Trump now serves as a board observer. Zachary Folkman was also moved from director to observer status, but the ALT5 Sigma board later approved Folkman’s nomination as a new director.
The company noted that both appointments are pending and remain subject to “the approval of the Company’s stockholders.”
Zachary Witkoff, co-founder and CEO of World Liberty Financial, retained his position as chairman of the board of directors.
The partnership transformed ALT5 from a small payments company into a crypto treasury vehicle specifically designed to support the Trump-backed project.
The corporate restructuring coincides with ALT5 Sigma facing multiple challenges. The company appointed a special committee to review undisclosed matters, including potential misstatements in its financial statements.
Additionally, ALT5 Sigma’s Rwandan subsidiary faces criminal liability findings for money laundering, with approximately $3.5 million in frozen funds.
Despite the governance changes, the filing confirms ALT5 Sigma’s continued alignment with World Liberty Financial, maintaining the strategic partnership that connects the publicly-traded company to the Trump family’s crypto venture.
