NewAge, Inc. (Nasdaq: NBEV), the Colorado-based
healthy and organic products company with current presence in more
than 60 countries, today announced financial results for the
quarter ended June 30, 2020 with net revenue reaching $62.6
million. This 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. The pending merger is expected to close during the
third quarter of this year.
Brent Willis, Chief Executive Officer of NewAge,
commented, “We are pleased with how the business is holding up in
the current business environment, especially compared to most peer
group companies. Despite our Japan and China markets being
locked down because of the pandemic for much of the quarter, we are
seeing good organic growth in North America, Latin America, Western
Europe and recovery in certain Asia Pacific markets as they began
to reopen.”
NewAge, Inc., which recently changed its name
from New Age Beverages Corporation to reflect the expanded breadth
of opportunities in front of the Company, announced the signing of
a definitive agreement to acquire ARIIX and four other
e-commerce/direct selling companies on July 20, 2020. The
combination creates a company with expected annual revenues of more
than $500 million, a blended gross margin of 70%, and expected
EBITDA of more than $30 million.
Greg Gould, Chief Financial Officer of NewAge,
commented, “The impending merger will be transformational for
NewAge, not just in terms of scale and reach, but also in terms of
profitability, financial flexibility, and strength to further the
Company’s mission. With the imminent disposition of many of the low
margin retail brands and the expected cost savings accruing from
the merger of more than $20 million, we expect the combined entity
to generate significant positive EBITDA going forward.”
Second Quarter 2020 Financial
Results
Net revenue reached $62.6 million for the
quarter ended June 30, 2020, versus $66.3 million for the second
quarter of the prior year, primarily due to the impact of COVID-19
in our Asia markets. The United States delivered revenue
growth of 13% in the second quarter versus the same quarter in the
prior year. Included in our United States region is the DSD
Division that grew nearly 30% in June of 2020 versus the same month
in the prior year. Year to date, the United States is up 15% in net
revenue.
Revenue was up 2% in Western Europe and up 10%
in Latin America in the second quarter of 2020 versus the prior
year second quarter. Revenue in China was down in the second
quarter of 2020 but overall year-to-date is down less than 2% from
the prior year period as the Company continues to implement its new
compensation system. Japan was also down in the quarter compared to
the prior year due to the impact of COVID-19, and year-to-date is
down 5% in the first six months of 2020 compared to the first half
of 2019.
Gross margin in the second quarter of 2020
reached $38.1 million, or 61% as a percent of net revenue.
Gross margin was affected mostly by product mix, reflecting
slightly lower sales in our Noni by NewAge division related to
impacts from the COVID-19 pandemic, especially in China and Japan,
and low margin retail brand sales, offset by the revenue growth in
the other regions around the world.
Net loss decreased to $9.6 million, or $0.10 per
share, during the second quarter of 2020, compared to a net loss of
$11.7 million, or $0.15 per share, in the second quarter of 2019.
Adjusted EBITDA(1) was a loss of $5.4 million for the second
quarter of 2020, a sequential improvement of $1.7 million compared
to Adjusted EBITDA for the first quarter of 2020. The Adjusted
EBITDA in the second quarter of 2019 was less than $0.1 million,
which included the gain on the change in fair value on the Morinda
earnout obligation of $6.7 million.
NewAge’s cash balance increased 48% to $40.7
million at June 30, 2020 from $27.5 million at March 31,
2020. NewAge also holds additional restricted cash balances
of $18.4 in the US, China and other markets for a total of $59.0
million in cash as of June 30, 2020. Total current assets increased
19% to $93.4 million at June 30, 2020 versus $78.8 million at March
31, 2020. Total current liabilities were 3% lower, $59.8 million at
June 30, 2020 compared to $61.8 million at March 31, 2020.
Working capital improved 98% at June 30, 2020 as compared to March
31, 2020, $33.6 million compared to $17.0 million,
respectively.
(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, August 10,
2020Time: 8:00 a.m. Eastern time Toll-free
dial-in number: 1-877-407-3982International
dial-in number: 1-201-493-6780Conference
ID: 13706963
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, August 17, 2020.
Toll-free replay number:
1-844-512-2921International replay number:
1-412-317-6671Replay ID: 13706963
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
60 countries worldwide. NewAge markets a portfolio of
better-for-you products including the brands Tahitian Noni, TeMana,
Nestea, Volvic, Illy Coffee, Evian, Búcha Live Kombucha, ‘Nhanced
and others. The Company operates the websites www.newage.com,
www.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. This
transaction is anticipated to close during the third quarter of
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.
NewAge has exclusively partnered with the
world's 5th largest water charity, WATERisLIFE, to end the world
water crisis with the most innovative technologies available.
Donate at WATERisLIFE.com to help us #EnditToday.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/038fd0ab-7e93-4585-82b7-0cf103c6edaa
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) |
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
December 31, |
|
ASSETS |
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
40,672 |
|
|
$ |
60,842 |
|
Accounts receivable, net of allowance of $634 and $535,
respectively |
|
13,189 |
|
|
|
11,012 |
|
Inventories |
|
33,972 |
|
|
|
36,718 |
|
Prepaid expenses and other |
|
5,540 |
|
|
|
4,384 |
|
|
|
|
|
|
|
|
|
Total current assets |
|
93,373 |
|
|
|
112,956 |
|
|
|
|
|
|
|
|
|
Long-term
assets: |
|
|
|
|
|
|
|
Identifiable intangible assets, net |
|
41,649 |
|
|
|
43,443 |
|
Right-of-use lease assets |
|
37,718 |
|
|
|
38,458 |
|
Property and equipment, net |
|
28,223 |
|
|
|
28,443 |
|
Restricted cash, net of current portion |
|
16,873 |
|
|
|
3,729 |
|
Goodwill |
|
10,284 |
|
|
|
10,284 |
|
Deferred income taxes |
|
9,452 |
|
|
|
9,128 |
|
Deposits and other |
|
4,440 |
|
|
|
4,689 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
242,012 |
|
|
$ |
251,130 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
12,708 |
|
|
$ |
13,259 |
|
Accrued liabilities |
|
40,125 |
|
|
|
49,451 |
|
Current portion of business combination liabilities |
|
5,437 |
|
|
|
5,508 |
|
Current maturities of long-term debt |
|
1,505 |
|
|
|
11,208 |
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
59,775 |
|
|
|
79,426 |
|
|
|
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
|
|
Long-term debt, net of current maturities |
|
18,792 |
|
|
|
12,802 |
|
Operating lease liabilities, net of current portion: |
|
|
|
|
|
|
|
Lease liability |
|
34,695 |
|
|
|
35,513 |
|
Deferred lease financing obligation |
|
16,214 |
|
|
|
16,541 |
|
Deferred income taxes |
|
5,554 |
|
|
|
5,441 |
|
Accrued employee benefits and other |
|
9,467 |
|
|
|
9,132 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
144,497 |
|
|
|
158,855 |
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
|
Common Stock; $0.001 par value. Authorized 200,000 shares; issued
and outstanding |
|
|
|
|
|
|
|
98,442 and 81,873 shares as of June 30, 2020 and December 31, 2019,
respectively |
|
98 |
|
|
|
82 |
|
Additional paid-in capital |
|
231,201 |
|
|
|
203,862 |
|
Accumulated other comprehensive income (loss) |
|
(141 |
) |
|
|
802 |
|
Accumulated deficit |
|
(133,643 |
) |
|
|
(112,471 |
) |
Total stockholders' equity |
|
97,515 |
|
|
|
92,275 |
|
Total liabilities and stockholders' equity |
$ |
242,012 |
|
|
$ |
251,130 |
|
|
|
|
|
|
|
|
|
|
NEWAGE, INC. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
$ |
62,637 |
|
|
$ |
66,348 |
|
|
$ |
126,330 |
|
|
$ |
124,655 |
|
Cost of goods sold |
|
24,559 |
|
|
|
24,699 |
|
|
|
46,728 |
|
|
|
44,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
38,078 |
|
|
|
41,649 |
|
|
|
79,602 |
|
|
|
80,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
18,405 |
|
|
|
19,607 |
|
|
|
37,920 |
|
|
|
37,645 |
|
Selling, general and administrative |
|
26,277 |
|
|
|
28,175 |
|
|
|
56,885 |
|
|
|
55,017 |
|
Gain from change in fair value of earnout obligations |
|
- |
|
|
|
(6,665 |
) |
|
|
- |
|
|
|
(6,665 |
) |
Impairment of right-of-use assets |
|
400 |
|
|
|
1,500 |
|
|
|
400 |
|
|
|
1,500 |
|
Depreciation and amortization expense |
|
1,761 |
|
|
|
2,017 |
|
|
|
3,542 |
|
|
|
4,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
46,843 |
|
|
|
44,634 |
|
|
|
98,747 |
|
|
|
91,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(8,765 |
) |
|
|
(2,985 |
) |
|
|
(19,145 |
) |
|
|
(11,525 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) from sale of property and equipment |
|
14 |
|
|
|
- |
|
|
|
(66 |
) |
|
|
6,442 |
|
Interest expense |
|
(600 |
) |
|
|
(756 |
) |
|
|
(1,172 |
) |
|
|
(2,402 |
) |
Gain (loss) from change in fair value of derivatives |
|
20 |
|
|
|
- |
|
|
|
(306 |
) |
|
|
470 |
|
Interest and other income (expense), net |
|
328 |
|
|
|
(143 |
) |
|
|
791 |
|
|
|
(185 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(9,003 |
) |
|
|
(3,884 |
) |
|
|
(19,898 |
) |
|
|
(7,200 |
) |
Income tax expense |
|
(551 |
) |
|
|
(7,797 |
) |
|
|
(1,274 |
) |
|
|
(6,097 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(9,554 |
) |
|
$ |
(11,681 |
) |
|
$ |
(21,172 |
) |
|
$ |
(13,297 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share (basic and diluted) |
$ |
(0.10 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.18) |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares of Common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock outstanding (basic and diluted) |
|
93,003 |
|
|
|
76,331 |
|
|
|
89,187 |
|
|
|
75,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEWAGE, INC. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
SIX MONTHS ENDED JUNE 30, 2020 AND 2019 |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net loss |
$ |
(21,172 |
) |
|
$ |
(13,297 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
3,752 |
|
|
|
4,441 |
|
Non-cash lease expense |
|
2,792 |
|
|
|
2,986 |
|
Stock-based compensation expense |
|
2,449 |
|
|
|
4,287 |
|
Impairment of right-of-use lease assets |
|
400 |
|
|
|
1,500 |
|
Loss (gain) from change in fair value of derivatives |
|
306 |
|
|
|
(470 |
) |
Accretion and amortization of debt discount and issuance costs |
|
302 |
|
|
|
1,609 |
|
Loss (gain) from sale of property and equipment |
|
66 |
|
|
|
(6,442 |
) |
Gain from change in fair value of earnout obligations |
|
- |
|
|
|
(6,665 |
) |
Deferred income tax benefit |
|
(173 |
) |
|
|
(8,543 |
) |
Expense for make-whole premium and other |
|
73 |
|
|
|
511 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(2,276 |
) |
|
|
(5,340 |
) |
Inventories |
|
2,819 |
|
|
|
205 |
|
Prepaid expenses, deposits and other |
|
517 |
|
|
|
(3,703 |
) |
Accounts payable |
|
(551 |
) |
|
|
308 |
|
Other accrued liabilities |
|
(12,900 |
) |
|
|
13,872 |
|
|
|
|
|
|
|
|
|
Net cash used in operating activities |
|
(23,596 |
) |
|
|
(14,741 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
Proceeds from sale of equipment |
|
159 |
|
|
|
- |
|
Capital expenditures for property and equipment |
|
(1,980 |
) |
|
|
(1,241 |
) |
Net proceeds from sale of land and building in Japan |
|
- |
|
|
|
37,548 |
|
Security deposit under sale leaseback arrangement |
|
- |
|
|
|
(1,800 |
) |
Loan receivable from BWR |
|
- |
|
|
|
(1,000 |
) |
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
(1,821 |
) |
|
|
33,507 |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Principal payments on borrowings |
|
(10,450 |
) |
|
|
(26,211 |
) |
Proceeds from borrowings |
|
6,868 |
|
|
|
46,250 |
|
Net proceeds from issuance of common stock |
|
25,122 |
|
|
|
11,380 |
|
Proceeds from deferred lease financing obligation |
|
- |
|
|
|
17,640 |
|
Payments under deferred lease financing obligation |
|
(319 |
) |
|
|
(382 |
) |
Proceeds from exercise of stock options |
|
4 |
|
|
|
418 |
|
Payments on business combination obligations |
|
(298 |
) |
|
|
(26,000 |
) |
Debt issuance costs paid |
|
(85 |
) |
|
|
(929 |
) |
Payments for deferred offering costs |
|
(94 |
) |
|
|
(140 |
) |
Cash paid for make-whole premium |
|
- |
|
|
|
(480 |
) |
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
20,748 |
|
|
|
21,546 |
|
|
|
|
|
|
|
|
|
Effect of foreign currency
translation changes |
|
(857 |
) |
|
|
1,188 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
(5,526 |
) |
|
|
41,500 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
64,571 |
|
|
|
45,856 |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
59,045 |
|
|
$ |
87,356 |
|
|
|
|
|
|
|
|
|
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):
|
NEWAGE, INC. |
ADJUSTED EBITDA CALCULATION |
THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND
2019 |
(In thousands) |
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(9,554 |
) |
|
$ |
(11,681 |
) |
|
$ |
(21,172 |
) |
|
$ |
(13,297 |
) |
EBITDA Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
600 |
|
|
|
756 |
|
|
|
1,172 |
|
|
|
2,402 |
|
Income tax expense |
|
551 |
|
|
|
7,797 |
|
|
|
1,274 |
|
|
|
6,097 |
|
Depreciation and amortization expense |
|
1,873 |
|
|
|
2,211 |
|
|
|
3,752 |
|
|
|
4,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
(6,530 |
) |
|
|
(917 |
) |
|
|
(14,974 |
) |
|
|
(357 |
) |
Adjusted EBITDA Non-GAAP adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
1,092 |
|
|
|
1,000 |
|
|
|
2,449 |
|
|
|
4,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
(5,438 |
) |
|
$ |
83 |
|
|
$ |
(12,525 |
) |
|
$ |
3,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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