Louisville, Colorado, Feb. 08, 2022 (GLOBE NEWSWIRE) — CEA Industries Inc. (the “Company”) (OTCQB: CEAD), a leader in controlled environment agriculture (CEA) systems engineering and technologies, announced that its Board of Directors has approved a 1-for-150 reverse stock split of the outstanding shares of common stock effective on Wednesday, February 9, 2022.
Pursuant to the reverse stock split, each one-hundred-fifty (150) shares of the Company’s outstanding common stock, $0.00001 par value per share, will be automatically combined and converted into one (1) outstanding share of common stock, $0.00001 par value per share. As a result of this reverse stock split, the Company’s outstanding common shares will be reduced to approximately 1.6 million shares.
Tony McDonald, Chairman and CEO of the Company, commented, “the purpose of the reverse stock split is to improve the Company’s capital structure related to listing requirements for a planned future listing of the Company’s common stock on the Nasdaq Capital Market® (“Nasdaq”).”
Shares of the Company’s common stock will be assigned a new CUSIP number (86887P200) and are expected to begin trading on a split-adjusted bases, beginning on Wednesday, February 9, 2022. As part of the reverse, a “D” will be placed on the ticker symbol for 20 business days. After 20 business days or until listing on Nasdaq Capital Market, the symbol will then change back 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. Stockholders holding shares of CEAD common stock at registered brokerage firms, should consult with their broker for further information on their account. Stockholders who hold shares with our transfer agent will receive information in the mail about their accounts over the next few days.
About CEA Industries Inc.
CEA Industries Inc. (www.ceaindustries.com), is home to industry leaders in controlled environment agriculture, with complementary and adjacent companies added to its portfolio when aligned with the company’s growth initiatives. As the global environment for indoor cultivation continues to grow, CEA Industries was formed to embrace companies that support these ecosystems.
Headquartered 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 pursuit of companies that bring accretive value to its customers and investors.
Forward Looking Statements
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the 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 to CEA Industries Inc.’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
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