New Age Beverages Corp. (Denver, Colo.) raised gross proceeds of approximately $17,250,000 in a public offering that also marked the company’s transition from trading in the OTC market to Nasdaq.
Net proceeds will be used to fund business operations, for working capital, and to repay promissory notes. During the nine- month period ended September 30, 2016, New Age Beverages generated revenue of $14,757,552, primarily attributed to its acquisition of the Xing brands and expanded distribution of Búcha Live Kombucha. Búcha Inc. merged with New Age Beverages/XingTea Group in May 2016 in a deal worth approximately $20 million. New Age Beverages also markets Aspen Pure Rocky Mountain Water, Marley One Drop Coffee, and Marley Mellow Mood Relaxation Drinks.