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CEA Industries Inc. (NASDAQ:BNC) announced Monday that it has entered into a Sales Agreement with Cantor Fitzgerald & Co. to offer and sell shares of its common stock with an aggregate sales price of up to $50 million. The arrangement allows the company to issue shares from time to time through Cantor Fitzgerald as sales agent, according to a statement filed with the Securities and Exchange Commission.
Under the terms of the agreement, Cantor Fitzgerald will use commercially reasonable efforts to sell the shares as instructed by CEA Industries . The agent will receive a commission of up to 3.0% of the gross proceeds from each sale. The company has provided customary indemnification rights to the agent. According to InvestingPro data, CEA Industries maintains a healthy liquidity position with a current ratio of 4.17, indicating strong ability to meet short-term obligations.
Sales under the agreement may be conducted as “at the market offerings” as defined by SEC regulations. CEA Industries is not obligated to sell any shares under the agreement and may suspend or terminate the offering at any time.
Shares offered through this program will be issued pursuant to the company’s automatic shelf registration statement on Form S-3, which was filed with the SEC on Monday. The company also filed a related prospectus supplement on the same day.
The company stated that this announcement does not constitute an offer to sell or a solicitation of an offer to buy any shares in jurisdictions where such offers or sales would be unlawful.
CEA Industries’ common stock and warrants are listed on the Nasdaq Capital Market under the symbols BNC and BNCWW, respectively. This information is based on a press release statement included in the company’s SEC filing.
In other recent news, BNB Network Company, a division of CEA Industries Inc., has significantly increased its holdings of BNB tokens. The company announced it has expanded its treasury to 325,000 BNB tokens, following an initial purchase of 200,000 tokens. This expansion includes an additional acquisition of 88,888 BNB tokens, solidifying its position as the largest corporate holder of BNB globally. In a strategic move, BNB Network aims to hold 1% of BNB’s total supply by the end of 2025.
Separately, CEA Industries Inc. has initiated a private placement of common stock and warrants, selling 41,754,478 shares at $10.10 per share. The offering also includes pre-funded warrants for 7,750,510 shares and stapled warrants for 49,504,988 shares. Additionally, CEA Industries has changed its fiscal year end from December 31 to April 30 to align with recent acquisitions, including Fat Panda Ltd. and other entities. These developments reflect CEA Industries’ strategic adjustments in its financial and operational frameworks.
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