Lite Strategy names Justin J. File as permanent CEO and board member

Lite Strategy, Inc. (NASDAQ:LITS) announced Monday that its board of directors has appointed Justin J. File as the company’s permanent Chief Executive Officer and as a member of the board, effective immediately. The decision was made on the recommendation of the board’s Nominating and Governance Committee.

Mr. File had previously served as Acting Chief Executive Officer since July 2024, while also holding the positions of Chief Financial Officer and Secretary. According to the company’s statement, Mr. File will continue in his roles as Chief Financial Officer and Secretary, in addition to his new responsibilities as CEO.

As part of his appointment, Mr. File was granted options to purchase 635,000 shares of Lite Strategy’s common stock at an exercise price of $2.02 per share, which was the closing price on the date of the grant. The options will vest in 36 monthly installments, with the first installment vesting on December 14, 2025. The options were issued under the company’s Amended and Restated 2008 Stock Omnibus Equity Compensation Plan and will expire ten years from the grant date, subject to earlier termination as outlined in the plan and the applicable agreement.

Mr. File will serve as a board member in the class subject to election at the 2026 Annual Meeting of Stockholders and will remain in this role until a successor is elected and qualified or until his earlier resignation or removal. The company stated that Mr. File will not receive additional compensation for his board service.

Lite Strategy expects to enter into an addendum to Mr. File’s employment agreement to formalize the changes related to his appointment. The terms of the addendum will be disclosed once finalized.

The company also reported that there are no arrangements or understandings with any other person regarding Mr. File’s selection as a director, and no related transactions requiring disclosure under applicable regulations.

This information is based on a press release statement filed with the Securities and Exchange Commission.

In other recent news, Lite Strategy, Inc. has made headlines by becoming the first U.S. publicly traded company to adopt Litecoin as its primary reserve asset. The company acquired 929,548 Litecoin tokens, marking a significant shift in its digital asset treasury strategy. This move follows a $100 million private investment in public equity (PIPE) offering completed in July 2025. Additionally, Lite Strategy has announced a $25 million share repurchase program, effective immediately. The board of directors has authorized the buyback of common stock through open market or negotiated transactions. This initiative is part of the company’s strategy to enhance stockholder value, leveraging its nearly 1 million Litecoin treasury. The share repurchase program may also include entering into a Rule 10b5-1 trading plan to facilitate purchases outside normal trading windows. These developments reflect Lite Strategy’s ongoing efforts to align its financial strategies with its digital asset holdings.

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