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Thursday, September 23, 2021

Why Eastside Distilling Inc (EAST) stock could keep its positive momentum in the after-hours on Friday?

Eastside Distilling Inc. (EAST) shares lost 5.46% to trade at $1.73 in after-market on Friday, April 23, 2021. Earlier, EAST’s stock gained 4.57% to close Friday’s session at $1.83. EAST shares have risen by 5.17% over the last 12 months, and they have moved up by 6.40% in the past week. Over the past three months, the stock has gained 19.61%, while over the past six months, it has surged 38.64%.


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Let’s check out its recent developments.

$3.3 million private placement announcement

On April 20, 2021, Eastside Distilling Inc. closed a private placement offering with Bigger Capital Fund, LP and District 2 Capital Fund LP.

The company signed an agreement with Bigger Capital Fund, LP and District 2 Capital Fund LP to sell $3,300,000 in aggregate principal amount of secured convertible promissory notes of the Eastside Distilling.

Recent financial results

On March 31, 2021, Eastside DistillingIncannounced its fourth quarter and year-end 2020 financial results for the period ended December 31, 2020.

FY-2020 financial results

  • Gross sales for the year ending December 31, 2020, were $14.8 million compared to$12.2 million in the prior year.
  • Gross profit in 2020 was $4.6 million compared to $4.1 million in the prior year.
  • Total operating expenses in 2020 were $12.7 million compared to $14.0 million in the prior year.
  • Eastside Distilling suffered a net loss of $9.9 million or $0.98 per share including discontinued operations in 2020, compared to $16.9 million, or $1.82 per share in the prior year.
  • Adjusted EBITDA was $4.8 million compared to $9.7 million in the prior year.

New board member

On March 26, 2021, Eastside Distilling Inc appointed Liz Levy-Navarro to the Company’s Board of Directors, effective March 22, 2021.

She is also has been appointed as Chair of the Compensation Committee and will serve on the Audit and Nominating and Corporate Governance Committees.

Earlier on January 26, 2021, Eastside Distilling appointed Jason Ericson as Head Distiller effective January 11, 2020.

Participation in the investor conference

Eastside Distilling recently participated in the Roth Capital Partners 33rd Annual Virtual Conference which held on March 15-17, 2021. The company management had several one-to-one virtual meetings with investors.

Launching Limited-Edition Premium Craft Spirits

On March 1, 2021, Eastside Distilling Inc launched limited edition Premium Craft Spirits under the new eastside brand to expand its premium spirits’ line

All products will be limited-edition and will be available in limited markets. Products should be on shelves by April of this year.

Conclusion

There was no recent news behind EAST stock price fluctuation on Friday. we expect it to regain its positivity at the start of the new week.

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