← Return to Archives - Subscribe to FREE NewsFetch Email Newsletter
From: lewis.perdue@wineindustryinsight.com

Subject: Winc slashes IPO 73% after postponement, bails on "white shoe" underwriters.- WINE EXECUTIVE NEWS | November 2, 2021

Date: 2021-11-02 19:50:04

To: Emailing List Subscriber
Please use CMD+F (Mac) or CRTL+ F(Windows) to find your specific search term within this issue of NewsFetch. This "double search" is due to our links sourcing from websites not within WineIndustryInsight.

Winc slashes IPO deal size by 73% after postponement, bails on "white shoe" underwriters.- WINE EXECUTIVE NEWS | November 2, 2021 -- WINE EXECUTIVE NEWS Premium Member Briefing


You are receiving this email because you are a premium VIP subscriber to Wine Executive News Premium Member.

If you do not wish to receive this, please click the following link: >>>> [UNSUBSCRIBE] <<<<



Screen Shot 2016-11-28 at 1.38.22 PM

VIP Wine Executive News Member Briefing

The premium, VIP service of Wine Industry Insight

From editor & publisher, Lewis Perdue
November 2, 2021


Winc slashes IPO 73% after postponement, bails on "white shoe" underwriters.

Wine club Winc  -- which postponed its October IPO -- announced Tuesday it was planning to offer 1,538,462 shares of common stock at $12 and $14 per share, down from from 5 million shares at $14 and $16 per share.

That means its total gross raise would be approximately $20 million at the midpoint of the revised offering range as opposed to $75 million for the original offering. The offering is being moved from the NYSE to the small-cap NYSE American exchange.

Further, Winc has shed its white shoe underwriters  -- BofA, Canaccord, Craig-Hallum, Roth and Benchmark -- and is now being underwritten by Spartan Securities and Revere Securities.

"That's very expensive money," a top-ranking, financial executive told Wine Industry Insight. "After all the bills are paid, I think they will come out with $12 or $13 million.

"They must need the money really badly to spend $7 or $8 million to get $12 or $13 million.

Customer Churn Is Big Money Burn

As Wine Industry Insight  pointed out on October 21, and in previous articles (below) Winc suffers most severely from its unsustainable customer churn, losing 70 percent of its club members on an annual basis.

NOTE: Many of the articles below contain links available to premium members only. Please consider subscribinh to help continue original journalism.

Most Current SE Filings

Not a Wine Executive News subscriber?

 Subscribe to Wine Executive News now, and get the rest of this original article along with everything else on the site every day, including original documents, spreadsheets,and source materials for just $29.99 per month or $209 per year



================= CONTACT DATA ====================
Lewis Perdue
670 W. Napa St., Suite H, Sonoma, CA 95476
Phone: 707-326-4503, fax: 707-940-4146
Email: lewis.perdue@wineindustryinsight.com