According to TechFlame, CEA Industries (NASDAQ: VAPE) today announced the completion of a $500 million private placement and will change its name to “BNB Network Company,” and the stock code will be changed to “BNC” on August 6. The company plans to use the proceeds to buy BNB as its primary reserve asset. The private placement was led by YZi Labs and attracted more than 140 institutions including Pantera Capital and Blockchain.com to participate. Meanwhile, the company appointed David Namdar, the former co-founder of Galaxy Digital, as CEO, and Russell Read, former chief information officer of the California Civil Service Pension Fund (CalPERS), as chief information officer.