CEA Industries Inc. shareholders led by YZi Labs filed an amended Schedule 13D to update their position and actions regarding the company. YZi Labs and Changpeng Zhao report beneficial ownership of 2,150,481 common shares, representing 4.9% of the class, while Jiajin He reports 2,099,644 shares, or 4.6%.
On March 13, 2026, YZi Labs requested that CEA Industries set a record date so stockholders can act by written consent on proposals in YZi Labs’ preliminary consent statement. The request responds to bylaws amended in late December 2025 that added significant disclosure and procedural hurdles for nominating directors and soliciting written consents.
CEA Industries Inc. reported fiscal Q3 2026 net income of $(106.6) million, or $(2.00) per share, driven mainly by a sharp decline in the value of its BNB holdings. BNB fell about 28% from $1,089 to $781, creating an unrealized loss of roughly $159.8 million.
The company highlighted lower BNB ecosystem airdrop income and continued execution of its BNB digital asset treasury strategy, including repurchasing 2,176,217 shares over the nine months ended January 31, 2026. It also announced a planned CEO transition, with David Namdar to leave by no later than August 31, 2026 under a Transition Agreement.
Under that agreement, Namdar receives a $375,000 make-up consulting fee for past service, ongoing consulting fees of $50,000 per month through his separation date, a cash payment based on 132,000 shares valued at a 30-day average stock price benchmark, and a further $900,000 lump-sum payment equal to eighteen months of base consulting fees in exchange for releases and restrictive covenants.
CEA Industries Inc. reported results for the quarter ended January 31, 2026, its first full period reflecting a major shift to a BNB-focused digital asset treasury alongside its Canadian vaping business Fat Panda. Total assets rose to $436.8 million, driven mainly by digital assets with fair value of $409.2 million, including 515,544 BNB.
Quarterly revenue was $7.3 million, up slightly from $6.9 million a year earlier, largely from Canadian retail vape sales. The Company recorded an operating loss of $164.3 million, primarily from a $159.8 million unrealized loss on digital assets, but other income included a $38.1 million gain from revaluing warrant liabilities and $1.3 million of airdrop income.
For the successor period from June 7, 2025 through January 31, 2026, CEA reported net income of $171.2 million, reflecting large fair value gains on stapled warrants. The Company completed the Fat Panda acquisition for about $12.7 million, raised substantial capital through an August 2025 PIPE financing tied to its BNB treasury strategy, launched an at-the-market equity program, and adopted a shareholder rights plan effective through December 26, 2026.
CEA Industries Inc. reported that YZi Labs has requested the Board set a record date for a stockholder consent solicitation that would expand the Board from six to thirteen directors and elect seven YZi Labs nominees. This would give YZi Labs effective control of the Board and oversight of what the Company describes as the world’s largest corporate treasury of BNB.
The Board is reviewing whether the request complies with the bylaws and, if valid, will announce a record date for stockholders entitled to participate. In a press release, the Company highlighted potential conflicts if close associates of Changpeng Zhao and his affiliates controlled the Board and said it will issue a definitive consent revocation statement on a YELLOW card. Stockholders are told that no action is required at this time.
CEA Industries Inc. appointed Brent (William B.) Miller as Chief Financial Officer effective March 9, 2026. He brings over 20 years of experience in financial reporting, accounting policy, internal controls, capital markets and public company leadership across fintech, real estate and investment management firms.
Under his Employment Agreement, Miller will receive a base salary of $350,000 and a target 2026 annual incentive bonus of $175,000, tied to performance objectives. He will be eligible for annual equity grants with a target grant date fair value between $500,000 and $750,000, subject to performance, share availability and board approval.
As an inducement to join, he will receive a restricted stock unit grant with a grant date fair value of $1,000,000, vesting over four years, subject to continued service. If his employment is terminated without cause or for good reason, he is eligible for nine months of base salary as severance, with additional vesting acceleration of the inducement award if such a termination occurs within one year following a change in control.
CEA Industries Inc. director Thomas Hans reported several indirect warrant transactions through affiliated entities. On October 8, 2025, 10X LLC exercised 831,683 warrants for the same number of common shares at a stated price of $0.0000 per share. Other transactions on September 22, 2025, October 1, 2025, and December 3, 2025 reflect assignments and reallocation of warrants among 10X Capital Partners LLC, 10X BNB Cayman Sponsor, and 10X LLC, including a transfer in which 10X BNB Cayman Sponsor ceased to beneficially own any warrants. Hans is described as manager of these entities and may be deemed to have beneficial ownership, but he disclaims beneficial ownership except to the extent of his pecuniary interest.
CEA Industries Inc. director Thomas Hans filed an initial ownership report showing indirect holdings of warrants to purchase common stock. The filing lists 2,376,239 warrants held by 10X BNB Cayman Sponsor and 990,099 warrants held by 10X Capital Partners LLC. Hans is manager of both entities and may be deemed to beneficially own these securities, but he disclaims beneficial ownership except to the extent of his pecuniary interest.
CEA Industries Inc. director Glenn W. Tyranski filed an initial ownership report on Form 3. This filing lists him as a director of the company but does not report any share purchases, sales, or other transactions. It establishes his status as an insider for future ownership disclosures.
CEA Industries Inc. is the target of a written consent solicitation led by YZi Labs Management Ltd. seeking to expand the Board of Directors and elect nominated directors. YZi Labs Management reports directly owning 2,150,481 shares and holding warrants exercisable into additional common stock subject to 4.99% beneficial ownership limitations.