CEA Industries Inc. announces the entry into force of a reverse stock split
Louisville, Colo., Feb. 08, 2022 (GLOBE NEWSWIRE) — CEA Industries Inc. (the “Company”) (OTCQB: CEAD), a leader in Controlled Environment Agriculture (CEA) systems engineering and technology, announced that its Board of Directors has approved a reverse stock split of 1 for 150 of the outstanding common shares effective Wednesday, February 9, 2022.
Pursuant to the share consolidation, each one hundred and fifty (150) outstanding common shares of the Company, with a par value of $0.00001 per share, will be automatically combined and converted into one (1) outstanding common share, d a par value of $0.00001 per share. As a result of this reverse stock split, the number of outstanding common shares of the Company will be reduced to approximately 1.6 million shares.
Tony McDonald, President and Chief Executive Officer of the company, said, “The purpose of the reverse stock split is to improve the capital structure of the company related to the listing requirements for an anticipated future listing of the common shares of the company on the Nasdaq Capital Market.® (“Nasdaq”)”.
The Company’s common stock will be assigned a new CUSIP number (86887P200) and is expected to begin trading on a split-adjusted basis, effective Wednesday, February 9, 2022. Under the reverse, a “D will be placed on the stock symbol for 20 business days. After 20 business days or until listing on the Nasdaq Capital Market, the symbol will revert to CEAD.
No fractional shares will be issued and any fractional shares resulting from the reverse stock split will be rounded up to the next whole share. Shareholders holding CEAD common stock in registered brokerage firms should consult their broker for account information. Shareholders who hold shares with our transfer agent will receive information on their accounts by post in the coming days.
On CEA Industries Inc.
CEA Industries Inc. (www.ceaindustries.com), is home to leaders in the controlled environment agriculture industry, with complementary and adjacent businesses added to its portfolio as they align with the company’s growth initiatives. the company. As the global indoor growing environment continues to grow, CEA Industries was created to welcome companies that support these ecosystems.
Based in Louisville, Colorado, CEA Industries knows that growth is a team sport. Through future partnerships and mergers and acquisitions, both financial and strategic, CEA Industries will continue its search for companies that bring accretive value to its customers and investors.
This press release may contain forward-looking statements regarding future events. These forward-looking statements are subject to the uncertainties inherent in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results will differ materially from those expressed in this press release, including factors set forth in the “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”) and filings later with the SEC. Please refer to our filings with the SEC for a more detailed discussion of risks and uncertainties associated with our business, including, but not limited to, risks and uncertainties associated with our business prospects and the prospects of our existing customers. and potentials; the uncertainty inherent in product development; regulatory, legislative and judicial developments, particularly those relating to changes in and enforcement of cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference at CEA Industries Inc. website has been provided as a convenience, and the information contained on this website is not incorporated by reference into this press release.
Vice President, Marketing Communications