Splash Beverage Group Announces Closing of its Previously Announced $9.2 Million Underwritten Public Offering and Full Exercise of Underwriters’ Over-Allotment Option

Rhea-AI Summary

Splash Beverage Group (SBEV) announced the completion of its public offering of 2,300,000 shares of common stock at $4.00 per share, raising approximately $9.2 million in gross proceeds. This offering included the full exercise of the underwriters’ over-allotment option. The shares were issued under an effective shelf registration statement, and the final prospectus was filed on February 16, 2022, with the SEC. The company aims to leverage these funds to further expand its portfolio of beverage brands, which includes Copa di Vino and SALT flavored tequilas.

Positive

• Raised approximately $9.2 million in gross proceeds.
• Full exercise of underwriters’ over-allotment option indicates strong demand.
• Funds are intended for expanding portfolio and distribution of beverage brands.

Negative

• Issuing additional shares may dilute existing shareholder equity.

Fort Lauderdale, Florida, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Splash Beverage Group, Inc. (NYSE American: SBEV) (the “Company” or “Splash Beverage Group”), a portfolio company of leading beverage brands, today announced the closing of its previously announced underwritten public offering of 2,300,000 shares of common stock (the "Common Stock"), which included the full exercise of the underwriters’ over-allotment option, at a public offering price of $4.00 per share, for aggregate gross proceeds of approximately $9.2 million, prior to deducting underwriting discounts, commissions, and other offering expenses.

EF Hutton, division of Benchmark Investments, LLC, acted as sole book-running manager for the offering.

The shares of Common Stock in the offering were issued by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-259865) filed with the Securities and Exchange Commission (SEC) and declared effective by the SEC on October 8, 2021, and the accompanying prospectus contained therein.

The offering was made only by means of a prospectus supplement and accompanying prospectus. The final prospectus supplement and accompanying base prospectus relating to the securities being offered in the offering were filed with the SEC on February 16, 2022.

Copies of the prospectus supplement and the accompanying prospectus relating to this offering can be obtained on the SEC’s website at http://www.sec.gov or by contacting EF Hutton, division of Benchmark Investments, LLC Attention: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, by email at syndicate@efhuttongroup.com, or by telephone at (212) 404-7002.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Splash Beverage Group

Splash Beverage Group, an innovator in the beverage industry, owns a growing portfolio of alcoholic and non-alcoholic beverage brands including Copa di Vino wine by the glass, SALT flavored tequilas, Pulpoloco sangria, and TapouT performance hydration and recovery drink. Splash’s strategy is to rapidly develop early stage brands already in its portfolio as well as acquire and then accelerate brands that have high visibility or are innovators in their categories. Led by a management team that has built and managed some of the top brands in the beverage industry and led sales from product launch into the billions, Splash is rapidly expanding its brand portfolio and global distribution.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation, the risks disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on March 8, 2021, and in the Company’s other filings with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

Contact:
Splash Beverage Group
Info@SplashBeverageGroup.com
954-745-5815

Investor Information:
TraDigital IR
John McNamara
Email: john@tradigitalir.com
Phone: (917) 658-2602

FAQ

What was the public offering price for Splash Beverage Group's stock?

The public offering price for Splash Beverage Group's stock was $4.00 per share.

How much did Splash Beverage Group raise from its recent stock offering?

Splash Beverage Group raised approximately $9.2 million from its recent stock offering.

What does the successful completion of the offering mean for SBEV shareholders?

The successful completion of the offering could lead to dilution of existing shareholder equity but also provides capital for growth.

When was the final prospectus for the stock offering filed?

The final prospectus for the stock offering was filed on February 16, 2022.