Reed’s Refinances, Offers New Notes, and Revamps Leadership

The latest announcement is out from Reed’s (REED).

Reed’s, Inc. successfully amended their financing strategy by entering into an Exercise and Amendment Agreement, allowing the holders of its 10% Secured Convertible Notes to purchase additional notes valued at approximately $6.5 million. These notes carry an 11.13% annual interest rate, mature by December 15, 2024, and feature a unique provision that ensures a minimum return for investors. Additionally, the company experienced a change in its leadership as Jerry Lewin stepped down from the board of directors.

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