Welcome to our dedicated page for CEA Industries news (Ticker: CEADW), a resource for investors and traders seeking the latest updates and insights on CEA Industries stock.
CEA Industries Inc., a subsidiary specializing in environmental control and technologies for Controlled Environment Agriculture (CEA), offers MEP engineering design, environmental control equipment, and automation solutions. With a focus on manufacturing and selling these products, the company serves the CEA industry.
CEA Industries announced a 1-for-12 reverse stock split effective June 7, 2024. Each twelve shares of common stock will be converted into one share. Publicly traded common stock purchase warrants will also be adjusted, allowing each 12 warrants to acquire one share at a revised price of $60.00. The reverse split aims to maintain the company's Nasdaq listing. However, there is no assurance that the stock price will reflect the reverse split ratio or remain above the pre-split price. Shares will trade on a split-adjusted basis from June 7, 2024, with new CUSIP number 86887P309. Fractional shares will be rounded up to the next whole share.
CEA Industries (NASDAQ: CEAD) reported its Q1 2024 financial results. Revenue plummeted to $235K from $4.7M in Q1 2023. Gross profit turned negative at $(154K), down from $853K. Operating expenses declined 41% to $769K, but net loss widened to $917K from $431K. Cash reserves dropped to $11.6M from $12.5M at year-end 2023.
The company continues its strategic review, exploring options including a sale or merger. Discussions with potential partners are ongoing, but no outcome is assured. The backlog decreased to $0.5M from $1.9M, driven by reduced capital expenditures in the cannabis market.
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