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Mawson Infrastructure Group Inc. (NASDAQ:MIGI) announced Monday that its board of directors terminated the employment of Rahul Mewawalla as Chief Executive Officer and President, effective immediately as of July 8. The company stated the termination was for cause, as defined in Mewawalla’s employment agreement dated May 22, 2023.
Following his termination, Mewawalla was required to forfeit 4,548,512 unvested restricted stock units. The board also requested that Mewawalla resign as a member of the board of directors, in accordance with the terms of his director appointment letter dated January 31, 2023. Mawson Infrastructure Group reported that Mewawalla was deemed to have resigned from the board effective immediately.
Also on July 8, Mawson Infrastructure Group filed a complaint in the Court of Chancery of the State of Delaware against Mewawalla. The legal action, captioned Mawson Infrastructure Group Inc. v. Rahul Mewawalla, No. 2025-0789-JTL, seeks to recover damages related to alleged breaches of fiduciary duties as a director and alleged fraud. According to the company, Mewawalla has not yet filed an answer to the complaint.
The company’s announcement was made in a statement included in a filing with the Securities and Exchange Commission.
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