Shares of Splash Beverage (NYSE: SBEV) tanked in pre-market trading on Friday after the portfolio company of beverage brands announced a public offering of 2 million shares worth $1.55 per share, for gross proceeds of approximately $3.1 million.
The company intends to use the proceeds from the offering to support additional distribution activities and retail authorizations gained recently. The proposed offering is expected to close on or about September 27.
