8-K - REED - Equibles

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the

Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported): January 24, 2023

REED’S,

INC.

(Exact name of registrant as specified in its charter)

Delaware	001-32501	35-2177773
(State<br> or other jurisdiction<br><br> <br>of<br> incorporation)	(Commission<br><br> <br>File<br> Number)	(IRS<br> Employer<br><br> <br>Identification<br> No.)

201 Merritt 7, Norwalk, CT

06851

(Address of principal executive offices and zip code)

Not

applicable

(Former name or former address if changed since last report)

Registrant’s telephone number, including area code: (800)

997-3337

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of Each Class	Trading Symbol(s)	Name of Each Exchanged on Which Registered
---	---	---
Common<br> Stock, $.0001 par value per share	REED	The<br> NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3.03 Material Modifications to Rights of Security Holders.

To the extent required by Item 3.03 of Form 8-K, the information regarding the Reverse Stock Split (as defined below) contained in Item 5.03 of this Current Report on Form 8-K is incorporated by reference herein.

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On January 25, 2023, Reed’s, Inc., a Delaware corporation (“Reed’s” or the “company”) announced that its board of directors approved a 1-for-50 reverse stock split (the “Reverse Stock Split”) of the company’s issued and outstanding shares of common stock, par value $0.0001 per share. The Reverse Stock Split will become effective on Nasdaq at 12:01 a.m. Eastern Time on January 27, 2023 (the “Effective Time”), and the company’s common stock will open for trading on the Nasdaq Capital Market on a post-split basis under the company’s existing trading symbol “REED”. At the Effective Time, the company’s common stock will also commence trading under a new CUSIP number, 758338305.

At the Effective Time, every 50 shares of the company’s issued and outstanding common stock will automatically convert into one share of common stock without any change to the par value of $0.0001 per share. The amount of common stock outstanding will be reduced from approximately 126 million shares to approximately 2.5 million shares. Proportional adjustments will be made to the number of shares of common stock issuable upon exercise of Reed’s outstanding stock options and warrants, as well as the applicable exercise price.

At a special meeting of shareholders held on January 24, 2023, the company’s shareholders granted the company’s board of directors the discretion to effect a reverse stock split of the common stock through an amendment (the “Amendment”) to the company’s Certificate of Incorporation, as amended, at a ratio of any ratio not less than 1-for-6 and not more than 1-for-50, at any time on or prior to January 24, 2024, with the exact ratio to be set at a whole number within this range by the board of directors in its sole discretion.

Registered shareholders holding pre-split shares of the company’s common stock are not required to take any action to receive post-split shares. Shareholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to such broker’s particular processes, and will not be required to take any action in connection with the Reverse Stock Split.

No fractional shares will be issued in connection with the Reverse Stock Split. Any fractional shares created as a result of the Reverse Stock Split will be rounded up to the nearest whole share for each stockholder. The Reverse Stock Split impacts all holders of Reed’s common stock proportionally and will not impact any shareholders’ percentage ownership of common stock (except as to rounding up changes).

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item5.07 Submission of Matters to a Vote of Security Holders

Final Voting Results

At the Reed’s, Inc. 2023 Special Meeting of Stockholders on January 24, 2023 (“2023 Special Meeting”), the stockholders of Reed’s, Inc., a Delaware corporation (“Reed’s”) approved an amendment to the company’s Certificate of Incorporation to effect a reverse stock split of the outstanding shares of Reed’s common stock by a ratio of not less than one-for-6 and not more than one-for-50 at any time on or prior to January 24, 2024, with the exact ratio to be set at a whole number within this range by the board of directors in its sole discretion.

Of the 126,039,873 shares of common stock outstanding on the record date of December 15, 2022, a total of 86,736,981 shares were voted in person or by proxy, representing 68.8% of the votes entitled to be cast, constituting a majority and therefore more than a quorum of the outstanding shares entitled to vote.

Votes were cast as follows:

Proposal to approve an amendment to the company’s Certificate of Incorporation to effect a reverse stock split of the outstanding shares of the company’s common stock, par value $0.0001 per share, by a ratio of not less than one-for-six and not more than one-for-50 at any time on or prior to January 24, 2024, with the exact ratio to be set at a whole number within this range by our Board of Directors in its sole discretion.

FOR:	AGAINST:	ABSTAIN:
83,055,575	3,569,557	111,849

Proposal to approve an adjournment of the Special Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of Proposal No. 1.

FOR:	AGAINST:	ABSTAIN:
84,008,712	2,637,461	90,808

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

The following exhibits are being filed herewith:

Exhibit<br><br> <br>No.	Document
3.1	Certificate of Amendment to the Certificate of Incorporation of Reed’s, Inc.
99.1	Press Release of Reed’s, Inc. dated January 25, 2023
104	Cover<br> Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	REEDS,<br> INC.,
	a<br> Delaware corporation
Dated:<br> January 26, 2023	By:	/s/ Thomas J. Spisak
		Thomas<br> J. Spisak,
		Chief<br> Financial Officer

Exhibit3.1

CERTIFICATEOF AMENDMENT OF

CERTIFICATEOF INCORPORATION OF

REED’S,INC.

Reed’s, Inc. (the “Corporation”), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the “DGCL”), hereby adopts this Certificate of Amendment (this “Certificate of Amendment”), which amends its Certificate of Incorporation (the “Certificate of Incorporation”), as described below, and does hereby further certify that:

FIRST: The Board of Directors of the Corporation duly adopted a resolution proposing and declaring advisable the amendment to the Certificate of Incorporation described herein, and the Corporation’s stockholders duly adopted such amendment, all in accordance with the provisions of Section 242 of the DGCL.

SECOND: Article FOURTH of the Certificate of Incorporation is hereby amended by adding the following paragraph to the end of such Article:

“That, effective after filing this Certificate of Amendment of Certificate of Incorporation with the Office of the Secretary of State of the State of Delaware, on January 26, 2023 at 5:00 PM Eastern (the “Effective Time”), a one-for-fifty (1:50) reverse stock split of the Corporation’s Common Stock shall become effective, pursuant to which each fifty (50) shares of Common Stock outstanding and held of record by each stockholder of the Corporation immediately prior to the Effective Time shall be reclassified and combined into one (1) validly issued, fully-paid and nonassessable share of Common Stock automatically and without any action by the holder thereof upon the Effective Time and shall represent one share of Common Stock from and after the Effective Time (such reclassification and combination of shares, the “Reverse Stock Split”). The par value of the Common Stock following the Reverse Stock Split shall remain at $0.0001 per share. No fractional shares of Common Stock shall be issued as a result of the Reverse Stock Split. In lieu thereof, (i) with respect to holders of one or more certificates which formerly represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time, upon surrender after the Effective Time of such certificate or certificates, any holder who would otherwise be entitled to a fractional share of Common Stock as a result of the Reverse Stock Split, following the Effective Time, shall be entitled to receive one (1) additional whole share of Common Stock; provided that, whether or not fractional shares would be issuable as a result of the Reverse Stock Split shall be determined on the basis of (a) the total number of shares of Common Stock that were issued and outstanding immediately prior to the Effective Time and (b) the aggregate number of shares of Common Stock after the Effective Time into which the shares of Common Stock have been reclassified; and (ii) with respect to holders of shares of Common Stock in book-entry form in the records of the Corporation’s transfer agent that were issued and outstanding immediately prior to the Effective Time, any holder who would otherwise be entitled to a fractional share of Common Stock as a result of the Reverse Stock Split, following the Effective Time, shall be entitled to receive one (1) additional share of Common Stock automatically and without any action by the holder.

The total number of shares of capital stock which the Corporation shall have authority to issue is 180,500,000 shares consisting of (a) 180,000,000 shares of Common Stock, $0.0001 par value per share (the “Common Stock”) and (b) 500,000 shares of Preferred Stock, $10.00 par value per share (the “Preferred Stock”). The Preferred Stock may be issued from time to time in one or more series. The Board of Directors of directors is hereby authorized, subject to limitations prescribed by law, to fix by resolution or resolutions the designations, powers, preferences, and rights and the qualifications, limitations, or restrictions thereof, of each such series of Preferred Stock, including without limitation, authority to fix by resolution or resolutions the dividend rights, dividend rate, conversion rights, voting rights, rights and terms of redemption (including sinking fund provisions), redemption price or prices, and liquidation preferences of any wholly unissued series of Preferred Stock, and the number of shares constituting such series and the designation thereof, or any of the foregoing. The Board of Directors of directors is further authorized to increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares of any such series then outstanding) the number of shares of any series, the number of which was fixed by it, subsequent to the issue of shares of such series then outstanding, subject to the powers, preferences, and rights and the qualifications, limitations, and restrictions thereof stated in the resolution of the Board of Directors of directors originally fixing the number of shares of such series. If the number of shares of any series is so decreased, then the shares constituting such decrease shall resume the status which they had prior to the adoption of the resolution originally fixing the number of shares of such series.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment of Certificate of Incorporation to be signed by the Chief Financial Officer of the Corporation on January 25, 2023.

REED’S, INC.
	/s/ Thomas J. Spisak
By:	Thomas J. Spisak
Title:	Chief Financial Officer

Exhibit99.1

Reed’s,Inc. Announces Revised Effective Date for Reverse Stock Split

Friday,January 27, 2023

Norwalk,CT, (January 25, 2023) — Reed’s, Inc. (NASDAQ: REED) (“Reed’s” or the “Company”), owner of the nation’s leading portfolio of handcrafted, natural ginger beverages, announced today that due to unanticipated delays in processing outside the Company’s control, the previously announced reverse stock split, which was to be effective with the open of The Nasdaq Stock Market on January 26, 2023, will instead take effect with the open of the market on Friday, January 27, 2023. The Company will trade on a post-split basis under its current trading symbol “REED”. However, upon implementation of the reverse split, the Company’s common stock will begin trading under new CUSIP 758338305.

Upon implementation of the reverse stock split, every 50 shares of the Company’s issued and outstanding common stock will automatically convert into one share of common stock without any change to the par value of $0.0001 per share and the amount of common stock outstanding will be reduced from approximately 126 million shares to approximately 2.5 million shares. Proportional adjustments will be made to the number of shares of common stock issuable upon exercise of Reed’s outstanding stock options and warrants, as well as the applicable exercise price.

Reed’s expects that the reverse stock split, which was approved by shareholders at a special shareholder meeting on January 24, 2023, will increase the market price per share of the Company’s common stock and enable the Company to evidence compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq. The Company intends to continue to pursue additional actions to satisfy the exchange’s minimum stockholders’ equity requirement.

Registered shareholders holding pre-split shares of the Company’s common stock are not required to take any action to receive post-split shares. Shareholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to such broker’s particular processes, and will not be required to take any action in connection with the reverse stock split.

No fractional shares will be issued in connection with the reverse stock split. Any fractional shares created as a result of the reverse stock split will be rounded up to the nearest whole share for each stockholder. The reverse stock split impacts all holders of Reed’s common stock proportionally and will not impact any shareholders’ percentage ownership of common stock (except as to rounding up changes).

Additional information regarding the reverse stock split is available on the Form 8-K filed today, as well as in the Company’s definitive proxy statement (Form DEF 14A) filed with the United States Securities and Exchange Commission on December 28, 2022.

Any additional questions can be directed to the Company’s transfer agent, Transfer Online, at info@transferonline.com.

AboutReed’s, Inc.

Reed’s is an innovative company and category leader that provides the world with high quality, premium and naturally bold™ better-for-you beverages. Established in 1989, Reed’s is a leader in craft beverages under the Reed’s®, Virgil’s® and Flying Cauldron® brand names. The Company’s beverages are now sold in over 45,000 stores nationwide.

Reed’s is known as America’s #1 name in natural, ginger-based beverages. Crafted using real ginger and premium ingredients, the Reed’s portfolio includes ginger beers, ginger ales, ready-to-drink ginger mules, hard ginger ale, ginger shots, and ginger candies. The brand has recently successfully expanded into the zero-sugar segment with its proprietary, natural sweetener system.

Virgil’s® is an award-winning line of craft sodas, made with the finest natural ingredients and without GMOs or artificial preservatives. The brand offers an array of great tasting, bold flavored sodas including Root Beer, Vanilla Cream, Black Cherry, Orange Cream, and more. These flavors are also available in nine zero sugar varieties which are naturally sweetened and certified ketogenic.

Flying Cauldron® is a non-alcoholic butterscotch beer prized for its creamy vanilla and butterscotch flavors. Sought after by beverage aficionados, Flying Cauldron is made with natural ingredients and no artificial flavors, sweeteners, preservatives, gluten, caffeine, or GMOs.

For more information, visit drinkreeds.com, virgils.com and flyingcauldron.com.

Forward-LookingStatements

This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements reflect Reed’s expectations about its future performance and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “may,” “upcoming,” “plan,” “target,” “goal,” “intend” and “expect” and similar expressions, as they relate to Reed’s or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information available to Reed’s as of the date of publication, including Reed’s ability to realize any anticipated benefits from the reverse stock split, including maintaining its listing on the Nasdaq Capital Market and attracting new investors. These risks and uncertainties include, among other things, risks related to market, economic and other conditions, Reed’s ability to comply with the financial and other covenants under its debt obligations, Reed’s ability to manage costs and execute on its operational and budget plans, Reed’s ability to achieve its financial goals, and Reed’s ability to comply with all listing requirements of the Nasdaq Capital Market, the impacts of further inflation and other risks detailed from time to time in Reed’s public filings, including Reed’s annual report on Form 10-K filed on April 15, 2022 and subsequent reports filed with the Securities and Exchange Commission, which are available on the Securities and Exchange Commission’s web site at www.sec.gov. These forward-looking statements are based on current expectations and speak only as of the date hereof. Reed’s assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

InvestorRelations Contact

Sean Mansouri, CFA

Elevate IR

ir@reedsinc.com

(720) 330-2829