Fresh Vine Wine Inc. (VINE), a beverages company, announced on Monday that it has entered into a non-binding letter of intent or LoI for its merger with Notes Live, Inc., a live entertainment and hospitality firm.
The companies expect that a definitive deal will be executed by January 31, with a closing in the second quarter of 2024.
The two parties anticipate that the owners of Notes Live would own a majority of the Fresh Vine on a post-transaction basis, which may be more than 90 percent.
Post transaction, Fresh Vine will continue to remain listed on the NYSE.
In connection with the LoI, Fresh Vine has agreed to make a $500,000 equity investment in Notes Lives.
Fresh Vines' equity investment may be refundable under certain circumstances if Notes Live elects not to proceed with the transaction.
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