REED - NetworkNewsBreaks - Reed's Inc. (NASDAQ: REED) Secures $7 Million in Underwritten Public Offering
Reed’s Inc. (NASDAQ: REED), owner of the nation’s leading portfolio of handcrafted, all-natural beverages, has closed an underwritten public offering of 11,666,667 shares of its common stock. According to the update, the offering resulted in approximately $7 million of gross proceeds to Reed’s Inc., with each of the shares sold at the public offering price of $0.60. Reed’s intends to use the offering’s proceeds to fund the growth of its business, new products, sales and marketing efforts, working capital, and for general corporate purposes. In addition, Reed’s has granted a 45-day option to the underwriter to purchase up to an additional 1,750,000 shares of common stock to cover overallotments in connection with the offering. ROTH Capital Partners acted as the sole manager for the offering.
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About Reed’s Inc.
Established in 1989, Reed's is America's best-selling Ginger Beer brand and has been the leader and innovator in the Ginger Beer category for decades. Virgil's is America's best-selling independent, full line of natural craft sodas. The Reed's Inc. portfolio is sold in over 35,000 retail doors nationwide. Reed's Ginger Beers are unique due to the proprietary process of using fresh ginger root combined with a Jamaican inspired recipe of natural spices and fruit juices. The company uses this same handcrafted approach in its award-winning Virgil's line of great tasting, bold flavored craft sodas. For more information, visit www.DrinkReeds.com.
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