Fresh Vine Wine, Inc. Announces Commencement of Rights Offering Subscription Period
February 22 2023 - 4:01PM
Fresh Vine Wine, Inc. (NYSE American: VINE) (“Fresh Vine Wine” or
the “Company”) today announced that the subscription period for the
previously announced rights offering has commenced. The
subscription rights are non-transferable and may only be exercised
during the subscription period, which will extend through 5:00 PM
ET on March 9, 2023, unless extended or earlier terminated by Fresh
Vine Wine.
All record holders of rights that wish to participate in the
rights offering must deliver a properly completed and signed
subscription rights certificate, together with payment of the full
subscription price for the units the holder wishes to purchase
pursuant to both the basic subscription right and the
over-subscription privilege to the Subscription Agent, to be
received before 5:00 PM Eastern Time on March 9, 2023. The
completed rights certificate and payment should be delivered to the
Subscription Agent as follows:
By Mail: |
|
By Courier: |
Broadridge Corporate Issuer
Solutions, LLC |
|
Broadridge Corporate Issuer
Solutions, LLC |
Attn: BCIS Re-Organization
Dept. |
|
Attn: BCIS IWS |
P.O. Box 1317 |
|
51 Mercedes Way |
Brentwood,
NY 11717-0718 |
|
Edgewood, NY 11717 |
If exercising subscription rights through a broker, dealer, bank
or other nominee, rights holders should promptly contact their
nominee and submit subscription documents and payment for the units
subscribed for in accordance with the instructions and within the
time period provided by such nominee. The broker, dealer, bank or
other nominee may establish a deadline before March 9, 2023, by
which instructions to exercise subscription rights, along with the
required subscription payment, must be received.
Fresh Vine Wine has engaged The Oak Ridge Financial Services
Group, Inc. as dealer-manager for the proposed rights offering.
Questions about the rights offering or requests for copies of the
final prospectus, when available, may be directed to The Oak Ridge
Financial Services Group, Inc., Toll-Free at (800) 231-8364, or by
email at info@oakridgefinancial.com.
The Company’s registration statement on Form S-1 (Registration
No. 333-269082) was declared effective by the Securities and
Exchange Commission (“SEC”) on February 14, 2023. The prospectus
relating to and describing the terms of the rights offering has
been filed with the SEC as a part of the registration statement and
is available on the SEC's web site at http://www.sec.gov. Copies of
the final prospectus for the rights offering may be obtained, when
available, from The Oak Ridge Financial Services Group, Inc., 701
Xenia Ave S #100, Minneapolis, MN 55416, email:
info@oakridgefinancial.com or telephone (800) 231-8364.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any state or other 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.
About Fresh Vine Wine, Inc.
Fresh Vine Wine, Inc. (NYSE American: VINE) is a premier
producer of lower carb, lower calorie premium wines in the United
States. Fresh Vine Wine's brand vision is to lead the emerging
natural and accessible premium wine category, as health trends
continue to accelerate in the US marketplace. Fresh Vine Wine
positions its core brand lineup as an affordable luxury, retailing
between $14.99-$24.99 per bottle. Fresh Vine Wine's varietals
currently include its Cabernet Sauvignon, Pinot Noir, Chardonnay,
Sauvignon Blanc, Rosé, Sparkling Rosé, and a limited Reserve Napa
Cabernet Sauvignon. All varietals are produced and bottled in Napa,
California.
Note on Forward-looking Statements
This press release contains forward-looking statements 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. We have based these forward-looking statements largely on
our current expectations and projections about future events and
financial trends affecting the financial condition of our business.
Forward-looking statements include our expectations, whether stated
or implied, regarding our planned rights offering, financing plans
and other future events.
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as "anticipate," "expect," "plan," "could," "may,"
"will," "believe," "estimate," "forecast," "goal," "project," and
other words of similar meaning. These forward-looking statements
address various matters including statements regarding the timing
or nature of future operating or financial performance or other
events. Each forward-looking statement contained in this press
release is subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statement. Applicable risks and uncertainties include,
among others, our ability to conduct the rights offering on the
terms or within the timeframes expected, or at all; to achieve
positive cash flow from our operations on our anticipated
timeframes or at all; the impact of inclusion of the Company’s
wines in grocery retailers on the Company’s operating results; the
Company's ability to hire additional personnel and to manage the
growth of its business; the Company's reliance on its brand name,
reputation and product quality; the Company's ability to adequately
address increased demands that may be placed on its management,
operational and production capabilities; the effectiveness of the
Company's advertising and promotional activities and investments;
the Company's reliance on celebrities to endorse its wines and
market its brand; general competitive conditions; fluctuations in
consumer demand for wine; overall decline in the health of the
economy and consumer discretionary spending; the occurrence of
adverse weather events, natural disasters, public health
emergencies, or other unforeseen circumstances that may cause
delays to or interruptions in the Company's operations; risks
associated with disruptions in the Company's supply chain for
grapes and raw and processed materials; the impact of COVID-19 and
its variants on the Company's customers, suppliers, business
operations and financial results; disrupted or delayed service by
the distributors the Company relies on for the distribution of its
wines; the Company's ability to successfully execute its growth
strategy; the Company's success in retaining or recruiting, or
changes required in, its officers, key employees or directors; the
Company's ability to protect its trademarks and other intellectual
property rights; the Company's ability to comply with laws and
regulations affecting its business, including those relating to the
manufacture, sale and distribution of wine; claims, demands and
lawsuits to which the Company are or may be subject and the risk
that its insurance or indemnities coverage may not be sufficient;
the Company's ability to operate, update or implement its IT
systems; the Company's ability to successfully pursue strategic
acquisitions and integrate acquired businesses; the Company's
potential ability to obtain additional financing when and if
needed; the Company's founders' significant influence over the
Company; and the risks identified in the Company's other filings
with the SEC. The Company cautions investors not to place
considerable reliance on the forward-looking statements contained
in this press release. You are encouraged to read the Company's
filings with the SEC, available at www.sec.gov, for a discussion of
these and other risks and uncertainties. The forward-looking
statements in this press release speak only as of the date of this
document, and the Company undertakes no obligation to update or
revise any of these statements. The Company's business is subject
to substantial risks and uncertainties, including those referenced
above. Investors, potential investors, and others should give
careful consideration to these risks and uncertainties.
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