As of the last check in premarket trading, shares of Splash Beverage Group Inc. (NYSE: SBEV) fell by -9.77% to trade at $1.20, in the absence of any major news. On Thursday, SBEV shares fell -2.21% to close the day at $1.33.
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SBEV recently experienced what?
A public offering of common stock by Splash Beverage Group (SBEV) this week raised approximately $3.1 million before underwriting discounts, commissions, and other expenses.
- A significant increase in distribution and chain retail authorizations for SBEV’s brands will require the capital raised to ensure SBEV has sufficient inventory to fill orders.
- It is critical to have sufficient inventory to support SBEV’s recent announcements of distribution and retail chain agreements.
- SBEV also needs to ensure it does not run out of stock at this crucial moment as its brands continue to expand in retail, creating a very exciting period for the company.
- In addition to the recently announced distribution agreements with Target, am/pm, Circle K, 7-11, UNFI, Carey Distributors, Wantz Distribution, Central Distribution, Buck Distributing Lohr Distributing, and others, SBEV recently signed agreements with several retail chains.
SBEV holds a public offering:
In the recent public offering of 2,000,000 shares of common stock (the “Common Stock”), Splash Beverage Group (SBEV) has announced that the public offering price will be $1.55 per share. In addition to underwriting discounts, commissions, and other offering expenses, the offering was for aggregate gross proceeds of approximately $3.1 million. SBEV also granted the underwriters a 45-day option to purchase up to 300,000 additional shares of Common Stock at the public offering price per share, less any underwriting discounts or commissions related to overallotments. As long as customary closing conditions are satisfied, SBEV was expecting to close the offering on or around September 27, 2022.