NORWALK, Conn., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Reed's, Inc. (OTCQX:REED) ("Reed's" or the "Company"), owner of the nation's leading portfolio of handcrafted, natural ginger beverages, today announced it has closed its $6 million private investment in public equity ("PIPE").
Approximately $4.1 million of previously funded Simple Investments in Future Equity ("SAFEs") automatically converted into the PIPE. $1.9 million of cash proceeds was funded by the lead investor and the Company's largest stockholder, D&D Source of Life Holding LTD.
The purchase price per share was $1.50, which reflects a premium of approximately 21% to the closing stock price on September 13, 2024.
"I am pleased to announce this strategic investment from our largest shareholder, demonstrating their commitment to our long-term vision and success," said Norman E. Snyder, Jr., CEO of Reed's. "This investment will improve our working capital to drive growth as we can further build our inventory levels, increase promotional activity, and expand product authorizations. By collaborating with D&D, we also plan to leverage their market presence overseas to expand our product distribution internationally. These initiatives, coupled with our strengthened balance sheet, will enable us to deliver on our growth and profitability objectives."
For more information, please reference the Company's 8-K filed on September 13, 2024 with the Securities and Exchange Commission.
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. ...
