Jamie McAvity
About Jamie McAvity
Jamie McAvity is an independent director appointed to the Board on November 5, 2025, to serve until the Company’s 2026 Annual Meeting of Stockholders. He is co-founder and CEO of Cormint, Inc., a Texas-based Bitcoin miner scaled to 130MW, recognized for operational efficiency in 2023 and 2024, and previously served on the management team and Board of Directors of Knock, Inc., which exited to RealPage in 2022 . The appointment disclosure specifies independence and no family relationships with directors or executive officers .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Knock, Inc. | Management team and Board Director | Until exit to RealPage in 2022 | SaaS operations; successful exit to RealPage |
External Roles
| Organization | Role | Tenure/Capacity | Notable Achievements |
|---|---|---|---|
| Cormint, Inc. (Bitcoin mining) | Co-founder & CEO | 130MW capacity; Texas HQ | Recognized as most efficient mining operation in 2023 and 2024 by CoinShares and MinerMag |
Board Governance
| Item | Detail |
|---|---|
| Appointment date | November 5, 2025 |
| Independence status | Independent director |
| Term | Through 2026 Annual Meeting of Stockholders |
| Committee assignments | Not disclosed as of appointment filings |
| Board composition change | Strategic refresh added three Bonk-aligned members; Bonk-aligned majority following appointments |
| Preferred stock governance | Series C holders entitled to elect 50% of directors while outstanding (board balance elected by common holders) |
Fixed Compensation
| Component | McAvity Status | Reference Program Detail |
|---|---|---|
| Annual retainer (cash) | “Compensation consistent with non‑executive directors” per appointment disclosure | Directors were paid $25,000 for 2024 (illustrative of program) |
| Equity (options) | Not specifically disclosed for McAvity | Examples: Long/Pascucci/Schur agreements provide 50,000 options per year; Melton 33,000/year; 3‑year terms; exercise prices per agreement |
| Committee/Chair fees | Not disclosed | Not disclosed in 2024 director compensation table |
Note: McAvity’s specific pay elements were not itemized; filing states compensation consistent with non‑executive directors. The 2024 program context is provided for benchmarking .
Performance Compensation
| Performance Metric | Applies to Director Compensation? | Notes |
|---|---|---|
| TSR, revenue, EBITDA, ESG, goal-based metrics | Not disclosed | Director pay disclosures show fixed cash retainer and option grants; no performance metric architecture disclosed for directors |
Other Directorships & Interlocks
| Company | Role | Interlock/Exposure | Notes |
|---|---|---|---|
| Cormint, Inc. | Co-founder & CEO | Digital asset mining | Domain expertise aligned with Company’s BONK-centric strategy |
| Knock, Inc. | Board Director | Private SaaS (prior) | Exit to RealPage in 2022 |
No public company directorships or shared director interlocks with key customers/suppliers were disclosed for McAvity in Company filings .
Expertise & Qualifications
- Digital assets operations leadership (CEO of Cormint; scaled 130MW; industry efficiency recognition) .
- Board and operating experience in SaaS with successful exit (Knock → RealPage, 2022) .
- Independence affirmed; no family relationships with insiders .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Beneficial ownership (as of record date 9/25/2025) | Not disclosed for McAvity | He was appointed on 11/5/2025; beneficial ownership table as of 9/25/2025 did not include him |
| Ownership guidelines | Not disclosed | No director ownership guidelines disclosed in cited filings |
Governance Assessment
- Independence and relevant domain expertise: McAvity is independent and brings crypto operations experience that aligns with the Company’s BONK treasury strategy; this is positive for board skill coverage in the new strategic direction .
- Board control dynamics: A Bonk‑aligned majority was established in the November refresh, and Series C holders elect 50% of directors while outstanding—these features increase influence by preferred holders and the BONK ecosystem, which can raise investor concern about minority common holder protections and independent oversight rigor .
- Compensation alignment: Appointment disclosure indicates compensation consistent with non‑executive directors; historical program features modest cash retainer ($25,000 in 2024) and option grants for some directors, suggesting reasonable cost structure. Specific equity grants for McAvity were not disclosed, limiting assessment of ownership alignment at appointment .
- Risk context relevant to oversight: The proxy details material risks and complexity from the BONK treasury strategy (volatility, liquidity, regulatory and counterparty risks), heightening the need for robust audit and risk oversight; McAvity’s crypto background may help, but independence must be actively exercised to mitigate concentrated digital asset exposure .
- RED FLAGS
- Bonk‑aligned majority and preferred stock class electing 50% of the Board while outstanding—potentially weakens common shareholder influence and heightens related ecosystem control risks .
- Significant strategic pivot to BONK and reliance on digital asset treasury—volatility, liquidity, and regulatory risks that can impair financial flexibility if not tightly governed .