Long Island Iced Tea rose in Friday’s afternoon trade after the producer and distributor of non-alcoholic ready-to-drink iced tea announced in SEC filings mixed and common shelf offerings.
An offering of 4,349,121 shares of common stock has been commenced by selling stockholders. The company will not receive any proceeds from the sale or other disposition of the shares by the selling stockholders. To the extent the warrants described above are exercised for cash, however, the company will receive up to an aggregate of $2,645,159 in gross proceeds.
It expects to use proceeds received from the exercise of the warrants, if any, for general corporate purposes, including working capital, sales and marketing activities, product development, general and administrative matters, capital expenditures and acquisitions.
The company also unveiled a mixed offering of shares of common stock, shares of preferred stock, warrants, debt securities and/or units comprised of one or more of the foregoing classes of securities, at an aggregate initial offering price not to exceed $50 million.
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