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LOUISVILLE, CO - CEA Industries Inc. (NASDAQ:BNC), which recently rebranded as BNC and currently maintains a market capitalization of $413 million, announced Monday it is targeting 1% ownership of BNB’s total supply by the end of calendar year 2025 as part of its new Digital Asset Treasury strategy. According to InvestingPro data, the stock has experienced significant volatility, with a 52.6% decline in the past week.
The company completed a $500 million private placement on August 5, which was announced on July 28 and closed after the end of its fiscal first quarter that ended July 31. According to the company’s press release, the offering has potential to deliver up to $1.25 billion in gross proceeds if all associated warrants are exercised. InvestingPro analysis reveals the company maintains a healthy current ratio of 4.17, indicating strong short-term liquidity.
"This quarter was the dawn of a new era for our company, culminating in our rebirth as BNC," said David Namdar, CEO of CEA Industries.
On August 6, the company’s common stock began trading on the Nasdaq under the new ticker symbol BNC, replacing its previous symbol.
The financial results reported for the quarter ended July 31 reflect the company’s operations prior to initiating its digital asset treasury strategy and closing the private placement. While recent revenue growth reached 24%, analysts on InvestingPro project continued growth and a return to profitability this year. The acquisition of digital assets began after the reporting period and will be reflected in the fiscal second quarter financials, expected to be reported by December 15.
CEA Industries stated it will continue deploying capital to acquire additional BNB and plans to provide updates on its holdings and treasury operations.
The information in this article is based on a company press release statement.
In other recent news, CEA Industries Inc. has announced a stock repurchase program, authorizing up to $250 million for the repurchase of its common stock. This initiative allows the company to buy back shares through various methods, including open market purchases and privately negotiated transactions, contingent on market conditions. Additionally, CEA Industries has bolstered its cryptocurrency holdings by acquiring 30,000 more BNB tokens, valued at approximately $26 million, increasing its total BNB holdings to 418,888 tokens. This move aligns with the company’s goal of owning 1% of BNB’s total supply by the end of 2025.
In corporate governance developments, the company appointed Russell Read to its board following the resignation of director Alexander Monje. The resignation was not due to any disagreements, as clarified in a press release. Furthermore, CEA Industries filed a shareholder letter and registration update with the SEC, detailing a recent private investment in public equity transaction and a warrant transaction. The shareholder letter also provides an update on the company’s operations. These recent developments reflect CEA Industries’ strategic financial maneuvers and governance adjustments.
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