Splash Beverage Stock Plummets After Pricing Equity Offering At Discount

Splash Beverage Group Inc SBEV has priced its public offering of two million shares at an offering price of $4.00 per share.
The offer price represents a 20% discount on the stock’s closing price on February 14.
The company intends to receive gross proceeds of about $8 million, prior to deducting underwriting discounts, commissions, and other offering expenses.
Splash Beverage has granted the underwriters a 45-day option to purchase up to an additional 0.3 million shares of common stock at the public offering price.
The offering is expected to close on or about February 17, 2022, and EF Hutton, a division of Benchmark Investments LLC, is acting as the sole book-running manager for the offering.
Price Action: SBEV shares are trading lower by 18.5% at $4.09 in premarket on the last check Tuesday.