Business
Dye & Durham Co-Founder Ronnie Wahi Intends to Reconstitute the Company's Board and Seek a Sale of the Business
Wahi Believes that the Engine Capital-Led Board is not Engaging with Interest from Qualified Pote...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"Dye & Durham Co-Founder Ronnie Wahi Intends to Reconstitute the Company’s Board and Seek a Sale of the Business\n\n\n\n\n Wahi Believes that the Engine Capital-Led Board is not Engaging with Interest from Qualified Potential Acquirers at a Significant Premium While Shareholder Value Continues to be Destroyed\n \n\n\n\n New Board Would Pursue a Mandate to Maximize Value for All Shareholders Through a Sale of the Entire Business\n \n\n\n\n Engine Capital-Led Board has Presided Over an Almost 70% Decline in the Share Price and Led the Company to the Brink of a Debt Default\n \n\n\n VANCOUVER, British Columbia, Oct. 01, 2025 (GLOBE NEWSWIRE) -- Ronnie Wahi, Co-Founder, former CFO and board member of Dye & Durham Limited (“\n \n Dye & Durham\n \n ” or the “\n \n Company\n \n ”) (DND: TSX) today announced that he intends to nominate individuals in connection with the Company’s 2025 annual meeting of shareholders (the “Annual Meeting”), and seek to substantially reconstitute Dye & Durham’s board of directors (the “Board”).\n \n\n Since Engine Capital took control of the Board in December 2024, the Company has pursued a reckless strategy which has caused a severe deterioration of revenue while ramping up spending. The result has been sharp declines in Adjusted EBITDA and cash flow, and surging leverage. Mismanagement is so pervasive that in less than a year the Company has cycled through four different CEOs and three CFOs, defaulted on its debt, faced a management cease trade order for failing to produce its FY2025 financial statements, and then went on to file two Annual Information Forms within 24 hours with materially different debt figures — all of which underscore a clear pattern of failed leadership and oversight.\n \n\n Over the past several months, Mr. Wahi made repeated and ultimately fruitless attempts to constructively engage with the Board on these critical issues. The Company’s plummeting share price, now below its IPO price, is overwhelming evidence that shareholders have lost faith and are rapidly exiting the stock. The only hope for shareholders to preserve and maximize the remaining value of the business – a full sale of the Company, has been relegated to a rudderless special committee process.\n \n\n Shockingly...