Why Splash Beverage Group Shares Are Nosediving

Splash Beverage Group Inc SBEV shares are trading lower by 30.67% to $1.34 Friday morning after the company announced the pricing of a $3.1 million public offering of 2 million shares of common stock at $1.55 per share.

What Else?

Splash Beverage Group says the company intends to use the proceeds from the offering to support additional distribution and retail authorizations gained recently.

The offering is expected to close on or about September 27th, subject to satisfaction of customary closing conditions.

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According to data from Benzinga Pro, Splash Beverage Group has a 52-week high of $5.60 and a 52-week low of $0.99.