Fresh Vine Wine, Inc. (NYSE:VINE) (“Fresh Vine Wine” or the “Company”), a premier producer of lower carb, lower calorie premium wines in the United States, today announced the preliminary results of its rights offering which expired at 5:00 P.M. Eastern Time on March 9, 2023. The Company estimates that the rights offering will result in total subscriptions of approximately $3.14 million and Fresh Vine Wine expects to receive from the rights offering aggregate gross cash proceeds of approximately such amount (excluding additional proceeds of up to approximately $3.93 million from the exercise of warrants issued in the rights offering, if any such exercises occur). The results of the rights offering are preliminary and subject to change pending finalization and verification by Fresh Vine Wine and its subscription agent, Broadridge Corporate Issuer Solutions, LLC.
Fresh Vine Wine distributed 0.5 non-transferable subscription rights for each one share of common stock held on the record date for the rights offering. Each whole subscription right entitled the holder to purchase one unit, at a subscription price of $1.00 per unit, consisting of one share of the Company’s common stock and a warrant to purchase one share of Fresh Vine Wine’s common stock with an exercise price of $1.25 per share.
Fresh Vine Wine anticipates that closing of the rights offering will occur on or about March 14, 2023, subject to satisfaction or waiver of all conditions to closing. Upon the closing, the subscription agent will distribute, by way of direct registration in book-entry form or through the facilities of DTC, as applicable, shares of the Company’s common stock and warrants to holders of rights who have validly exercised their rights and paid the subscription price in full. No physical stock or warrant certificates will be issued to such holders.
The Oak Ridge Financial Services Group, Inc. acted as dealer-manager for the rights offering. Questions about the rights offering or requests for copies of the final prospectus and prospectus supplement may be directed to The Oak Ridge Financial Services Group, Inc., Toll-Free at (800) 231-8364, or by email at info@oakridgefinancial.com.