Echo Lake Capital has called for the resignation of David Neal from the board of directors of Aclarion Inc. (NASDAQ: ACON), citing the company's stock decline of over 99% since its 2022 initial public offering, according to a letter sent by Ephraim Fields of Echo Lake Capital.

The letter states that Aclarion's stock has fallen from a split-adjusted IPO price of $620,000 per share to $3.12 per share. Echo Lake Capital claims to be one of the largest shareholders of the medical device company.

According to the letter, Neal has received over $240,000 in board compensation since 2021 and accepted a 20% pay increase in 2025. The shareholder notes that despite serving on the board for nine years, Neal owns only two shares of Aclarion stock with a total market value of $6.24.

Echo Lake Capital criticized several board decisions, including management compensation totaling $5.4 million for four senior executives from 2022 to 2025, while the company lost $25 million during the same period. The company generated $76,000 in revenue last year.

The letter questions the employment of Jeff Thramann, who received $462,000 in cash compensation from Aclarion in 2025 while simultaneously serving as a senior executive at another public company, Auddia Inc., where he received $551,000.

Echo Lake Capital also criticized recent anti-takeover measures implemented by the board, which made it more difficult for shareholders to replace directors and limited stock purchases by individual shareholders.

The shareholder noted that Aclarion's stock currently trades below its net cash value and stated that the board could implement steps to create shareholder value.