Fresh Vine Wine, Inc. announced the closing of its rights offering. The company received aggregate gross cash proceeds of approximately $3.14 million. The rights offering will result in the issuance of 3,143,969 shares of Fresh Vine Wine’s common stock and warrants to purchase 3,143,969 shares of Fresh Vine Wine’s common stock.

Fresh Vine Wine distributed 0.5 non-transferable subscription rights for each one share of common stock held on Feb. 22, 2023, the record date for the rights offering. Each whole subscription right entitled the holder to purchase one unit, at a subscription price of $1.00 per unit, consisting of one share of the Fresh Vine Wine’s common stock and a warrant to purchase one share of Fresh Vine Wine’s common stock. The warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $1.25 per share. If exercised, additional gross proceeds of up to approximately $3.93 million may be received through the exercise of warrants issued in the rights offering.