In a statement, Seattle based Jones Soda, said it has “terminated the exclusivity provisions of the letter of intent with Reed’s in order to explore an unsolicited, nonbinding transaction proposal submitted by another third party.”
Jones said it “continues to be interested in discussing a transaction with Reed’s, but the Board of Directors also intends to investigate the third party proposal and any other strategic alternatives.” Jones did not name the third party.
Earlier this month, it was announced that Jones was being acquired by Reed’s a natural soda maker, of Los Angeles, in a stock and cash deal valued at around $10 million.
Separately, Jones Soda said it had received a letter from the NASDAQ saying it has not regained compliance with the $1 per share minimum bid price requirement for continued listing on the exchange.
Jones said it plans to appeal the delisting determination, and said its common stock is expected to continue to be listed during the appeals process.
Source: Puget Sound Business Journal
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