks to rescind the issuance, recover improper compensation, and block the new shares from voting at the June 26 shareholder meeting.