REED - Reed under pressure on proposed public offering

Reed (REED) seeks to offer shares of its common stock in an underwritten public offering.Underwriters granted 45-day option to purchase additional shares.Offer final terms have not yet been disclosed.Net proceeds will be used for the repayment of ~ $4.6M under its senior credit facility and ~$4.0M for the repayment of its subordinated, convertible, non-redeemable secured note in favor of Raptor/ Harbor Reeds SPV, LLC originally issued April 21, 2017 and remaining proceeds to fund working capital and for general corporate purposes. Additionally, Raptor/ Harbour Reeds SPV, LLC has agreed that the remaining ~$1.0M outstanding under the Raptor Note will be satisfied by issuance of ~$1.0M in shares of Reed’s common stock in a private placement transaction at the public offering price.

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Reed under pressure on proposed public offering