1812 Brewing Company Inc. (OTCMKTS:KEGS) dropped 24% after announcing that it was engaging elite Boston-based investment firm Tully & Holland to help KEGS’ efforts in pursuing strategic acquisitions in the craft brewing sector.
Trading Data
On Tuesday, KEGS stock slumped 23.53% to $0.0013 with 57.12 million shares, compared to its average volume of 14.86 million shares. The stock moved within a range of $0.0012 – 0.0017 after opening trade at $0.0017.
1812 Brewing Company, Inc. Engages Specialty Investment Bank
Tully & Holland will create a target listing of craft breweries for the Company that it will explore and examine as potential acquisitions. With sufficient funds, the Bank will contact and negotiate prospective acquisition conditions with the particular candidates sought by the Company.
Scozzafava stated that this Bank is unquestionably the best option for us. He added that they have been supporting consumer firms since 1992, and their financial skills and extensive industry knowledge allow them to serve the firm’s objectives effectively. Tully & Holland has handled a wide range of transactions for buyers and sellers. They also have experience with consumer drinks, having been involved in a number of deals involving microbreweries. Therefore, investors should keep an eye on KEGS in the coming weeks.
Key Quote
“This Bank is absolutely the right choice for us,” stated Mr. Scozzafava. He continued, “Since 1992, they have been focused on serving consumer businesses, and its financial expertise in combination with its deep industry experience enables them to better serve the goals of the Company. Tully & Holland has represented both sellers and acquirors in transactions of all sizes. And importantly, they have an expertise in consumer beverages – including having participated in multiple transactions involving microbreweries.”
Technical Data
KEGS stock is above the 20–Day and 50-Day Moving averages of $0.0016 and $0.0024 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0058.
