By Sheri Kasprzak
New York, June 19 - Reed's, Inc. concluded a second and final tranche of its previously announced private placement for $4.3 million, bringing to $8.971 million the proceeds raised from the deal.
The company most recently sold 716,667 units at $6.00 each.
The units comprise one share and one warrant. Each warrant is exercisable at $7.50 for five years.
In the first offering, which closed on June 4, the company sold 778,500 units under the same terms.
APS Financial Corp. is the lead agent.
Proceeds will be used for working capital and general corporate purposes.
Los Angeles-based Reed's develops a line of ice creams, candies and non-alcoholic beverages.
| Issuer: | Reed's, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $4.3 million
|
| Units: | 716,667
|
| Price: | $6.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $7.50
|
| Placement agent: | APS Financial Corp. (lead)
|
| Settlement date: | June 19
|
| Stock symbol: | OTCBB: REED
|
| Stock price: | $6.75 at close June 18
|
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