Louisville, Colorado (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.