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Fresh Vine Wine, Inc. Signs Definitive Agreement To Acquire Notes Live, Inc. In All-Stock Transaction; Fresh Vine To Issue Shares To Notes Live Shareholders, Notes Live Is Being Value At $350M Plus Amount Of Gross Proceeds Raised By Notes Live In Current Equity Offering

Author: Benzinga Newsdesk | January 29, 2024 09:08am

The Transaction will be an all-stock transaction. Specifically, at the closing of the Transaction, Fresh Vine will issue shares of its common stock to Notes Live shareholders pursuant to a formula intended to allocate existing Fresh Vine stockholders and Notes Live shareholders a percentage of the combined company. The respective percentages will be based on agreed upon relative valuations in which Notes Live is being valued at $350 million, plus the amount of gross proceeds raised by Notes Live in its current equity offering of up to $50 million, and Fresh Vine is being valued at $18.0 million. The percentage of the combined company that Fresh Vine stockholders will own upon the closing of the merger is subject to adjustment based on the amount of Fresh Vine's net cash at the time of closing.


 

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