Reed's, Inc. (NASDAQ: REED) recently that it is offering in a registered direct offering up to $718,540 through the sale of Units at a price of $1.80 per Unit. Reed's expects to issue up to 189 Units, consisting of 399,189 shares of Common stock, 159,676 Series A Warrants, 83,444 Series B Warrants and 33,378 Series C Warrants.
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The Series B Warrants are exercisable at any time after the closing, at an exercise price of $1.80 per share, and will expire 60 trading days after the closing. The Series A Warrants and Series C Warrants are exercisable at $2.25 per share, commencing 180 days from closing for a term of five years. If the entire offering is placed, the expected gross proceeds at Closing will be $718,540 and the total aggregate proceeds if all Warrants are exercised will be $1,303,110. The expected net proceeds after fees and expenses are estimated to be $621,057. All of the securities will be offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used for general corporate purposes. A shelf registration statement relating to the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) has been filed with the Securities and Exchange Commission (the "SEC") and has been declared effective.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our shares of common stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful. REEDS, Inc. is making extraordinary beverages and confections using very old-fashioned, natural methods and wholesome, fresh ingredients. We are a growing family of passionate entrepreneurs who have developed food and drink, which in our opinion exceed any products within their categories in taste, quality and imagination, as we are certain you noticed by now! Long before modern soft drinks existed, people brewed their own beverages. In the
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