Activist investor David Lazar to invest $3M in LQR House

Oct. 16, 2024 8:59 AM ET  Seeking Alpha
By: Akanksha Khushi

LQR House (NASDAQ:LQR) said on Wednesday that it has entered into a securities purchase agreement with activist investor David Lazar. Under the agreement, Lazar has committed to providing $3M in funding to LQR House.

It is expected that by October 16, Lazar will make an initial payment of $606,000 in exchange for approximately 1.1M shares of LQR House common stock.

The balance of $2.4M will be funded at the final closing, subject to certain closing conditions, including shareholder approval.

Upon completion of the full $3M funding, Lazar will also receive warrants to purchase 10.9M shares of the company's common stock at an initial exercise price of $0.55 per share.

As part of the transaction, Lazar has been appointed to the LQR House Board of Directors and as President.

The company said, following the final closing, Lazar is expected to become the company's largest shareholder, with significant voting influence over the company.

Source: https://seekingalpha.com/news/4164650-activist-investor-david-lazar-to-invest-3m-in-lqr-house