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REED - Reed's under pressure on $7.9M stock offering
Reeds Inc.
Reed's (REED) trades 14.6% down premarket after it plans to offer up to 6.68M shares in a registered direct offering at $1.18 for gross proceeds of ~$7.9M.Net proceeds of ~$7.4M are expected; to be used for general corporate purposes, including supporting additional distribution opportunities as the company continues executing against its strategic plan.Offer is expected to close on May 7.