Minnetonka-based Fresh Vine Wine — which counts actresses Nina Dobrev and Julianne Hough as investors — is under new leadership as it continues to report rocky results.
Fresh Vine Wine, under new leadership, continues to see rocky results
The company, which said it must postpone filing its quarterly results, said in a filing it expects quarterly revenue to fall by more than half.
May 18, 2023 at 12:00PM
Roger Cockroft, previously an executive partner with San Francisco-area private equity firm Salt Creek Capital, is now the company's chief executive. Keith Johnson is interim chief financial officer.
In a Tuesday filing with the U.S. Securities and Exchange Commission, Fresh Vine said it cannot file its first quarter financial report on time "primarily as a result of recent transition in the company's management."
The filing stated that Fresh Vine expects to report revenue of $400,000 for the first quarter, down from $900,000 a year ago.
Fresh Vine bills itself as a producer of wines with lower carbohydrates, sugar and calories.
Cockroft said he will look to "build on the existing platform to drive further growth."
The company has had a rocky time since going public in December 2021. Two previous CEOs sued the company last year, and the company announced a restructuring in November.
Shares of the company, valued at $10 a share when it went public, are now trading under $1. For 2022, the company posted a net loss of $15.2 million on sales of $2.9 million.
The Birds Eye plant recruited workers without providing all the job details Minnesota law requires.
