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by Mike Caswell

Data centre promotion Bitzero Holdings Inc. says that a former consultant, Jay Hess, is not entitled to a stock option that he is suing over. The option, for 300,000 shares at five cents (which would be worth $1.8-million at Bitzero's current price), expired before Mr. Hess properly tried to exercise it, Bitzero says. Moreover, corporate restructurings had reduced the option considerably, to one for 20,000 shares at 50 cents, according to Bitzero.

The statements from Bitzero come in response to a lawsuit that Mr. Hess filed on June 10, 2026, in the Supreme Court of British Columbia. Mr. Hess claimed that he was granted a stock option as a "founding Brand Director" of a predecessor to Bitzero. He said that he was entitled to 300,000 shares at five cents, but the company (which has since traded as high as $9.90) refused to honour his option agreement.

For its part, Bitzero says that Mr. Hess is not entitled to the option. In a response filed on July 28, 2026, the company agrees that it hired Mr. Hess as a consultant and that he had an option agreement. The terms of that agreement, however, imposed limits on when he could exercise the option, Bitzero says.

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