CEA Industries Completes $500 Million Private Placement and Will Be Renamed "BNB Network Company"

Odaily Planet Daily reports that Nasdaq-listed CEA Industries has announced the completion of a $500 million private placement and will be renamed "BNB Network Company." Its stock ticker will change to "BNC" on August 6th. YZi Labs led the investment, with participation from over 140 institutions, including Pantera Capital and Blockchain.com. The company also appointed David Namdar, former co-founder of Galaxy Digital, as CEO and Russell Read, former Chief Investment Officer of the California Public Employees' Retirement System (CalPERS), as Chief Investment Officer. The company reportedly plans to use the proceeds to purchase BNB as its primary reserve asset.