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The Vita Coco Company Issues Statement Regarding NINGI Research Report
Reaffirms Fiscal Year 2025 Outlook and Long-Term Growth Algorithm NEW YORK, March 26, 2025 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ: COCO)
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"Reaffirms Fiscal Year 2025 Outlook and Long-Term Growth Algorithm\nNEW YORK, March 26, 2025 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ: COCO) (“Vita Coco” or the “Company”), a leading high-growth platform of better-for-you beverage brands, today provided the following response to the recent short seller report issued by NINGI Research, who subsequently disclosed a short position in The Vita Coco Company stock. After reviewing the claims outlined in NINGI Research’s report, the Company has found that the report contains numerous inaccuracies and mischaracterizations. Contrary to this report, the Company has consistently and transparently addressed the matters discussed in the report through appropriate public disclosures. The Company stated on the Fourth Quarter and Fiscal-Year 2024 Earnings Call held on Wednesday, February 26, 2025: “As we've previously highlighted, last year, we experienced significant inventory constraints which led to unacceptable private label service levels that were below our standards. As a result of these challenges, we currently expect to lose some regions with certain private label retailers during 2025. Assuming this occurs, this will initially appear on our second quarter shipments with deeper impact in subsequent quarters. These assumptions are built into our current forecast for full year net sales.” There have been no material changes since this statement was made. The Vita Coco Company is confident in its governance, financial reporting and business practices, and reaffirms the disclosures and guidance that it provided during it most recent earnings release. ABOUT THE VITA COCO COMPANY The Vita Coco Company is a family of brands on a mission to reimagine what’s possible when brands deliver healthy, nutritious, and great tasting products that are better for consumers and better for the world. This includes its flagship coconut water brand Vita Coco, sustainably packaged water Ever & Ever, and protein-infused water PWR LIFT. The Company was co-founded in 2004 by Michael Kirban and Ira Liran and is a public benefit corporation and Certified B Corporation. Vita Coco, the principal brand within the Company’s portfolio, is the leading coconut water brand in the U.S. With electrolytes, nutrients, and vitamins, coconut water has become a top beverage choice among consumers after a workout, i...