Activist Adam Arviv Announces Intent to Nominate New Slate of Directors to the Board of WonderFi

KAOS Capital Ltd. (“KAOS”), a significant shareholder in WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (“WonderFi” or the “Company”), today announced its intent to nominate five highly experienced individuals to the WonderFi Board of Directors (the “Board”) ahead of the annual general meeting scheduled to be held on May 21, 2024.

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KAOS’s call for change in the Board reflects its dissatisfaction with WonderFi’s lifeless stock performance and its failure to capitalize on its position as the only fully regulated crypto exchange in Canada. The current Board has overseen extremely poor performance as compared to other public securities in the global crypto space during the strongest bull run in history for crypto currencies like Bitcoin.

The current Board has repeatedly refused to engage on plans to restore investor confidence, leading KAOS to this decision to nominate a more effective and engaged slate of directors. KAOS’ call for change has significant support from shareholders, and cumulatively represents approximately 22% of the issued and outstanding shares, including Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo”), the Company’s largest shareholder, which holds approximately 13% ownership interest, and with whom KAOS has entered into a voting agreement.

KAOS is confident that new leadership will enable WonderFi to realize its significant upside potential and gain traction within the re-accelerating crypto marketplace. KAOS has recognized that the current weak leadership is not capable of capitalizing on opportunities in the marketplace and is holding the Company back, resulting in the stock trading significantly below its comparable peers and Company’s intrinsic value.

“As the cryptocurrency market rebounds, WonderFi is uniquely positioned to leverage its position as the only fully regulated crypto exchange in Canada,” said Adam Arviv, CEO of KAOS. “Strong leadership is imperative to capitalizing on this opportunity and the current Board has not shown itself to be capable or engaged enough to lead the way. Rather than engaging constructively and identifying a path forward, the current Board has taken the approach of stonewalling its shareholders. A proxy contest was not our first choice, but unfortunately is now required if shareholder value is to be protected and enhanced.”