Reed’s, Inc. (NASDAQ: REED) (“Reed’s” or the “Company”), owner
of the nation’s leading portfolio of handcrafted, natural ginger
beverages, today announced that, by decision dated September 28,
2022, a Nasdaq Hearings Panel (“Panel”) granted Reed’s request for
an extension until February 13, 2023 to continue the listing of
Reed’s common stock on The Nasdaq Capital Market (“Nasdaq”).
The extension is subject to the Company’s timely satisfaction of
certain interim milestones and, ultimately, the Company’s
compliance with all applicable criteria for continued listing on
Nasdaq, including the $1.00 bid price and minimum $2.5 million
stockholders’ equity requirements. The Company is taking definitive
steps to timely evidence compliance with the terms of the Panel’s
decision. Failure to meet the terms of the extension, including
individual interim deadlines, will result in delisting.
“We are pleased that the Nasdaq Hearings Panel has provided us
with this extension,” said Norman E. Snyder, CEO of Reed’s. “We
presented the panel our operating plan that includes several
business initiatives which are on track and should contribute to
regaining our compliance with Nasdaq, including the continued
growth of our flagship Reed’s Ginger Beer and Virgil’s portfolios,
ramping of our RTD alcohol portfolio, various product launches and
further expansion of our swing-lid portfolio. Coupled with our
various supply chain, transportation and cost saving programs, we
believe the value generated by these initiatives will be realized
in the broader market and should support our goal of regaining
compliance with Nasdaq listing requirements.”
About Reed's, Inc.Reed’s is an innovative
company and category leader that provides the world with high
quality, premium and naturally bold™ better-for-you beverages.
Established in 1989, Reed's is a leader in craft beverages under
the Reed’s®, Virgil’s® and Flying Cauldron® brand names. The
Company’s beverages are now sold in over 45,000 stores
nationwide.
Reed’s is known as America's #1 name in natural, ginger-based
beverages. Crafted using real ginger and premium ingredients, the
Reed’s portfolio includes ginger beers, ginger ales, ready-to-drink
ginger mules, ginger shots, and ginger candies. The brand has
recently successfully expanded into the zero-sugar segment with its
proprietary, natural sweetener system.
Virgil's® is an award-winning line of craft sodas, made with the
finest natural ingredients and without GMOs or artificial
preservatives. The brand offers an array of great tasting, bold
flavored sodas including Root Beer, Vanilla Cream, Black Cherry,
Orange Cream, and more. These flavors are also available in nine
zero sugar varieties which are naturally sweetened and certified
ketogenic.
Flying Cauldron® is a non-alcoholic butterscotch beer
prized for its creamy vanilla and butterscotch flavors. Sought
after by beverage aficionados, Flying Cauldron is made with natural
ingredients and no artificial flavors, sweeteners, preservatives,
gluten, caffeine, or GMOs.
For more information, visit
reedsmule.com, drinkreeds.com, virgils.com and flyingcauldron.com.
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking statements made pursuant to the safe harbor
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are typically identified
by terms such as "estimate," "expect,” “forecast,” "guidance,"
"intend," “calculated,” "likely," "financial outlook," "plan,
"potential," "predict," "probable," "project," "seek," "should,"
"will," and similar expressions. These forward-looking statements
are based on current expectations. The achievement or success of
the matters covered by such forward-looking statements involves
risks, uncertainties, and assumptions, many of which involve
factors or circumstances that are beyond our control.
If any such risks or uncertainties materialize or if any of the
assumptions prove incorrect, Reed’s actual results could differ
materially from the results expressed or implied by the
forward-looking statements we make, including our ability to regain
Nasdaq listing compliance. The risks and uncertainties referred to
above include, but are not limited to: risks associated with
current economic uncertainties tied to the COVID-19 pandemic,
including but not limited to its effect on customer demand for the
our products and services and the impact of potential delays in
supply of product inputs and customer payments; risks associated
with new product releases; the impacts of further inflation; risks
that customer demand may fluctuate or decrease; risks that we are
unable to collect unbilled contractual commitments, particularly in
the current economic environment; our ability to compete
successfully and manage growth; our significant debt obligations;
our ability to develop and expand strategic and third party
distribution channels; our dependence on third party suppliers,
brewers and distributors risks related to our international
operations; our ability to continue to innovate; our strategy of
making investments in sales to drive growth; increasing costs of
fuel and freight, protection of intellectual property; competition;
general political or destabilizing events, including the war in
Ukraine, conflict or acts of terrorism; the effect of evolving
domestic and foreign government regulations, including those
addressing data privacy and cross-border data transfers; and other
risks detailed from time to time in Reed’s public filings,
including Reed’s annual report on Form 10-K filed on April 15, 2022
and subsequent reports filed with the Securities and Exchange
Commission, which are available on the Securities and Exchange
Commission’s web site at www.sec.gov. These forward-looking
statements are based on current expectations and speak only as of
the date hereof. Reed’s assumes no obligation and does not intend
to update these forward-looking statements, except as required by
law.
Investor Relations Contact
Sean Mansouri, CFAElevate IRir@reedsinc.com (720) 330-2829
Reeds (NASDAQ:REED)
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