NewAge, Inc. (Nasdaq: NBEV), the Colorado-based
social selling and distribution company, today announced financial
results for the quarter ended September 30, 2020 with net revenue
reaching $62.7 million on a stand-alone basis. This includes the
reduction in revenue associated with the sale of the BWR retail
brands during the quarter, but does not include revenues from its
recently announced combination with ARIIX and four other
e-commerce/direct selling companies, which is expected to more than
double the size of the Company and significantly improve the
combined entity’s profitability.
Brent Willis, Chief Executive Officer of NewAge,
commented, “We continue to make substantial progress on integrating
the five companies that are part of this game-changing merger to
create a leading social selling company. We had major achievements
in the past few quarters in disposing of the BWR brands which had a
negative impact of more than $15 million in EBITDA(1) in fiscal
2019, capturing cost synergies of approximately $10 million
in NewAge , and in achieving growth in the U.S., Latin America and
Western European markets. We expect the merger between NewAge and
ARIIX will close this month. As we come together, we expect to
generate accelerated growth and profit contribution, and are
extremely well positioned to do so.”
NewAge signed a definitive agreement to acquire
ARIIX and four other e-commerce/direct selling companies on July
20, 2020. The definitive agreement was amended and restated on
September 30, 2020. The transaction is expected to close by
November 30, 2020. The combination creates a company with expected
annual revenues of more than $500 million, a blended gross margin
of 70%, and expected annual EBITDA of more than $30 million.
Third Quarter 2020 Financial
Results
Net revenue reached $62.7 million for the
quarter ended September 30, 2020, versus $69.8 million for the
third quarter of the prior year. The year over year variance is
primarily due to the impact of COVID-19 and the timing of
significant qualification events in the Company’s Asia markets.
Positively, the United States had revenue growth of 11% in
the third quarter versus the same quarter in the prior year.
Included in our United States region is the DSD division, which
grew nearly 15% in the third quarter of 2020 versus the same
quarter in the prior year.
Gross margin in the third quarter of 2020
reached $37.5 million, or 60% of net revenue, compared with $40.3
million, or 58% of net revenue in the prior year third quarter, an
increase of more than 207 basis points. Gross margin
percentage increase was driven by improved product and channel mix,
and overall improvement in cost of goods sold in the direct selling
side of the business.
During the third quarter of 2020, the Company
sold its BWR brands subsidiary and substantially all of its U.S.
retail brands. In addition to a negative impact of more than $15
million of EBITDA in 2019, the retail brands also negatively
impacted net income by $2.1 million in the quarter. It is
anticipated that the divestment of the BWR brands business will
improve gross margins, lower actual and relative SG&A expense,
and improve overall profitability.
Net loss was $14.1 million, or $0.14 per share,
during the third quarter of 2020, compared to a net loss of $10.7
million, or $0.14 per share, in the third quarter of 2019.
Adjusted EBITDA was a loss of $10.2 million for the
third quarter of 2020, compared with break-even for the third
quarter of 2019. The increase in net loss and decrease in Adjusted
EBITDA during the quarter can be primarily attributed to a number
of non-recurring items including human resource restructuring
charges of $1.7 million, the disposal of the BWR brands of $3.4
million, and BWR operating losses of $2.1 million. Excluding
these charges that are not expected to continue in future periods,
Adjusted EBITDA for the third quarter of 2020 would have been a
loss of $2.9 million.
NewAge’s cash balance was $26.9 million at
September 30, 2020. NewAge also holds additional restricted cash
balances of $18.3 in the US, China and other markets for a total of
$45.2 million in cash as of September 30, 2020. Total current
assets were $73.5 million at September 30, 2020 and total current
liabilities were $52.2 million. Working capital was $21.3 million
at September 30, 2020.
(1) EBITDA and Adjusted EBITDA are non-GAAP
financial measures with reconciliations provided in the table
below. Conference
Call
The Company will host a live conference call and
webcast today at 8:00 a.m. ET. Conference call details are provided
below. Interested investors can dial into the conference call to
hear the details of management's update and participate in a
question and answer session.
Date: Monday, November 9,
2020Time: 8:00 a.m. Eastern time Toll-free
dial-in number: 1-877-407-3982International
dial-in number: 1-201-493-6780Conference
ID: 13711691
The conference call will also be broadcast live
and available for replay here and via the investors section of the
Company’s website at
https://newagebev.com/en-us/our-story/investors. The webcast replay
will be available for approximately 45 days following the call.
Please dial into the conference call 15 minutes
prior to the start time due to increased demand for conference
calls. You will be asked to register your name and
organization.
A replay of the conference call will be
available after 11:00 a.m. Eastern Time on the same day through
Monday, November 16, 2020.
Toll-free replay number:
1-844-512-2921International replay number:
1-412-317-6671Replay ID: 13711691
About NewAge, Inc. (NASDAQ:
NBEV) NewAge is a
Colorado-based organic and healthy products company dedicated to
inspiring and educating consumers to “Live Healthy.” The Company is
an omni-channel distribution company with access to traditional
retail, e-commerce, direct-to-consumer, and medical channels across
more than 75 countries worldwide when combined with ARIIX.
NewAge markets a portfolio of differentiated healthy functional
brands in three category platforms including Health & Wellness,
Healthy Appearance, and Nutritional Performance. The Company
operates the websites newage.com, noninewage.com, and a number of
other individual brand websites.
NewAge has announced a transaction with ARIIX
LLC. Once the ARIIX transaction is completed, we will be the only
omni-channel company with access to traditional retail, e-commerce,
direct-to-consumer, and other channels across more than 75
countries worldwide, with a network of over 400,000 exclusive
independent product consultants, representatives, and affiliates
around the globe. After the transaction closes, NewAge will market
a portfolio of better-for-you products along with the companies,
ARIIX, ZENNOA, Shannen, MaVie, and Limu in healthy hydration and
wellness, healthy appearance, and nutritional performance
platforms. The Company announced NewAge’s entry into a
definitive agreement to acquire ARIIX and four other
e-commerce/direct selling companies on July 20, 2020. The Company
entered into an amended and restated definitive agreement on
September 30, 2020. This transaction is anticipated to close by the
end of November 2020.
Safe Harbor DisclosureThis
press release contains forward-looking statements that are made
under the safe harbor provisions within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are any statement reflecting management's expectations
regarding future results of operations, economic performance,
financial condition, the acquisition of ARIIX, statements about the
benefit of the ARIIX transaction including the proforma revenue,
blended gross margin, expected EBITDA and expected cost savings,
and the extent and duration of COVID-19 on its business. The
forward-looking statements are based on the assumption that
operating performance and results will continue in line with
historical results. Management believes these assumptions to be
reasonable, but there is no assurance they will prove to be
accurate. Forward-looking statements, specifically those concerning
future performance, are subject to certain risks and uncertainties,
and actual results may differ materially. NewAge competes in a
rapidly growing and transforming industry, and risk factors,
including those disclosed in the Company's filings with the
Securities and Exchange Commission, might affect the Company's
operations. Unless required by applicable law, the Company
undertakes no obligation to update or revise any forward-looking
statements.
For investor inquiries about
NewAge please contact:
NewAge Investor Relations:Riley
Timmer Vice President, Investor Relations Tel: 1-801-870-8685
Riley_Timmer@NewAge.com
Investor Relations Counsel:John
Mills/Scott Van WinkleICR – Strategic Communications and
AdvisoryTel: 1-646-277-1254/1-617-956-6736newage@icrinc.com
NewAge, Inc.:Gregory A.
GouldChief Financial OfficerTel:
1-303-566-3030Greg_Gould@NewAge.com
|
NEWAGE, INC. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except per share amounts) |
|
|
|
|
|
|
September 30, |
|
|
|
December 31, |
|
ASSETS |
|
2020 |
|
|
|
2019 |
|
|
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
26,885 |
|
|
$ |
60,842 |
|
Accounts receivable, net of allowance of $361 and $535,
respectively |
|
10,334 |
|
|
|
11,012 |
|
Inventories |
|
30,567 |
|
|
|
36,718 |
|
Prepaid expenses and other |
|
5,686 |
|
|
|
4,384 |
|
|
|
|
|
Total current assets |
|
73,472 |
|
|
|
112,956 |
|
|
|
|
|
Long-term
assets: |
|
|
|
Identifiable intangible assets, net |
|
40,104 |
|
|
|
43,443 |
|
Right-of-use lease assets |
|
36,585 |
|
|
|
38,458 |
|
Property and equipment, net |
|
27,571 |
|
|
|
28,443 |
|
Restricted cash, net of current portion |
|
16,846 |
|
|
|
3,729 |
|
Goodwill |
|
10,284 |
|
|
|
10,284 |
|
Deferred income taxes |
|
9,735 |
|
|
|
9,128 |
|
Deposits and other |
|
5,161 |
|
|
|
4,689 |
|
|
|
|
|
Total assets |
$ |
219,758 |
|
|
$ |
251,130 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
10,598 |
|
|
$ |
13,259 |
|
Accrued liabilities |
|
40,083 |
|
|
|
49,451 |
|
Current portion of business combination liabilities |
|
- |
|
|
|
5,508 |
|
Current maturities of long-term debt |
|
1,504 |
|
|
|
11,208 |
|
|
|
|
|
Total current liabilities |
|
52,185 |
|
|
|
79,426 |
|
|
|
|
|
Long-term
liabilities: |
|
|
|
Long-term debt, net of current maturities |
|
18,469 |
|
|
|
12,802 |
|
Operating lease liabilities, net of current portion: |
|
|
|
Lease liability |
|
33,699 |
|
|
|
35,513 |
|
Deferred lease financing obligation |
|
16,049 |
|
|
|
16,541 |
|
Deferred income taxes |
|
5,484 |
|
|
|
5,441 |
|
Accrued employee benefits and other |
|
9,491 |
|
|
|
9,132 |
|
|
|
|
|
Total liabilities |
|
135,377 |
|
|
|
158,855 |
|
|
|
|
|
Stockholders’
equity: |
|
|
|
Common Stock; $0.001 par value. Authorized 200,000 shares; issued
and outstanding |
|
|
|
98,490 and 81,873 shares as of September 30, 2020 and December 31,
2019, respectively |
|
98 |
|
|
|
82 |
|
Additional paid-in capital |
|
232,175 |
|
|
|
203,862 |
|
Note receivable for stock subscription |
|
(1,250 |
) |
|
|
- |
|
Accumulated other comprehensive income |
|
1,134 |
|
|
|
802 |
|
Accumulated deficit |
|
(147,776 |
) |
|
|
(112,471 |
) |
Total stockholders' equity |
|
84,381 |
|
|
|
92,275 |
|
Total liabilities and stockholders' equity |
$ |
219,758 |
|
|
$ |
251,130 |
|
|
|
|
|
|
NEWAGE, INC. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
Net revenue |
$ |
62,719 |
|
|
$ |
69,828 |
|
|
$ |
189,049 |
|
|
$ |
194,483 |
|
Cost of goods sold |
|
25,224 |
|
|
|
29,532 |
|
|
|
71,952 |
|
|
|
73,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
37,495 |
|
|
|
40,296 |
|
|
|
117,097 |
|
|
|
120,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Commissions |
|
17,458 |
|
|
|
21,185 |
|
|
|
55,378 |
|
|
|
58,830 |
|
Selling, general and administrative |
|
27,983 |
|
|
|
26,104 |
|
|
|
84,868 |
|
|
|
81,121 |
|
Gain from change in fair value of earnout obligations |
|
- |
|
|
|
(6,244 |
) |
|
|
- |
|
|
|
(12,909 |
) |
Loss on disposal of Divested Businesses |
|
3,446 |
|
|
|
- |
|
|
|
3,446 |
|
|
|
- |
|
Impairment of right-of-use assets |
|
- |
|
|
|
- |
|
|
|
400 |
|
|
|
1,500 |
|
Depreciation and amortization expense |
|
1,751 |
|
|
|
2,241 |
|
|
|
5,293 |
|
|
|
6,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
50,638 |
|
|
|
43,286 |
|
|
|
149,385 |
|
|
|
135,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(13,143 |
) |
|
|
(2,990 |
) |
|
|
(32,288 |
) |
|
|
(14,515 |
) |
|
|
|
|
|
|
Non-operating income
(expense): |
|
|
|
|
|
Interest expense |
|
(521 |
) |
|
|
(727 |
) |
|
|
(1,693 |
) |
|
|
(3,129 |
) |
Gain (loss) from sale of property and equipment |
|
(62 |
) |
|
|
(85 |
) |
|
|
(128 |
) |
|
|
6,357 |
|
Gain (loss) from change in fair value of derivatives |
|
(86 |
) |
|
|
(166 |
) |
|
|
(392 |
) |
|
|
304 |
|
Interest and other income (expense), net |
|
291 |
|
|
|
(48 |
) |
|
|
1,082 |
|
|
|
(233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(13,521 |
) |
|
|
(4,016 |
) |
|
|
(33,419 |
) |
|
|
(11,216 |
) |
Income tax expense |
|
(612 |
) |
|
|
(6,671 |
) |
|
|
(1,886 |
) |
|
|
(12,768 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(14,133 |
) |
|
$ |
(10,687 |
) |
|
$ |
(35,305 |
) |
|
$ |
(23,984 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share (basic and diluted) |
$ |
(0.14 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares of Common |
|
|
|
|
|
Stock outstanding (basic and diluted) |
|
97,819 |
|
|
|
78,076 |
|
|
|
92,087 |
|
|
|
76,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEWAGE, INC. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 |
(In thousands) |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
Net loss |
$ |
(35,305 |
) |
|
$ |
(23,984 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
Depreciation and amortization |
|
5,607 |
|
|
|
6,776 |
|
Non-cash lease expense |
|
3,913 |
|
|
|
4,910 |
|
Loss on disposal of Divested Businesses |
|
3,446 |
|
|
|
- |
|
Stock-based compensation expense |
|
3,415 |
|
|
|
5,278 |
|
Accretion and amortization of debt discount and issuance costs |
|
414 |
|
|
|
1,796 |
|
Impairment of right-of-use lease assets |
|
400 |
|
|
|
1,500 |
|
Loss (gain) from change in fair value of derivatives |
|
392 |
|
|
|
(304 |
) |
Loss (gain) from sale of property and equipment |
|
128 |
|
|
|
(6,360 |
) |
Expense for make-whole premium and other |
|
73 |
|
|
|
511 |
|
Gain from change in fair value of earnout obligations |
|
- |
|
|
|
(12,909 |
) |
Deferred income tax benefit |
|
(442 |
) |
|
|
(4,919 |
) |
Changes in operating assets and liabilities, net of effects of
business acquisition and disposal: |
|
|
Accounts receivable |
|
(932 |
) |
|
|
(1,912 |
) |
Inventories |
|
2,741 |
|
|
|
1,190 |
|
Prepaid expenses, deposits and other |
|
519 |
|
|
|
(3,201 |
) |
Accounts payable |
|
(484 |
) |
|
|
657 |
|
Other accrued liabilities |
|
(13,738 |
) |
|
|
10,030 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities |
|
(29,853 |
) |
|
|
(20,941 |
) |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
Proceeds received from buyer of Divested Businesses, net of cash
conveyed of $209 |
|
381 |
|
|
|
- |
|
Proceeds from sale of equipment |
|
231 |
|
|
|
- |
|
Capital expenditures for property and equipment |
|
(2,108 |
) |
|
|
(2,576 |
) |
Cash advance under unsecured promissory note |
|
(1,250 |
) |
|
|
- |
|
Net proceeds from sale of land and building in Japan |
|
- |
|
|
|
37,548 |
|
Security deposit under sale leaseback arrangement |
|
- |
|
|
|
(1,799 |
) |
Acquisition of BWR, net of cash acquired of $537 |
|
- |
|
|
|
(963 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
(2,746 |
) |
|
|
32,210 |
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
Net proceeds from issuance of common stock |
|
25,122 |
|
|
|
13,529 |
|
Proceeds from borrowings |
|
6,868 |
|
|
|
52,068 |
|
Proceeds from exercise of stock options |
|
34 |
|
|
|
418 |
|
Principal payments on borrowings |
|
(10,825 |
) |
|
|
(34,415 |
) |
Payments on business combination obligations |
|
(5,761 |
) |
|
|
(34,000 |
) |
Purchase and retirement of stock |
|
(1,193 |
) |
|
|
- |
|
Payments under deferred lease financing obligation |
|
(480 |
) |
|
|
(307 |
) |
Payments for deferred offering costs |
|
(164 |
) |
|
|
(195 |
) |
Debt issuance costs paid |
|
(95 |
) |
|
|
(931 |
) |
Proceeds from deferred lease financing obligation |
|
- |
|
|
|
17,640 |
|
Cash paid for make-whole premium |
|
- |
|
|
|
(480 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
13,506 |
|
|
|
13,327 |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency
translation changes |
|
(247 |
) |
|
|
1,578 |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
(19,340 |
) |
|
|
26,174 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
64,571 |
|
|
|
45,856 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
45,231 |
|
|
$ |
72,030 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
The primary purpose of using non-GAAP financial
measures is to provide supplemental information that we believe may
be useful to investors and to enable investors to evaluate our
results in the same way we do. We also present the non-GAAP
financial measures because we believe they assist investors in
comparing our performance across reporting periods on a consistent
basis, as well as comparing our results against the results of
other companies, by excluding items that we do not believe are
indicative of our core operating performance. Specifically, we use
these non-GAAP measures as measures of operating performance; to
prepare our annual operating budget; to allocate resources to
enhance the financial performance of our business; to evaluate the
effectiveness of our business strategies; to provide consistency
and comparability with past financial performance; to facilitate a
comparison of our results with those of other companies, many of
which use similar non-GAAP financial measures to supplement their
GAAP results; and in communications with our board of directors
concerning our financial performance. Investors should be aware,
however, that not all companies define these non-GAAP measures
consistently.
We provide in the table below a reconciliation
from the most directly comparable GAAP financial measure to the
non-GAAP financial measures presented.
EBITDA and Adjusted EBITDA. The
calculation of our EBITDA and Adjusted EBITDA is presented below
(in thousands):
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
Net loss (1) |
$ |
(14,133 |
) |
|
$ |
(10,687 |
) |
|
$ |
(35,305 |
) |
|
$ |
(23,984 |
) |
EBITDA Non-GAAP adjustments: |
|
|
|
|
|
Interest expense |
|
521 |
|
|
|
727 |
|
|
|
1,693 |
|
|
|
3,129 |
|
Income tax expense |
|
612 |
|
|
|
6,671 |
|
|
|
1,886 |
|
|
|
12,768 |
|
Depreciation and amortization expense |
|
1,855 |
|
|
|
2,335 |
|
|
|
5,607 |
|
|
|
6,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
(11,145 |
) |
|
|
(954 |
) |
|
|
(26,119 |
) |
|
|
(1,311 |
) |
Adjusted EBITDA Non-GAAP adjustment: |
|
|
|
|
|
Stock-based compensation expense |
|
966 |
|
|
|
991 |
|
|
|
3,415 |
|
|
|
5,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (1) |
$ |
(10,179 |
) |
|
$ |
37 |
|
|
$ |
(22,704 |
) |
|
$ |
3,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net losses and Adjusted EBITDA for the three and
nine months ended September 30, 2020 include charges for (i)
severance expenses of $1.7 million and $2.6 million for the three
and nine month periods, respectively, and (ii) a loss on disposal
of the Divested Businesses of $3.4 million for each of the three
and nine month periods. In addition, prior to the disposal of the
Divested Businesses, operating losses, exclusive of depreciation
and amortization expense, related to the Divested Businesses were
incurred for $2.1 million and $5.1 million for the three months
ended September 30, 2020 and 2019, respectively, and $7.3 million
and $8.8 million for the nine months ended September 30, 2020 and
2019, respectively. |
|
|
|
|
|
|
EBITDA is defined as net income (loss) adjusted
to exclude GAAP amounts for interest expense, income tax expense
(benefit), and depreciation and amortization expense. For the
calculation of Adjusted EBITDA, we also exclude the following item
for the periods presented.
Stock-Based Compensation Expense: Our
compensation strategy includes the use of stock-based compensation
to attract and retain employees, directors and consultants. This
strategy is principally aimed at aligning the employee interests
with those of our stockholders and to achieve long-term employee
retention, rather than to motivate or reward operational
performance for any particular period. As a result, stock-based
compensation expense varies for reasons that are generally
unrelated to operational decisions and performance in any
particular period.
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