---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-014377"
form_type: "8-K"
ticker: "BNC"
cik: "0001482541"
company_name: "CEA Industries Inc."
filed_at: "2025-06-10T23:59:59+00:00"
generated_at: "2026-05-19T15:29:09.159394+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# CEA Industries completes CAD 18M acquisition of Fat Panda, largest Canadian vape retailer

## Summary
- Purchase price CAD 18M ($12.6M USD): CAD 12.1M cash, 39,000 shares valued at CAD 700k, seller notes CAD 2.56M.
- Funded partly by interim USD 4M loan due Dec 3, 2025, secured by all assets of CEA, AcquireCo, and Fat Panda.
- Fat Panda operates 33 retail locations in Manitoba, Ontario, Saskatchewan, plus e-commerce; >50% regional market share.
- CAD 2.6M placed in escrow for post-closing adjustments, indemnity, and employee-related matters.
- Sellers to enter non-competition agreements; senior management will sign employment agreements.

## SEC filing metadata
- accession: 0001641172-25-014377
- form_type: 8-K
- ticker: BNC
- cik: 0001482541
- company_name: CEA Industries Inc.
- filed_at: 2025-06-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.01, 9.01, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1482541/000164117225014377/0001641172-25-014377-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1482541/000164117225014377/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-014377
- JSON: https://secwatch.observer/filing/0001641172-25-014377.json
- Plain text: https://secwatch.observer/filing/0001641172-25-014377.txt

## Key facts
- M&A Transactions
  CEA Industries Inc. completed an acquisition involving the owners of Fat Panda (the four Manitoba corporations) for CAD $18.0 million (USD $12.6 million) (closed 2025-06-06).
  - Action: acquisition
  - Counterparty: the owners of Fat Panda (the four Manitoba corporations)
  - Consideration: CAD $18.0 million (USD $12.6 million)
  - Closing: 2025-06-06
  source text: Certain of the senior management persons will enter into employment agreements for their continued employment after the closing of the acquisition. The purchase price was CAD $18.0 million (USD $12.6 million) comprised of approximately CAD $12.1 million in cash to the sellers, 39,000 shares of CEAD common stock with an agreed value of CAD $700,000, and seller notes
  evidence_url: https://www.sec.gov/Archives/edgar/data/1482541/000164117225014377/0001641172-25-014377-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.