NewAge Announces $58 Million Private Placement

Julie Garlikov

NewAge, Inc. announced it has entered into an agreement with investors to purchase 14.6 million shares of common stock in a private placement priced at-the-market under Nasdaq rules. The purchase price for the shares of common stock is $3.96.

Gross proceeds from this private placement are expected to be $58 million before fees and offering expenses. Investors will receive warrants to purchase up to 7.3 million additional shares at $5 per share, a 28% premium to the most recent closing price, as part of the private placement.

The private placement is expected to close on February 18, 2021.