Splash Beverage Group has taken decisive action to stabilize its market position by executing a 40-to-1 reverse stock split after its share price dropped below NYSE minimum requirements. The company expects to resume trading at approximately $2.80 per share following the split.
The strategic move accompanies significant leadership changes, including the appointment of William (Bill) Devereux as Chief Financial Officer and Tom Fore as a new board director. Devereux brings over 20 years of experience in corporate finance and investment management, expressing enthusiasm about supporting the company’s transformation.
Fore, a Boston-based entrepreneur with extensive experience in structured finance, adds strategic expertise in mergers, acquisitions, and corporate restructuring. His background includes managing complex financial projects and serving on multiple corporate boards.
The company has engaged an advisory group to explore funding opportunities and address liquidity challenges. Management remains committed to its original vision of driving long-term value creation through strategic acquisitions and brand development.
Despite current financial constraints, Splash Beverage Group believes its e-commerce and branded beverage divisions remain poised for rapid growth. The company highlights recent achievements, such as Qplash achieving key revenue milestones and preparing to launch Chispo Tequila, which has received positive initial market feedback.
While the reverse stock split was not initially planned, the company believes it will benefit the organization by reducing outstanding shares, limiting float, and potentially stabilizing share price. Splash Beverage Group remains focused on executing its strategic vision and expanding its portfolio of alcoholic and non-alcoholic beverage brands.
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