0001482541 false 0001482541 2023-02-27 2023-02-27 0001482541 CEAD:CommonStock0.00001ParValueMember 2023-02-27 2023-02-27 0001482541 CEAD:WarrantsToPurchaseCommonStockMember 2023-02-27 2023-02-27 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

 

February 27, 2023

 

CEA INDUSTRIES INC.

(Exact name of registrant as specified in its charter)

 

Nevada   001-41266   27-3911608
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)

 

385 South Pierce Avenue, Suite C

Louisville, Colorado 80027

(Address of principal executive offices and zip code)

 

Registrant’s telephone number, including area code: (303) 993-5271

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.00001 par value   CEAD   Nasdaq Capital Market
Warrants to purchase Common Stock   CEADW   Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 
 

 

Item 8.01 — Other Events

 

In recent quarters the Company has experienced declining activity due to weakness in the macroeconomic environment of the cannabis market, which is facing increasing competition and declining wholesale prices as consumers become more sophisticated and selective when choosing products. The overall controlled environment agriculture market is also experiencing a fluctuating economy, rising costs, and the fear of recession that is delaying, reducing or eliminating capital projects. Additionally, the Company faces continued supply chain, labor and inflationary issues that are impacting customers’ contract decisions and implementation. As a result, the Company has taken cost saving initiatives to reduce operating expenses and to reduce its workforce so as to preserve working capital and liquidity without compromising the servicing of Company clients.

 

Item 9.01 Financial Statement sand Exhibits

 

(a) Not Applicable
   
(b) Not Applicable
   
(c) Not Applicable
   
(d) Exhibits

 

Exhibit No.   Description
     
99.1   Press Release dated February 27, 2023, relating to cost saving initiatives
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: February 27, 2023 CEA INDUSTRIES INC.
     
  By /s/ Anthony K. McDonald
    Anthony K. McDonald
    President and Chief Executive Officer

 

 

 

CEA Industries (NASDAQ:CEAD)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more CEA Industries Charts.
CEA Industries (NASDAQ:CEAD)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more CEA Industries Charts.