ESDI: Added shares sold. Current market trends for spirits show continued growth of whiskey.

Zacks Small Cap Research

Mon, Aug 28, 2017, 1:00 PM

By Ian Gilson, PhD, CFA

NASDAQ:ESDI

When a company sells an underwriting they usually have an option to sell a few more shares (units) if demand and price warrants it. This is an over-allotment option.

The underwriters have exercised their option and added 0.18 million units at $4.49 to the recent offering.

This will add $0.808 million gross proceeds to the company (ESDI), raising a total of $6.12 million.
We have adjusted our estimate to reflect the additional shares.

Recent data from trade sources show continued above average growth for whiskey with Fireball Canadian up 15% Y/Y; Crown Royal Canadian up 8% and Jack Daniels American up 4.6%

Latest round of financing should take pressure off operations and the balance sheet.

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ESDI: Added shares sold. Current market trends for spirits show continued growth of whiskey.

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