CEA Industries appoints Russell Read to board following director resignation

CEA Industries Inc. (NASDAQ:BNC) announced the resignation of director Alexander Monje, effective August 29, 2025. The company’s board of directors accepted Monje’s resignation, which was not the result of any disagreement with the company, according to a press release statement based on a recent SEC filing.

In conjunction with Monje’s departure, the board appointed Russell Read as a director, effective immediately, to fill the resulting vacancy. Read will serve on the board until the company’s next annual meeting of stockholders or until a successor is duly elected and qualified.

Russell Read, 62, is an investment executive with experience in asset management and financial services. Since July 2024, he has served as Chief Investment Officer at MEASA Partners Ltd in Abu Dhabi. Previously, Read was Chief Investment Officer at 10X Capital, a New York City-based venture capital and asset management firm, from December 2022 to June 2024. He has also held leadership roles at C Change Group LLC, MSCI Ltd, the Alaska Permanent Fund Corporation, the Gulf Investment Corporation in Kuwait, the California Public Employees’ Retirement System (CalPERS), and Deutsche Asset Management.

Read holds a bachelor’s degree in Statistics and an MBA in Finance and International Business from the University of Chicago, as well as a master’s degree in Economics and a doctorate in Political Science from Stanford University. He is a Chartered Financial Analyst (CFA), Chartered Financial Consultant (Ch.F.C.), and Chartered Life Underwriter (C.L.U.).

The board has appointed Read as chair of the Audit Committee and as a member of the Compensation, Nominating & Governance, and Strategic Committees. The board determined that Read qualifies as an independent director and as an “audit committee financial expert” as defined by SEC regulations.

There are no arrangements or understandings between Read and any other persons regarding his selection as director, nor are there compensatory arrangements in connection with his appointment. The company intends to enter into customary indemnification agreements with Read. No transactions have occurred in which Read had a direct or indirect material interest. Analysts maintain a bullish stance on CEA Industries with a price target of $29, suggesting significant upside potential. InvestingPro subscribers have access to over 10 additional key insights and metrics about the company’s financial health and growth prospects.

This information is based on a press release statement and a Form 8-K filed with the Securities and Exchange Commission. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading above its intrinsic value, despite its strong recent performance.

In other recent news, CEA Industries Inc. has significantly increased its Binance Coin (BNB) treasury holdings. The company announced it now holds over 350,000 BNB tokens, up from an initial 200,000, as part of its ongoing treasury strategy. BNB Network Company, a treasury management business of CEA Industries, also confirmed the expansion of its holdings to 325,000 tokens, further solidifying its position as the largest corporate holder of BNB. Additionally, BNB Network acquired an extra 88,888 BNB tokens, aiming to own 1% of BNB’s total supply by the end of 2025.

In parallel developments, CEA Industries has entered a $50 million at-the-market equity offering agreement with Cantor Fitzgerald & Co. This arrangement allows the company to issue shares periodically, with Cantor Fitzgerald acting as the sales agent. Under the agreement, Cantor Fitzgerald will receive a commission of up to 3.0% from the gross proceeds of each sale. CEA Industries has also provided customary indemnification rights to the agent. These developments indicate strategic financial maneuvers by the company to strengthen its market position.

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