The vape manufacturer CEA Industries announced the raising of $500 million in a private placement to create a public reserve of #BNB tokens. After this, the company's stock prices surged by 550%.
Shares of CEA Industries, listed on Nasdaq, closed on Monday at $57.59, which is almost 549% higher than the closing price on Friday, which was $8.88.
It is known that the vape manufacturer collaborates with the investment firm 10X Capital and YZi Labs, which previously positioned itself as a family office of Binance co-founder Changpeng Zhao.
By creating a treasury instrument registered in the U.S., we are opening opportunities for transparent participation of traditional investors. The BNB network is one of the most popular blockchain ecosystems in the world, but access for institutional investors has been limited until now, said the new CEO of CEA Industries, David Namdar.
The company plans to increase its BNB holdings over the next two years through market placements and 'other proven strategies.' CEA Industries will also seek to generate income from its assets through staking and lending.
