Business
LQR House Announces Full Exercise and Closing of Underwriters' Over-Allotment Option
MIAMI, FL / ACCESSWIRE / December 28, 2023 / MIAMI BEACH, FL / ACCESSWIRE / December 28, 2023 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a
About this update from Lqr House Inc.
[{"type":"text","content":"MIAMI, FL / ACCESSWIRE / December 28, 2023 / MIAMI BEACH, FL / ACCESSWIRE / December 28, 2023 / LQR House Inc. (the \"Company\" or \"LQR House\") (NASDAQ:LQR), a niche ecommerce platform specializing in the spirits and beverage industry, today announced that, in connection with its previously announced public offering, the underwriters have exercised in full their over-allotment option to purchase an additional 392,857 shares (the \"Option Shares\") of LQR House's common stock at $4.20 per share, less underwriting discounts and commissions. The delivery of and payment for the Option Shares took place on December 27, 2023, with gross proceeds from the sale of the Option Shares equaling $1,650,000.We believe that the net proceeds from the full exercise of the over-allotment is set to strengthen LQR House's standing, leaving us in a favorable cash position that we believe will sustain a runway of over 12 months and allow us to become profitable.Sean Dollinger, the CEO of LQR House, highlights the positive impact from the complete exercise of the over-allotment option and the elimination of all outstanding warrants. He underscores, \"At present, our central objective is to minimize dilution and protect the interests of our shareholders. Our dedication to prioritizing shareholder input remains steadfast, leading us to postpone any upcoming offerings. With substantial cash reserves, we believe that LQR House is well-equipped to maintain operations for a minimum of 12 months\".EF Hutton, division of Benchmark Investments, LLC acted as sole book-running manager for the offering.The offering was conducted pursuant to the Company's registration statement on Form S-1, as amended (File No. 333-275363), previously filed with the Securities and Exchange Commission (\"SEC\") that was declared effective by the SEC on November 9, 2023. A final prospectus relating to the offering was filed with the SEC on November 13, 2023 and is available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus relating to this offering may be obtained from EF Hutton, division of Benchmark Investments, LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at [email protected] or via telephone at (212) 404-7002.This press release shall not constitute an offer to sell or the solicitat...