Truett-Hurst Inc. announced Wednesday that it has commenced an initial public offering of about 2.90 million shares its Class A common stock. The estimated price range for the initial public offering is $11.00 to $15.00 per share.
Truett is offering 2.25 million shares of Class A common stock and certain named selling stockholders are offering 652,557 shares.
Truett has been approved to list its common stock on the Nasdaq Capital Market, subject to official notice of issuance, under the symbol "THST."
The company said it intends to use the net proceeds from the offering to pay down amounts owed under its credit facility, for working capital, capital expenditures, hiring additional personnel and for general corporate purposes. The company noted that it will not receive any proceeds from the sale of shares by the selling stockholders.
Truett is super-premium and ultra-premium wine sales, marketing and production company based in the acclaimed Dry Creek and Russian River Valleys of Sonoma County, California.
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