Shares of low-carb wine maker Fresh Vine Wine (NYSE:VINE) are on the rise today after its Board began looking at strategic opportunities to boost value for its shareholders. This includes a merger, acquisition, or any other strategic transaction.
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The company has enlisted Oak Ridge Financial to source and vet opportunities but has not set a timetable to conclude the process. Currently, the company is debt-free and has seen sales rise from $217,070 in 2020 to $2.86 million in 2022. Nevertheless, its losses have ballooned from $1.29 million in 2020 to $15.20 million in 2022.
Meanwhile, VINE shares have plummeted nearly 85% over the past year, as short interest in the stock continues to remain elevated at about 9.1%.
Additionally, last month, VINE was notified by the NYSE that it was in non-compliance with the exchange’s requirements related to the composition of its audit committee. Subsequently, the company brought in a new audit committee member and regained compliance.
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