StartEngine claims to have contract terms which require that "if the CEO wants to shut down the company, he/she needs StartEngine’s permission. If he/she wants to sell assets to another company — this includes a domain name, a logo and emails lists — needs our permission. Basically, a CEO cannot harm the company in any way without a written agreement with the StartEngine accelerator." This is a routine bit of corporate law, and it's time to send lawyer letters.

Moving a substantial portion of the assets to a new corporate shell requires shareholder notice and approval.[1] Even without those contract terms, the company had an obligation to inform shareholders. A company just can't do this because the CEO wants to. Delaware's Court of Chancery [2] has seen this before and can deal with it.

[1] http://delcode.delaware.gov/title8/c001/sc10/

[2] http://courts.delaware.gov/chancery/