Tice P. Brown, a 12% stockholder of Empery Digital Inc. (NASDAQ:EMPD) sent the following letter to the Board of Directors of Empery Digital Inc.

Since February 2026, Empery Digital began selling BTC and buying in stock. Often they bought in nearly 1% of shares outstanding, per day. They trumpeted this in weekly press releases and Twitter videos.

Ten business days ago Empery Digital effectively halted this buyback without explanation. The large discount to NAV has only grown since the buyback was curtailed. Ceasing the buyback is leaving millions of dollars of NAV on the table.

These actions demonstrate that, like much of this management's rhetoric, the buyback was always performative, not truly intended to benefit the shareholders.