Ex-Grover CEO Plots Comeback to End Possible Equity Wipeout (1)

The founder of the troubled device rental startup Grover who was forced out of the company a year ago is trying to stage a comeback by fighting a restructuring effort that may wipe out the value of investors’ equity.

Michael Cassau, who created Grover in 2015 and left his post as chief executive officer last year after investors lost confidence in his leadership, is asking shareholders to now hand him their stakes in the German company so he can build a majority position, according to a presentation reviewed by Bloomberg.

In exchange, he’s promising to issue them a deferred ...