Splash Beverage Group Announces Pricing of $3.1 Million Underwritten Public Offering

Rhea-AI Summary

Splash Beverage Group (SBEV) announced an underwritten public offering of 2,000,000 shares of common stock priced at $1.55 per share, aiming for gross proceeds of approximately $3.1 million. The offering includes a 45-day option for underwriters to purchase an additional 300,000 shares. The proceeds will support distribution and retail expansions. The closing is anticipated on or about September 27, 2022, pending customary conditions. The offering is made via a shelf registration statement declared effective on October 8, 2021.

Positive

• Proceeds of approximately $3.1 million to support distribution and retail authorizations.
• Potential for additional $465,000 from underwriters' option on over-allotments.

Negative

• Issuing new shares may dilute existing shareholder value.

Fort Lauderdale, FL, Sept. 23, 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 pricing of its underwritten public offering of 2,000,000 shares of common stock (the "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. In addition, 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.

The offering is expected to close on or about September 27, 2022, subject to satisfaction of customary closing conditions.

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

The proposed offering of the Common Stock described above is being offered 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 Company intends to use the proceeds from the offering to support additional distribution and retail authorizations gained recently.

The offering is being made only by means of a prospectus supplement and accompanying prospectus. A prospectus supplement describing the terms of the public offering will be filed with the SEC and will form a part of the effective registration statement.

Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, 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 31, 2022, 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

FAQ

What is the purpose of the recent SBEV stock offering?

The recent SBEV stock offering aims to raise approximately $3.1 million to support additional distribution and retail authorizations.

When is the expected closing date for the SBEV offering?

The expected closing date for the SBEV offering is on or about September 27, 2022.

How many shares are being offered in the SBEV public offering?

SBEV is offering 2,000,000 shares of common stock in its public offering.

What are the financial implications of the SBEV stock offering for shareholders?

The stock offering may dilute existing shareholders' value due to the increase in total shares outstanding.