Key Developments For Reed’s, Inc.
Reed’s, Inc. (REED.O) (Consolidated Issue listed on NASDAQ Capital Market)
Reed's, Inc. Secures Revolving Credit Facility Of $3 Million
Reed's, Inc. announced that the Company has closed a financing agreement with GemCap Lending I, LLC (GemCap) for a $3 million revolving credit facility, secured primarily by its accounts receivable and inventory. The GemCap facility will replace Reed's existing credit facility. The new senior revolving facility reflects improved eligibility and reduced reserves on Reed's collateral base for borrowing.
Reed's, Inc. Receives Order From The Military Supermarket Organization
Reed's, Inc. announced that it has received its first purchase order from the Military Supermarket organization, the Defense Commissary Agency (DeCA), headquartered at Fort Lee, Virginia. Reed's will initially provide 5 SKU's of Reed's and Virgil's products, including: Reed's Extra Ginger Brew, Reed's Ginger Brew, Virgil's Root Beer, Virgil's Cream Soda and Virgil's Black Cherry Cream Soda.
Reed's, Inc. Completes Acquisition Of Sonoma Sparkler Brand
Reed's, Inc. announced that it has purchased the brand and certain assets of Sonoma Sparkler, including the six beverages sold under the brand, for a price of $252,000. The purchase will be paid in cash from gross profits generated from sales of the Sonoma Sparklers brand over the next 24 months. The Company stated that because this was a cash purchase and did not involve stock, it will not result in any dilution to existing shareholders.
Reed's, Inc. Closes Distribution Deal With Five Star Beverage
Reed's, Inc. announced that it has entered into a distribution agreement with five Star Beverage of San Diego. This distribution agreement will increase Reed's & Virgil's presence throughout greater San Diego County. The deal will increase Reed's distribution in San Diego and the surrounding areas.
Reed's, Inc. Offers Upto $718,540 In Registered Direct Financing From Sale Of $1.80 Units
Reed's, Inc. announced that it is offering in a registered direct offering up to $718,540 through the sale of Units at a price of $1.80 per Unit. Reed's expects to issue up to 189 Units, consisting of 399,189 shares of Common stock, 159,676 Series A Warrants, 83,444 Series B Warrants and 33,378 Series C Warrants. The Series B Warrants are exercisable at any time after the closing, at an exercise price of $1.80 per share, and will expire 60 trading days after the closing. The Series A Warrants and Series C Warrants are exercisable at $2.25 per share, commencing 180 days from closing for a term of five years. If the entire offering is placed, the expected gross proceeds at Closing will be $718,540 and the total aggregate proceeds if all Warrants are exercised will be $1,303,110. The expected net proceeds after fees and expenses are estimated to be $621,057.
