Arrington resigns from the Board of Directors of Celsius

The founder of Arrington Capital, Michael Arrington, has made an exit from the company’s board, and in his place, Ravi Kaza will be moving in. Ravi Kaza is with Fahrenheit Holdings, the group that took over Celsius’ assets in May 2023. Arrington Capital is situated in Delaware, and it was established by Celsius, which is currently defunct and was involved in crypto lending. Arrington’s decision to exit came thirteen days after he had given his acceptance to join. 

Arrington has attributed his decision to resign to disagreements over some suggestions that were being discussed and centered on the board’s structure in general and the board observers in particular. He stated that his notification had undergone significant legal revision. He did, however, publicly express his support for the situation and reaffirmed that, while not being a director on the board, his contributions to the business will continue.

After Arrington’s exit, three fresh board observers have been taken on in NewCo, which is presently a nameless corporation that will carry out Celsius’ functions. The prime reason behind Arrigton’s decision is seemingly connected to the joining of Simon Dixon as one of the three fresh observers. 

Dixon, on the other hand, via a quote post and in response to Arrington’s declaration, gracefully wished Arrington success for his future. He also looked favorably toward the onboarding of Kaza. Currently, both Dixon and Arrington remain more or less subdued about speaking any further about the situation. 

This entire occurrence occurred when the creditors of Celsius were looking toward the ending of a vote count for the consent to sell the company’s assets to the Fahrenheit consortium. The outcome of the voting was over on September 22, 2023, with the official declaration to be made on September 25, 2023. 

Immediately following creditor approval of the game plan, the United States Bankruptcy Court for the Southern District of New York will consider the case. The ruling regarding the ultimate approval of the game plan will be heard on October 2, 2023. In the event that the creditors’ resolution fails, both Celsius and Fahrenheit will need to begin a new chapter.