NORWALK, Conn., Nov. 24, 2020 (GLOBE NEWSWIRE) -- Reed’s Inc. (Nasdaq: REED), owner of the nation’s leading portfolio of handcrafted, all-natural beverages, today announced it has closed its previously announced underwritten public offering of 18,750,000 shares and the full exercise of the underwriters’ option to purchase an additional 2,812,500 shares. In total, the Company issued 21,562,500 of its common stock at a price of $0.56 per share for gross proceeds of approximately $12.1 million. Included within the total offering amount, members of Reed’s Board of Directors and senior management invested in the aggregate of approximately $625,000.

“The success of this offering and insider participation is a testament to our collective confidence in our long-term growth potential. We are driving accelerated growth, driven by strong execution and innovation in a vibrant growth category,” stated Norman E. Snyder, Chief Executive Officer of Reed’s, Inc. “The proceeds of this offering will fortify our balance sheet, providing the resources and flexibility needed to position Reed’s to capitalize on its future opportunities and based on our current trajectory and market assumptions will provide the appropriate resources to reach profitability.”

Roth Capital Partners acted as sole book-running manager for the offering. National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NASDAQ:NHLD) is acting as co-manager.