Reed’s (NASDAQ: REED), owner of the nation’s leading portfolio of handcrafted, all-natural beverages, has closed an underwritten public offering of 21,562,500 shares of common stock, including 2,812,500 additional shares per the full exercise of the over-allotment option granted to the underwriters. According to the update, Reed’s secured gross proceeds of approximately $12.1 million, with each of the shares sold at the public offering price of $0.56. Reed’s intends to use the proceeds for debt repayment and working capital. Roth Capital Partners (“ROTH”) acted as sole book-running manager for the offering.
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About Reed’s Inc.
Established in 1989, Reed’s(R) is America’s top name in ginger and America’s best-selling ginger beer brand and innovator for decades. Virgil’s(TM) is America’s best-selling independent, full line of natural craft sodas. The Reed’s portfolio is sold in over 40,000 retail doors nationwide. Reed’s core product line of original, extra and strongest craft and certified ketogenic zero sugar extra 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 and certified ketogenic zero sugar varieties. For more information, visit www.DrinkReeds.com.
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