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FORT LAUDERDALE, FL - (NewMediaWire) - May 8, 2024 - Splash Beverage Group, Inc. (NYSE American: SBEV) ("Splash" or the "Company"), a portfolio company of leading beverage brands, today is pleased to announce it closed on the second tranche of funding from its convertible promissory note announced last October. The aggregate gross proceeds from the second tranche are approximately $1.85 million prior to deducting underwriting discounts, commissions, and other offering expenses.
Robert Nistico, Splash Beverage Group's Chairman and CEO, commented, "This interim capital raise helps us rebuild and increase our inventory levels allowing us to service our valued customers and support significant gains in distribution and chain retail authorizations for all our brands. We have announced numerous distribution and retail chain agreements recently, with more to come and it is critical to have sufficient inventory to support this expansion. Our view was the importance of timeliness combined with our experience and familiarity with this institution made this the right financing for this moment in time. With the CASH warrants priced at more than double, nearly triple the current share price it's a clear indication that this institution sees SBEV as undervalued."
Nistico added, "We have a great many projects and initiatives on the table, and they are all interconnected and aligned with our stated growth strategy. We have been reluctant to share too many details as it's difficult to discuss one without inappropriately disclosing another. We will, in the near term, be able to provide insights into the exciting year ahead. With the 10Q due on the 14th, the timing will be good to provide a full shareholder update and conference call regarding acquisitions, financing, brand plans, the exciting additions to our Board and Leadership team as well as a host of other topics. We look forward to sharing all that we have been working on with you."
For more information about Splash Beverage Group, Inc. and its portfolio of premium beverage brands, please visit www.splashbeveragegroup.com.
For more information about Splash and its premium beverage offerings, please visit: www.SplashBeverageGroup.com
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 sangras, and 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.