Cea industries announces pricing of $24 million public offering and nasdaq listing

Louisville, colorado, feb. 10, 2022 (globe newswire) -- cea industries inc. (nasdaq: cead, ceadw) (the “company”), a leader in controlled environment agriculture (cea) systems engineering and technologies, today announced the pricing of an underwritten public offering of 5,811,138 shares of the company's common stock and warrants to purchase up to 5,811,138 shares of the company's common stock at a combined public offering price of $4.13 per share and warrant for aggregate gross proceeds of $24 million prior to deducting underwriting discounts, commissions, and other offering expenses. in addition, the company has granted the underwriters a 45-day option to purchase up to an additional 871,670 shares of common stock and/or up to 871,670 additional warrants to cover over-allotments, if any. the warrants will have a per share exercise price of $5.00, be exercisable immediately, and expire five years from the date of issuance. the common stock and warrants can only be purchased together in the offering but will be issued separately. the offering is expected to close on february 15, 2022, subject to satisfaction of customary closing conditions.
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