Jones Soda Plummeting on Capital Raise
Shares of Jones Soda (NASDAQ: JSDA) are under much pressure during Thursday's pre-market session after the company announced to intent to raise $3.2 million.
Jones Soda announced it has entered into a definitive agreement with institutional and accredited investors to sell common stock and warrants in a registered direct offering with gross proceeds of approximately $3.2 million.
"The proceeds of this equity financing will support our cash flow as we continue our mission to increase sales and distribution and improve the bottom line," said Bill Meissner, CEO of Jones Soda. "We believe that we are headed in the right direction, and these funds, combined with our current cash and our previously announced $2 million credit facility, significantly enhance our financial position and will further enable us to work towards sustainable profitability."
Currently, shares of Jones Soda are trading over 27% lower at $0.48.
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