Reed’s Inc. Prices Underwritten Public Offering of Common Stock
20 Novembro 2020 - 10:27AM
Reed’s Inc. (Nasdaq: REED), owner of the nation’s leading portfolio
of handcrafted, all-natural beverages, today announced the pricing
of an underwritten public offering of 18,750,000 shares of its
common stock at a price of $0.56 per share for gross proceeds of
approximately $10.5 million. Reed’s has also granted to the
underwriter a 45-day option to purchase an additional 2,812,500
shares of common stock to cover overallotments in connection with
the offering. The offering is expected to close on November 24,
2020, subject to customary closing conditions.
Roth Capital Partners is acting as sole
book-running manager for the offering. National Securities
Corporation, a wholly owned subsidiary of National Holdings, Inc.
(NASDAQ:NHLD) is acting as co-manager.
Reed’s intends to use the net proceeds of the
offering for the repayment of approximately $4.6 million under its
senior credit facility and approximately $4.25 million for the
repayment of its Subordinated, Convertible, Non-Redeemable Secured
Note (the “Raptor Note”) in favor of Raptor/ Harbor Reeds SPV, LLC
originally issued April 21, 2017. Reed’s intends to use the
remaining proceeds to fund working capital and for general
corporate purposes. In addition Raptor/ Harbor Reeds SPV, LLC has
agreed that the remaining approximately $750,000 outstanding under
the Raptor Note will be satisfied by issuance of approximately
1,339,286 shares of Reed’s common stock in a private placement
transaction at the public offering price.
A shelf registration statement relating to the
shares of common stock to be issued in the proposed offering was
filed with the Securities and Exchange Commission (the "SEC") and
is effective. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. Copies of
the prospectus supplement and accompanying base prospectus will be
filed with the Securities and Exchange Commission and, when
available, may be obtained from Roth Capital Partners, LLC, 888 San
Clemente, Newport Beach, CA 92660, Attention: Prospectus
Department, by telephone at (800) 678-9147 or by accessing the
SEC's website, www.sec.gov.
Safe Harbor / Forward-Looking
Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 regarding the proposed public offering and the
intended use of proceeds from the offering. The offering is subject
to market and other conditions and there can be no assurance as to
whether or when the offering may be completed or as to the actual
size or terms of the offering. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, including market conditions, risks associated
with the cash requirements of our business and other risks detailed
from time to time in our filings with the Securities and Exchange
Commission, and represent our views only as of the date they are
made and should not be relied upon as representing our views as of
any subsequent date. Reed’s does not assume any obligation to
update any forward-looking statements.
CONTACT: Investor RelationsScott Van Winkle,
ICR(800) 997-3337 Ext 2Or (617) 956-6736Email:
ir@reedsinc.comwww.reedsinc.comwww.reedsinc.com
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