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EthZilla Corp (NASDAQ:ETHZ) announced Monday that its board of directors has rescinded and cancelled previously granted restricted stock awards to its Chief Executive Officer, McAndrew Rudisill, and each director of the company. The decision, effective immediately, follows feedback from shareholders regarding the structure of the equity compensation awards that were granted on November 12, 2025. The company, currently valued at approximately $202 million, has seen its stock price decline over 52% in the past year, trading at $9.46 as of the latest close.
According to a statement in the company’s SEC filing, the board and its compensation committee reviewed the concerns raised by shareholders and decided to cancel the restricted stock grants in their entirety. The CEO and each director entered into rescission agreements with the company to formalize the cancellation. No consideration was paid in connection with these rescissions, and all such awards have been cancelled.
The company stated that the previously disclosed restricted stock grant to John Saunders, who was appointed Chief Financial Officer on November 12, 2025, remains unaffected by this action.
EthZilla expects that the CEO and each director will file updated Form 4 statements as required under Section 16 of the Securities Exchange Act. The board and compensation committee indicated they will continue to evaluate appropriate equity compensation for the CEO and directors going forward.
This information is based on a statement included in EthZilla Corp’s Form 8-K filed with the Securities and Exchange Commission.
In other recent news, Ethzilla Corp reported its third-quarter 2025 earnings, revealing a net loss from continuing operations amounting to $208.7 million. The company also disclosed revenues of $4.1 million derived from staking yields, highlighting a strategic shift from biotech to digital asset management. In addition to its earnings report, Ethzilla announced the cancellation of 2,099,741 treasury shares that were repurchased under a board-approved share repurchase program. This action reduced the total number of issued and outstanding common shares to 19,301,223. The shares were repurchased at an average price of $22.04 per share, inclusive of fees. These recent developments reflect significant strategic changes and financial maneuvers by Ethzilla Corp.
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