Fun Wine® Issues $6,000,000 in 8% Notes Convertible at a $90,000,000 Valuation
Company Plans Public Offering in 1st Quarter 2022
11 Nov, 2021, 09:13 ET
MIAMI, Nov. 11, 2021 /PRNewswire/ -- The Fun Wine Company, Inc., an industry leader in the innovation of 'better-for-you' low alcohol wine drinks, and creator of the FUN WINE® Hard Bubbly and Café Graffiti Collections announced today that the Company closed a financing of $6,000,000 in 8%, 2-year notes convertible at a valuation of $90,000,000. Participants in the financing included lead investor Avon Road Partners of New Hope, PA, Cedarview Capital Management of New York City, Ross Family Trust of Boca Raton, FL, and a private New York investor.
FUN WINE Founder & CEO Joe Peleg commented, "We have invested over $15 million in the business to get to this point in our company's growth, and are elated that new investors continue to find FUN WINE as exciting an investment opportunity as we do." The Company intends to raise additional capital in a Regulation A+ public offering, subject to SEC Qualification, commencing in the first quarter of 2022 and has retained Manhattan Street Capital with its leading online fundraising platform to assist in conducting the Regulation A+. This regulation allows mid staged companies to raise up to $75 million over 12 months from Main Street investors.
About FUN WINE®
Headquartered in Miami, The Fun Wine Company has received multiple awards for innovation, novel flavors, design, and packaging. The Company currently markets a new category of low-alcohol, low-calorie, all-natural, sparkling drinks produced by the largest wine group in Europe. With 5.5% ABV and all-natural monk fruit juice as a substitute for sugar, FUN WINE has only 59 calories in a 5 oz. glass of wine. Monk fruit was historically grown in China by monks, has no calories or carbs, and has hundreds of times the sweetness of sugar. It is also a wonderful flavor enhancer.
FUN WINE is built on four pillars: Flavor, Innovation, Price, and Art. Focused on eliminating the pretense often associated with traditional wine, FUN WINE makes wine fun for every drinking age while keeping prices affordable for mass appeal. It is available in a portfolio of delicious, all-natural, sparkling flavors, including Strawberry Rose Moscato, Peach Passion Moscato, Coconut Pineapple Chardonnay, Cappuccino Chardonnay, Espresso Cabernet, and Sangria. All flavors come packaged in pop graffiti 750 ml glass bottles and 330 ml aluminum bottles designed by Latin Grammy Artist Miguel Paredes. All FUN WINE bottles are recyclable.
Distribution of FUN WINE products in the US is led by Republic National Distributing Company (RNDC), a world-class distributor of fine wines, spirits, and CBD in North America. RNDC is the second largest US distributor of wine and spirits, with operations in the District of Columbia and 37 states across the country. FUN WINE is sold at chain retail, supermarkets, pharmacy, and c-stores and should be available on-premise next year, including restaurants and fast food chains. Off-premise customers include Stew Leonard's, Walmart, Kroger, H-E-B, Wegmans Food Markets, Total Wine & More, Whole Foods, Rite Aid, King Kullen, Kinney Drugs, Tops, Sav-A-Lot, Shoprite, Circle K, 7-Eleven, Jewel Osco, Crown Liquors, and more. FUN WINE products are sold at affordable prices and have consistently experienced higher velocity rates than long-established wine products. In anticipation of supply chain bottlenecks, the Company has been accumulating inventory since the beginning of the year and has sufficient stock on hand to fulfill retail orders for the next six months. FUN WINE also has a presence in Asia, Europe, and Latin America, and the Company has significant expansion plans overseas, including for local production in strategic markets. FUN WINE® and FUN® are registered US trademarks of FUN WINE (USA) LLC. www.funwine.com @Funwineofficial
Forward-Looking Statements and Legal Disclaimer: This press release contains information about the Company's view of its future expectations and plans regarding its distribution and financing activities which constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The Company may, in the future, undertake a public offering pursuant to Regulation A+ under the Securities Act. No money or other consideration is being solicited at this time with respect to such offering, and if sent in response to these materials for such offering, it will not be accepted. No offer to buy securities can be accepted and no part of the purchase price can be received for an offering under Regulation A+ until an offering statement is qualified by the Securities and Exchange Commission, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. An indication of interest made by a prospective investor in a Regulation A+ offering is non-binding and involves no obligation or commitment of any kind.
For further information contact:
Gina Giacomantonio, GINA G PR
SOURCE The Fun Wine Company, Inc.
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