CEA Industries completes a $500 million private placement and will rename itself to BNB Network Company, led by YZi Labs
It will subsequently be renamed "BNB Network Company". The stock ticker will change to "BNC" on August 6.
The company intends to use the raised funds to acquire $BNB as its main reserve asset.
The private placement, led by YZi Labs, attracted participation from over 140 institutions, including Pantera Capital and Blockchain.com.
The company also appointed David Namdar, former co-founder of Galaxy Digital, as Chief Executive Officer and Russell Read, former Chief Information Officer (CIO) of the California Public Employees' Retirement System (CalPERS), as Chief Information Officer.
