TechFlow, August 5 — CEA Industries (Nasdaq: VAPE) today announced the completion of a $500 million private placement and will rename itself "BNB Network Company." The stock ticker will change to "BNC" effective August 6. The company plans to use the proceeds to purchase BNB as its primary reserve asset.
The private placement was led by YZi Labs and attracted over 140 institutional participants, including Pantera Capital and Blockchain.com. The company also appointed David Namdar, former co-founder of Galaxy Digital, as Chief Executive Officer, and Russell Read, former investment director of the California Public Employees' Retirement System (CalPERS), as Chief Investment Officer.
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