A Delaware Court of Chancery ruling has tightened the spotlight on Empery Digital’s fight with activist investor ATG Capital, ordering that a stockholder list assembled for the campaign be disclosed to the company’s legal counsel within the bounds of the litigation. Vice Chancellor Lori W. Will rejected ATG’s argument that the names themselves amounted to a protected business strategy, while still allowing the material to remain classified as highly confidential and shielded from public release for now. The court battle is unfolding as Empery Digital’s market performance has deteriorated sharply. According to the report, the company’s stock price has dropped 72% over the past year, from $10 to $2.84 by Friday. Over roughly the same stretch, its bitcoin treasury shrank from 4,018.36 BTC to 1,279 BTC as of August 6, a 68% decline after repeated sales into a falling market. Protos said the company realized losses worth tens of millions of dollars and is now valued at less than the bitcoin it still holds. ATG, which held 4.5 million shares and had a 14.7% stake in March, has proposed nine directors and claims Empery used its bylaws to block a proxy contest. Empery argues ATG’s nomination paperwork was defective. The dispute has already cost the company $7,828,001 through June 30, with final closing briefs still pending before the court issues a verdict.