- The stock price of Splash Beverage (SBEV) fell by over 35% pre-market today. This is why.
The stock price of Splash Beverage (SBEV) fell by over 35% pre-market today.
Why: Splash Beverage (SBEV) announced the pricing of its underwritten public offering of 2 million shares of common stock at a public offering price of $1.55 per share, for aggregate gross proceeds of approximately $3.1 million, prior to deducting underwriting discounts, commissions, and other offering expenses. And the company has granted the underwriters a 45-day option to purchase up to an additional 300,000 shares of Common Stock at the public offering price per share, less the underwriting discounts and commissions to cover over-allotments, if any.
Timing: The offering is expected to close on or about September 27, 2022, subject to satisfaction of customary closing conditions.
Manager: EF Hutton, a division of Benchmark Investments, LLC is acting as the sole book-running manager for the offering.
Proceeds: The company intends to use the proceeds from the offering to support additional distribution and retail authorizations gained recently.