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03.12.2024 17:03:33
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CEA Industries To Acquire Specialty Retailer And Manufacturer, Stock Up
(RTTNews) - CEA Industries Inc. (CEAD), Tuesday announced that it has entered into a non-binding Letter of Intent to acquire a leading specialty retailer and manufacturer.
The transaction will be financed through a combination of cash, the company's common shares, and debt.
The company added that the target company operates in more than 30 retail locations over a broad geography, with a deep portfolio of trademarks and intellectual property.
Upon the completion of acquisition, CEA will expand the target company's retail footprint through the acquisition of additional stores and opening de novo stores, as well as manufacturing business for house brand and white-label products.
The Louisville-based company intends to sign a definitive agreement before year-end, with a closing of the transaction targeted for the first quarter of 2025.
Currently, CEA's stock is trading at $6.50, up 4.67 percent on the Nasdaq.
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