on LQR House (NASDAQ:LQR)
LQR House Inc. Secures $3 Million Investment From Activist Investor
LQR House Inc., a niche e-commerce platform in the spirits and beverage industry, announced a securities purchase agreement with activist investor David E. Lazar. Under this agreement, Lazar will invest $3 million in exchange for 5,454,545 shares at $0.55 each and is set to join as a Board Member and President. The initial tranche of $606,000 is expected by October 16, 2024, with the remainder subject to shareholder approval.
Lazar will receive warrants for 10,909,090 additional shares, enhancing his influence over the company. The investment aims to reduce operating expenses and explore strategic alternatives. CEO Sean Dollinger expressed hope for a strategic revitalization, citing Lazar's leadership. Avraham Ben-Tzvi joins the board amid this transition, while board member Jay Dhaliwal resigns.
R. P.
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