Summary by Moomoo AI
LQR House has acquired 1.92 million shares of DRNK Beverage Corporation at $2.50 per share, totaling $4.8 million. The strategic investment represents an 8.58% stake in DRNK, marking LQR House's entry into both the non-alcoholic and ready-to-drink beverage markets. The transaction was completed on June 7, 2024, with proceeds irrevocably transferred as of June 2024.The acquisition aligns with growing market opportunities, as the global non-alcoholic beverage market is projected to reach $1.89 trillion by 2034, growing at a 6.7% CAGR. DRNK specializes in low-sugar, all-natural mocktails and health-conscious beverages, targeting the increasing consumer demand for functional drinks with nutritional benefits.CEO Sean Dollinger emphasized that this cash-based acquisition avoids stock dilution while enhancing LQR House's brick-and-mortar presence. The strategic partnership is expected to leverage DRNK's distribution network for LQR products, while addressing the challenges of shipping canned beverages online.
