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by Mike Caswell

Bitzero Holdings Inc., a data centre promotion trading on the Canadian Securities Exchange, is being sued in the Supreme Court of British Columbia by Jay Hess, who claims that he was granted a stock option as a "founding Brand Director" of a predecessor to Bitzero. Mr. Hess says that he has an option to buy 300,000 shares at five cents, but Bitzero has refused to honour it. With Bitzero having recently traded as high as $9.90, Mr. Hess is seeking a court order enforcing the option.

The allegations are contained in a notice of claim that Mr. Hess filed at the Vancouver courthouse on Wednesday, June 10. The defendant is Bitzero Blockchain Inc., a company that became Bitzero Holdings as part of a reverse takeover. (Shareholders of Bitzero Blockchain received one share of the new company for every 10 shares they held. It is not clear from the suit if that 1:10 rollback will affect Mr. Hess's claim.)

The case arises from an option agreement that Bitzero entered into with Mr. Hess on May 7, 2021. On that date, the company granted him an option to buy 100,000 shares annually for three years, the suit states. The option was exercisable at five cents and would expire on May 7, 2026, according to Mr. Hess.

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