LQR Announces Proposed Reverse Split as Part of Nasdaq Compliance Plan
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MIAMI BEACH, FL / ACCESSWIRE / November 21, 2023 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), announces that both the Board of Directors have approved an up to 60-for-1 reverse stock split of the Company's common stock. The reverse split is pending approval from NASDAQ, and upon receiving approval, the Company will issue a news release announcing the effective date.
The split will also apply to Company common stock issuable upon the exercise of the Company's outstanding stock options and warrants. No fractional shares will be issued; instead, any fractional entitlements will be rounded down to the next highest whole number.
Sean Dollinger, CEO of LQR House, stated, "The Board of Directors considered this reverse split carefully and decided that this is a critical move that should be done at this time as it provides the Company with the solid capital structure that will be required to maintain NASDAQ compliance."
In addition to this initiative, LQR House remains committed to its ongoing repurchase program, aiming to repurchase up to 2,000,000 of its common stock. The Company is strategically timing its stock buybacks, capitalizing on the significant discount currently available and deeming it an opportune moment to concentrate efforts in this area.
About LQR House Inc.
LQR House is a dynamic and forward-thinking liquor marketing company that intends to become the full-service digital marketing and brand development face of the alcoholic beverage space. Currently, LQR House has a key partnership with Country Wine & Spirits Inc. ("CWS"), granting the Company full control over all marketing operations on CWSpirits.com, a leading alcohol ecommerce platform. With a deep passion for the world of beverages, LQR House takes pride in curating marketing strategies aimed to elevate brands to new heights. Composed of a team of seasoned professionals, LQR House focuses on crafting marketing solutions tailored to each client's unique needs. Through strategic partnerships, creative branding, and digital prowess, LQR House intends to be at the forefront of the wine and spirits marketing landscape, making it the go-to choice for brands seeking to thrive in a competitive industry.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Shareholders can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement on Form S-1 filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement on Form S-1 and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
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SOURCE: LQR House Inc.
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