Splash Beverage Group Announces Its Initial Closing on the First Tranche of Private Placement

Rhea-AI Summary

Splash Beverage Group (NYSE American: SBEV) has announced the initial closing of its first tranche of a private placement for operating capital. The company has secured over $4 million in the first tranche, with approximately half already received and the remainder expected in the coming days. Documents for a second tranche of $4 million have been distributed, with about $3 million already executed. Notably, the company has retired a $2.4 million financing from last year, which is expected to alleviate downward pressure on the stock. Splash Beverage Group will host a conference call on August 22, 2024, at 4:00 pm ET to discuss these developments and answer questions from interested parties.

Positive

• Secured over $4 million in the first tranche of private placement
• Second tranche of $4 million in progress with $3 million already executed
• Retired $2.4 million financing from previous year, potentially reducing stock pressure

Negative

• None.

FORT LAUDERDALE, FL / ACCESSWIRE / August 22, 2024 / Splash Beverage Group, Inc. (NYSE American:SBEV) ("Splash" or the "Company"), a portfolio company of leading beverage brands, announced that it has begun closing on a private placement for operating capital.

Previously announced in the company's corporate update on May 15^th, 2024, the Company was entering into a financing agreement with a wealth management firm in upstate NY. That agreement was finalized and the capital raise is in process. The first tranche has been finalized and the company is in the process of onboarding cash, a Form 8K to follow later today or tomorrow.

The first tranche is just over $4M and approximately half the cash has been received. The balance is expected in the next couple of days.

Documents for the second tranche of $4M have been distributed and approximately $3m have been executed. With these commitments in hand, the Company expects to complete the second tranche in short order.

Additionally, the $2.4M financing from last year has been retired and will no longer apply any downward pressure on the stock. The Company believes this is an extremely important point and will answer questions on the conference call later today.

Today's Conference Call Details:

Date: Thursday, August 22, 2024

Time: 4:00 pm. ET

Call: 888-506-0062 (US Toll Free) or 973-528-0011 (International)

Participant Access Code: 648719

Webcast: A live webcast will be available and can be accessed from the Investors section of the Company's website or by clicking here

All interested parties are invited to participate. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.

For those unable to join the live webcast, a replay will be available until Friday, August 22, 2025, at 1-877-481-4010 (US) or 1-919-882-2331, replay pin number 51153. Additionally, to access the archived webcast, please visit the Investors section of the Company's website or click here

Follow Splash Beverage Group on Twitter: www.twitter.com/SplashBev

About Splash Beverage Group, Inc.

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 hydration and recovery drinks. 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.

For more information visit:

www.SplashBeverageGroup.com
www.copadivino.com
www.drinksalttequila.com
www.pulpo-loco.com

Forward-Looking Statement

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 8, 2021, 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 Information:

Splash Beverage Group
Info@SplashBeverageGroup.com
954-745-5815

Contact Information

Splash Beverage Group
Splash Beverage Group
info@splashbeveragegroup.com
941-554-8381

SOURCE: Splash Beverage Group

View the original press release on accesswire.com

FAQ

How much capital did Splash Beverage Group (SBEV) raise in its first tranche of private placement?

Splash Beverage Group (SBEV) raised just over $4 million in its first tranche of private placement, with approximately half of the cash already received and the balance expected in the next couple of days.

What is the status of Splash Beverage Group's (SBEV) second tranche of private placement?

Documents for the second tranche of $4 million have been distributed, and approximately $3 million have been executed. The company expects to complete the second tranche shortly.

Has Splash Beverage Group (SBEV) retired any previous financing?

Yes, Splash Beverage Group (SBEV) has retired a $2.4 million financing from the previous year, which is expected to no longer apply downward pressure on the stock.

When is Splash Beverage Group (SBEV) hosting a conference call to discuss the private placement?

Splash Beverage Group (SBEV) is hosting a conference call on Thursday, August 22, 2024, at 4:00 pm ET to discuss the private placement and answer questions.