Splash Beverage Group Secures $10 Million Operating Capital Credit Facility, Raises Additional $2.7 Million With Legacy Investors and Retires S-3 Public Shelf Offering
August 14 2023 - 9:50AM
via NewMediaWire - Splash Beverage Group, Inc. (NYSE American:
SBEV) (“Splash” or the “Company”), a portfolio company of leading
beverage brands, today announced it has established a $10 million
operating capital credit facility with a European and Singapore
based private funding group. The company will use this credit
facility along with additional funds raised for operating capital
and will withdraw its existing $200 million S-3 Registration
Statement.
The Registration Statement, initially filed with the Securities
and Exchange Commission (SEC) on September 28, 2021, was intended
to provide Splash Beverage Group with the flexibility to sell up to
$200 million common stock, preferred stock, warrants or units for
potential future business opportunities, strategic initiatives, and
general corporate purposes. Following the establishment of
the new credit facility and funds raised internally and a
comprehensive review of the company's financial position, the
Company has determined that the S-3 public shelf offering is no
longer necessary.
The new credit facility will immediately provide $10 million in
operating capital and matures in 5 years. The credit facility
provides favorable financing at the current Euribor rate plus 1.5%
and includes customary covenants for an agreement of this
nature.
“We are very pleased to enter into this agreement and onboard
capital from our existing investors. This $12.7 Million in
total ensures the Company is well funded and will be used to fuel
growth as we focus on reaching profitability,” said Robert Nistico,
Chief Executive Officer of Splash Beverage Group. “The
flexibility and availability of this capital allows us to retire
our existing public shelf offering, which underscores our
commitment to prudent capital allocation and responsible financial
management. We remain committed to delivering value to our
shareholders and are focused on executing our strategic plans to
drive sustainable long-term growth."
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 wines by the
glass, SALT flavored tequilas, Pulpoloco sangrías, and TapouT
performance 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.comwww.copadivino.comwww.drinksalttequila.comwww.pulpo-loco.comwww.tapoutdrinks.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
GroupInfo@SplashBeverageGroup.com954-745-5815
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