Reed's, which sells branded ginger-based soft drinks, raised $10 million by offering 2.5 million shares at $4.00, below the last close on the OTC of $6.35. Each share sold was offered alongside one warrant, exercisable at $4.50. The company offered 0.9 million more shares than anticipated.
At pricing, the company commands a market cap of $46 million. The company had previously been listed on the OTC. Prior to that, Reed's was trading on the Nasdaq, but was delisted in February 2023 for failing to meet the minimum bid price and minimum stockholders' equity rules.
Reed’s is a branded beverage company offering a portfolio of 50 natural, premium and functional beverages under the Reed’s and Virgil’s brands. It sells products in over 32,000 outlets across the US and in Canada, the United Kingdom, South Africa, the Caribbean, the European Union, and the APAC region, supported by a network of seven independent co-packers and five distribution centers, and securing roughly 9,000 points of distribution. It competes in the $45 billion US carbonated soft drink market with offerings that include full-sugar and zero-sugar organic ginger ales, RTD alcoholic mules containing 7% ABV, hard ginger ales with 5% ABV, and a multi-functional soda line featuring organic ingredients.
Because its market cap is less than $50 million at offering, Reed’s will be excluded from RC’s 2025 IPO stats.
Reed's plans to list on the NYSE American under the symbol REED. A.G.P. acted as sole bookrunner on the deal.
