CEA Industries completes $500 million private placement and will be renamed BNB Network Company

2025-08-05 21:57:02

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ChainCatcher news, according to GlobeNewswire, Nasdaq-listed CEA Industries announced the completion of a $500 million private placement financing and will be renamed "BNB Network Company," with the stock ticker changing to "BNC" on August 6. YZi Labs led the investment, with over 140 institutions participating, including Pantera Capital and Blockchain.com.

At the same time, the company appointed former Galaxy Digital co-founder David Namdar as CEO and former California Public Employees' Retirement System (CalPERS) Chief Investment Officer Russell Read as Chief Investment Officer. It is reported that the company plans to use the funds raised to purchase BNB as its primary reserve asset.

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