Provider of controlled environment agriculture (CEA) systems, CEA Industries Inc. (NASDAQ:CEAD) (NASDAQ:CEADW) announced the pricing of an underwritten public offering of 5.81 million shares of the company’s common stock and warrants to purchase up to 5.81 millionshares 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.
In addition, CEA Industries 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.
