SOL has acquired 3,396,049 common shares of Jones Soda in the open market, representing around 8.19% of the total issued and outstanding common shares of Jones Soda.
On Tuesday, Jones Soda shares closed up 44% at $0.6785.
Jones Soda Business
Seattle-based Jones Soda offers flavored craft sodas. Its products include Jones Ginger Beer, Jones Soda, Jones Carbonated Candy, and Lemoncocco.
Jones Soda is sold in eye-catching glass bottles and cans and in fountains at restaurants and is distributed throughout North America. The company has redeveloped most of its product line using colors derived from natural sources.
“Jones Soda has an iconic, retro brand in the Soda Bottle and Fountain Beverage sector, and we believe the company’s true value will be recognized by the market as its new offerings gain steam,” SOL Chief Investment Officer Andy DeFrancesco said in a statement. “It is clear that Jones Soda is committed to being on the front lines of innovative product development, while staying true to their iconic brand.”
SOL believes that there are numerous operational and strategic opportunities to maximize shareholder value in Jones Soda.
The company said that it will review its investment in Jones Soda on a continuing basis and reserves the right to take any action with respect to its investment it deems appropriate, including, but not limited to, purchasing additional common shares, selling some or all of the common shares, or otherwise modifying its investment strategy with regard to Jones Soda.
The non-alcoholic beverage marketplace is estimated to generate a revenue of approximately $1.2 trillion by 2023, according to Markets and Research analysis.
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