Chill Brands said co-founders Trevor Taylor and Antonio Russo are to resign from the board by the end of the third quarter.
A general meeting of shareholders has also been called for 4 June.
Chill Brands recently suspended its chief executive Callum Sommerton, but added he has not participated in calling the meeting or the accompanying letter to shareholders.
In the statement, the rest of the board said they were not aware of Sommerton's voting intentions at the forthcoming GM.
Taylor and Russo, who have served on the company's board since 2020, will resign on or before 30 September 2024 said Chill Brands, with replacements to be announced in due course.
The removal of Taylor and Russo was part of boardroom changes proposed in April by Jonathan Swann of CFC Underwriting, who holds a 13.45% stake in the London-listed group.
At that time he said he was seeking the appointment of Graham Duncan and Aditya Chathli in place of Russo and Taylor
Shares in the standard-listed vaping products group were up 17% today at 2.7p.