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Weed Drinks Maker Jones Soda Closes Second Tranche Of Private Placement Offering, One More To Go Ahead Of Q2 Earnings Report

Benzinga ·  Aug 2 00:40

Jones Soda Co. (CSE:JSDA) (OTCQB:JSDA) has closed the second tranche of its previously announced private placement offering of its units for aggregate gross proceeds of $640,000.

What Happened

The offering is composed of one common share in the company's capital and one‐half of one detachable share purchase warrant.

The Seattle-based company closed the first tranche of a previously announced private placement offering of its units for aggregate gross proceeds of $3,013,960 on Monday.

The weed-infused drinks innovator first announced a private placement of up to 7.5 million units for 40 cents per unit, for total gross proceeds of $3 million earlier in July, only to increase the size of its private placement shortly after. According to a July 11 press release, Jones Soda said it will issue up to 10 million units of the company for $0.40 per unit, for aggregate gross proceeds of $4 million.

Following the upsizing of the offering, Jones Soda announced that it intends to issue up to a maximum of 12. 5 million of its units for $0.40 per unit, for aggregate gross proceeds of up to $5 million, according to a subsequent press release.

Read Also: Cannabis-Infused Innovator Jones Soda Co. Partners With Street League Skateboarding In Multi-Year Deal

Why It Matters

Jones Soda plans to use the funds to support growth and for general corporate purposes.

What's Next

The Company expects to close a third tranche of the offering on or about August 8, 2024.

In addition, the company is slated to hold a conference call on Tuesday, August 13, 2024, at 4:30 pm Eastern Time to discuss its financial results for the second quarter that ended June 30, 2024.

  • Jones Soda's Marijuana Drinks Bring In 200% Higher Q1 Revenue, Co. Eyes Expansion And Praises New Hemp Delta-9 Products

JSDA Price Action

Jones Soda's shares traded 6.25% lower at 45 cents per share after the market close on Wednesday afternoon.

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