1812 Brewing Company Inc. (OTCMKTS:KEGS) announced on August 18, 2022, about receiving the Gold Medal in the Amber Ale category for the United States in the prestigious World Beer Awards. It is all set to represent the United States in the next phase of the competition!
Trading Data
On Thursday, KEGS stock ended flat at $0.0005 with more than 22.50 million shares, compared to its average volume of 48.11 million shares. The stock moved within a range of $1.2000 – 1.2000 after opening trade at $1.20.
1812 Brewing Company Wins U.S. Gold Medal in 2022 World Beer Awards
The World Beer Awards are global awards selecting the very best in all the internationally recognized styles and to award and promote the world’s best beers to consumers and trade partners across the globe. The company will compete with other gold medal-winning breweries from countries including the United Kingdom, Ireland, Canada, and Germany.
Chairman and CEO Tom Scozzafava, is elated to receive this honor, which is a testament to their efforts after completely taking over the larger-scale brewing and bottling process so that they could perfect their recipes. 1812 Brewing Company had won a bronze medal at the New York International Beer Competition with product from its first-ever self-run bottling effort, earlier this year.
Key Quote
Chairman and CEO Tom Scozzafava stated, “We were all extremely grateful and excited to have won the Gold medal and, as the winner in the amber ale category, to be representing the United States in the next round of the competition.” Mr. Scozzafava continued, “To be included with other American medal winners such as Saranac, Von Trapp, and Deschutes is quite an honor and a testament to our hard work after completely taking over the larger scale brewing and bottling process so that we could perfect our recipes.” Earlier this year, the Company also announced that it had won a bronze medal at the New York International Beer Competition with a product from its first-ever self-run bottling effort.
1812 Brewing Company in Discussions to Restructure Remaining Convertible Debentures
On July 26, 2022, the company stated that it is involved in advanced discussions with third parties regarding the potential restructuring of convertible notes with a face value of over $13 million. Tom Scozzafava had emphasized the issue, saying that these notes had to be reduced or removed for the company to move ahead. To offset recent share issuances, he would eliminate an additional 500 million shares of common stock that he holds which will equate to 1 billion shares of his holdings eliminated.
Technical Data
KEGS stock is trading below the 20-Day and 50-Day Moving averages of $0.0005 and $0.0007 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0012. The company has a total market capitalization of $1.86 million.
