Allied Minds chairman Harry Rein is giving in to pressure from Crystal Amber and announced he will not stand for re-election.

Allied Minds, the US-based commercialisation firm, is set to lose its chairman Harry Rein by the end of next month at the latest as he decides not to seek re-election.
Rein said he would step down either at the annual shareholder meeting or May 31, whichever is sooner, giving in to pressure from activist shareholder Crystal Amber that has been seeking to oust him. The meeting called for April 5 to vote on Rein’s future has now been cancelled.
Rein will work with senior independent director Bruce Failing and the firm’s largest shareholder to facilitate an orderly transition. Following his departure, only Failing and independent non-executive director Mark Lerdal will be left on the board.
He said: “In January 2021, with all portfolio companies at a pre-revenue stage, as a board, we set out to the market and investors our plan for Allied Minds of achieving venture capital like returns in a two to three-year time frame.
“Federated Wireless’ (Federated) commercial plans were unfortunately delayed by not receiving approval for CBRS from the FCC until May 2021.
“In June 2021, we explored with our advisers ongoing opportunities to monetise the portfolio. With Federated representing such a significant proportion of the portfolio, it was concluded that any potential monetisation exercise would not achieve an optimal outcome for shareholders until Federated was funded.
“Federated has now successfully completed a first close of its series D funding. Following which, it felt like the appropriate time to announce the commencement of Allied Minds’ Strategic Review.
“I am conscious of some shareholders’ desire to have a more London-centric board. As such, it now feels like the appropriate time for me to stand aside and not seek re-election at the upcoming AGM and allow others to continue to execute on the important strategic decisions we have made.
“I wish the future board of Allied Minds and its shareholders every success, confident I leave the business on the right path to achieving its strategic objectives.”
Rein is the latest in an ever-increasing list of people who have departed Allied Minds due to pressure from Crystal Amber, beginning with the ousting of chief executive Jill Smith in June 2019.
The firm revealed last month that it was undertaking a formal review of its strategic options to rid itself of the prohibitive costs associated with being publicly listed. One of the options considered is a sale.
– Image courtesy of Federated Wireless