REED - Reed's announces ~$5.3M private equity offering

Reed’s (NASDAQ:REED) is up 1.15% pre-market after announcing a ~$5.3M stock and warrant private offering. The company entered into securities purchase agreements with certain institutional and accredited investors to offer ~18M shares of common stock and warrants to purchase up to ~9M shares of common stock. Officers and directors of the company agreed to purchase ~$1.1M of the securities in the offering. The purchase price per share of common stock and associated warrant was $0.28 for the investors and $0.3502 for the officers and directors. Each whole warrant entitles the holder to purchase one common share at $0.2877/share. The warrants can be exercised six months from the closing of the offering until five years from the initial exercise date. The offering is expected to close on or about Mar. 11, 2022. Net proceeds will be used for working capital and general corporate purposes.

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Reed’s announces ~$5.3M private equity offering