Nova Labs has a new CEO, a lighter portfolio, and a lot of explaining to do. Mario Di Dio, who stepped into the top job at the company behind the Helium decentralized wireless network around June 4-5, is set to lay out his vision in a fireside chat hosted by Blockworks on June 17.

The conversation comes at a moment when practically everything about Helium’s corporate structure has shifted in the span of a single week. The company sold its consumer wireless arm, leadership changed hands, and HNT, the network’s native token, has continued its long slide from all-time highs.

What happened at Nova Labs

On June 2, Nova Labs sold Helium Mobile, its consumer wireless service, to Noble Mobile. Noble is the telecommunications venture founded by Andrew Yang, the entrepreneur and former US presidential candidate.

The deal strips Nova Labs of its direct-to-consumer offering but does not touch the broader Helium decentralized wireless network itself. Noble Mobile’s acquisition integrates Helium Mobile’s subscriber base into its own ecosystem.

That strategic pivot landed just days before a major leadership transition. Co-founder Amir Haleem stepped down as CEO of Nova Labs, moving into a chairman role. Di Dio, who previously served as General Manager of Network at Helium, was elevated to CEO.

Di Dio’s background and the path forward

Di Dio’s promotion was not a random external hire. His background spans telecom and wireless technology, and his prior role as General Manager of Network means he already understands the plumbing that makes Helium tick.

Without the consumer mobile service, the company’s story becomes one about infrastructure: building and maintaining the decentralized wireless network that other businesses can tap into on a wholesale basis.

HNT’s brutal decline

The token market has not been kind to Helium through any of this. HNT has declined approximately 96% from its peak in 2021, and the price has continued to slide following the recent leadership changes and asset sale.

For context, a 96% drawdown means that someone who bought $10,000 worth of HNT at the top would be sitting on roughly $400 today.

What this means for investors

Investors should pay close attention to what Di Dio says on June 17 about partnership pipelines, network utilization metrics, and any revenue guidance.

The Haleem-to-Di Dio transition also introduces a variable that’s hard to model: founder departure risk. Haleem co-founded Nova Labs and was the public face of Helium for years. His move to a chairman role could mean he remains deeply involved, or it could mean he’s gradually stepping away.

For traders specifically, the June 17 fireside chat is probably the next major catalyst for HNT price action in either direction. Given that HNT is already down roughly 96% from its peak, the risk of further downside is very real for a token that has shown little ability to find a floor.