Fresh Vine Wine Inc - VINE STOCK NEWS

Fresh Vine Wine Inc. (NYSE American: VINE) announced the grant of equity inducement awards to newly appointed CEO Roger Cockroft, effective April 25, 2023. The inducement package includes a restricted stock grant of 463,917 shares, with vesting scheduled over 12 months, and a stock option to purchase 1 million shares at $1.00 per share, vesting over a period of three years. Additionally, Mr. Cockroft received restricted stock units (RSUs) with a target payout of $154,726, contingent on meeting performance objectives yet to be set. These awards were granted outside the company’s 2021 Equity Incentive Plan under the employment inducement exemption. Fresh Vine Wine continues to focus on producing lower carb, lower calorie premium wines, retailing between $14.99 and $24.99 per bottle, with a product lineup from Napa, California.

Fresh Vine Wine, Inc. (NYSE American: VINE) announced the appointment of Roger Cockroft as its new Chief Executive Officer, effective April 25, 2023. Cockroft brings extensive experience in business transformation and financial management, having previously tripled revenue at MDC Vacuum Products and founded multiple successful startups. His leadership is expected to foster growth and enhance operational efficiencies at Fresh Vine Wine, a producer of premium wines characterized by lower carb and calorie content.

The company sees significant potential for expansion in the Better-for-You wine category, supported by celebrity endorsements and an established retail presence. Current interim CEO Rick Nechio will return to focus on sales development after Cockroft's appointment. The leadership transition aims to unlock Fresh Vine Wine’s potential and enhance shareholder value amidst a growing market.

Fresh Vine Wine, Inc. (NYSE American: VINE) announced a remarkable 58% increase in distributor depletions for Q1 2023 compared to the previous year, indicating strong consumer demand. In total, 2,037 new Points-of-Distribution were added, expanding the company's retail presence by almost 33%. Retail sales showed a dramatic uptick, with a 4-fold growth in bottles scanned at retail outlets. Fresh Vine's strategy, focusing on expanding retail partnerships, resulted in new agreements with grocery chains in California, Texas, and New England, contributing to nearly 500 additional store locations. The company anticipates continued revenue growth as inventory replenishments occur.

Fresh Vine Wine, Inc. (NYSE American: VINE) reported a remarkable 68% revenue growth for fiscal year 2022, reaching $2.86 million compared to $1.70 million in 2021. The company aims to become one of the top 5% U.S. wineries within two years, having already entered the top 20% by case volume. A strategic overhaul reduced operating expenses by 50% and increased retail presence significantly, expanding from 468 to 3,073 stores. The average retail price is positioned at $17, $5 above competitors. Despite increased operational costs, the company maintains a cash balance of $2.1 million with no material debt.

Fresh Vine Wine, Inc. (NYSE American: VINE) has successfully completed its rights offering, raising approximately $3.14 million. The offering resulted in the issuance of 3,143,969 shares of common stock and corresponding warrants. Shareholders received 0.5 non-transferable subscription rights for each share they held as of February 22, 2023, enabling them to purchase units at $1.00 each, consisting of one share and one warrant. If exercised, the warrants could generate an additional $3.93 million. The rights offering was conducted under a registration statement effective since February 14, 2023, and was managed by Oak Ridge Financial Services Group.

Fresh Vine Wine, Inc. (NYSE American: VINE) announced the preliminary results of its rights offering, which closed on March 9, 2023. The offering generated approximately $3.14 million in subscriptions and is expected to yield additional proceeds of up to $3.93 million from warrant exercises. Each shareholder received 0.5 non-transferable subscription rights, enabling them to purchase units at $1.00, which include one share and a warrant priced at $1.25 per share. The closing is anticipated around March 14, 2023. The offering was managed by The Oak Ridge Financial Services Group, and details are filed with the SEC.

Fresh Vine Wine (NYSE American: VINE) announced a significant expansion, adding over 1,197 new distribution points in 2023, marking a 19% increase to 7,446 total locations. The company's premium wines are now available at prominent retailers like Amazon and Whole Foods. Winemaker Jamey Whetstone emphasized the rising consumer demand in the 'Better For You' category, stating that the increased availability reflects the brand's growing market traction. Furthermore, Fresh Vine Wine has received multiple accolades, including 92-point ratings from renowned critics. CFO Jim Spellmire expressed confidence in the company's growth strategy and ongoing positive momentum.

Fresh Vine Wine (NYSE American: VINE) has announced the commencement of its rights offering subscription period, set to end at 5:00 PM ET on March 9, 2023. This non-transferable offering requires record holders to submit a completed subscription rights certificate along with payment. The Oak Ridge Financial Services Group, Inc. serves as dealer-manager for this offering. Fresh Vine Wine's registration statement was declared effective by the SEC on February 14, 2023, with prospectus details available on the SEC's website. This rights offering aims to enhance the company's capital structure as it positions itself within the competitive wine market.