ZenaTech Inc., Boardwalktech Software Corp.'s largest shareholder, has called a special meeting to oust and replace the company's entire board of directors. ZenaTech owns a 19.9% stake and has proposed five nominees to take control and overhaul the software company.
ZenaTech cited Boardwalktech's financial condition as the reason for its campaign. It said revenue has fallen 39% since 2024.
Boardwalktech has an accumulated deficit of $58.1 million. The company has breached debt covenants, and its auditors have warned about its ability to continue as a going concern.
ZenaTech said it aims to inject capital and implement a new growth strategy.