DENVER (CelebrityAccess) — Colorado-based independent live music company Notes Live announced it plans to acquire the troubled wine maker Fresh Vine Wines to obtain a listing on the New York Stock Exchange.
According to Notes Live, the two companies “anticipate negotiating and entering into a definitive agreement” before the end of 2024, with Notes Live seeking shareholder approval at a meeting scheduled for January 31st.
The final closing of the proposed deal, which is subject to customary closing conditions, is slated for the second quarter of 2024.
Following the closing of the deal, Notes Live anticipates that the combined companies will be listed on the NYSE American under the ticker “VENU”.
Notes Live currently operates two entertainment complexes in Colorado Springs and Gainesville, GA, and is developing venue projects in Colorado Springs, Dallas/Ft. Worth, Broken Arrow and Oklahoma City, OK, and Murfreesboro, Tennessee, among others.
“As CEO of Notes Live, I’m thrilled to announce this entry into a letter of intent for a game-changing combination with Fresh Vine Wine, Inc. This move, culminating in our goal of a stock exchange listing, is a testament to our innovative spirit in live entertainment. We’re not just growing; we’re redefining luxury in entertainment with our upcoming ultra-luxury amphitheaters across key locations. We expect this transaction to be a leap towards unprecedented experiences in the live entertainment realm,” JW Roth, chief executive of Notes Live, said in a statement.
Fresh Vine, a producer of lower-calorie and low-carb wine, has struggled to find its footing since the company went public in 2021. The company, which is backed by actors Nina Dobrev and Julianne Hough, was warned in September that the company faced delisting from the NYSE for failing to comply with listing standards.
“After evaluating multiple potential transactions, we were drawn to Notes Live for several reasons,” Fresh Vines interim CEO and chair, Michael Pruitt said in a statement. “First, JW Roth and his team have a track record of success and an ability to execute. This, along with the overall quality of the brand and people, made them the clear standout.”
