Reed’s Inc. Prices Underwritten Public Offering of Common Stock
October 23 2019 - 8:26AM
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 11,666,667 shares of its
common stock at a price of $0.60 per share for gross proceeds of
approximately $7.0 million. Reed’s has also granted to the
underwriter a 45-day option to purchase up to an additional
1,750,000 shares of common stock to cover overallotments in
connection with the offering. The offering is expected to close on
October 25, 2019, subject to customary closing conditions.
Roth Capital Partners is acting as the sole
manager for the offering.
Reed’s intends to use the proceeds from the
proposed offering to fund the growth of its business, new products,
sales and marketing efforts, working capital, and for general
corporate purposes.
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. The offering is being made only by means of a
written prospectus and prospectus supplement that form a part of
the registration statement. 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. 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. We
do not assume any obligation to update any forward-looking
statements.
CONTACT: Investor RelationsScott Van Winkle,
ICR(800) 997-3337 Ext 6Or (617) 956-6736Email:
ir@reedsinc.comwww.reedsinc.com
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