CEA Industries board adopts stockholder rights agreement, amended bylaws

CEA Industries (BNC) announced that its board unanimously adopted a limited duration stockholder rights agreement and amended and restated bylaws. The board adopted the rights plan and the amended and restated bylaws following the formation of a stockholder group by YZILabs Management that seeks control of the company. As previously confirmed by the company, YZi Labs has filed a preliminary consent statement that seeks control of a majority of the board. On December 23, YZi Labs filed an amended Schedule 13D with the SEC reporting the formation of a group with seven proposed director nominees. The amended Schedule 13D reports that the YZi Labs Group holds 7% of the company’s currently outstanding common stock. Moreover, the YZi Labs Group holds warrants that allow it to significantly increase its common stock holdings with 61 days’ notice.