Bradley & Daytona Resigned as Special Advisors to LQR House, Inc. Due to Disagreement With Corporate Direction
MIAMI BEACH, FL / ACCESSWIRE / January 4, 2024 / LQR House, Inc., a marketing and branding firm focused on the alcohol industry, completed its initial public offering in August 2023 at an offering price of $5/share. LQR's stock price has since experienced a significant decline, dropping to below $0.10/share on a split-adjusted basis as of January 3, 2024.
On September 29, 2023, LQR announced the appointment of Bradley & Daytona Railway and Land Co. LLC (B&D) to serve as their Special Advisor to provide advisory services on corporate strategy and financial matters. LQR had undertaken a series of corporate actions since the appointment, including multiple secondary offerings at penny stock levels contrasted with buyback of stock at significantly higher prices, and deployment of shareholder capital on the appointment of third-party marketing firms despite LQR's claimed expertise in marketing.
B&D was opposed to LQR's capital markets activity and elected use of shareholder capital. However, B&D's advise went unheeded, and LQR proceeded with its strategic direction in opposition to B&D's counsel.
Due to the foregoing, B&D resigned as Special Advisors to LQR on November 10, 2023. While LQR consistently advertised Bradley & Daytona's role as Special Advisors, including citing the firm in a September 29, 2023, 8-K filing, along with subsequent S-1 and 424B4 filings in October and November 2023, LQR has refused to inform shareholders of Bradley & Daytona's resignation due to LQR's fear of shareholders' negative reaction to the resignation and further downward pressure the resignation may have on LQR's stock price.
A copy of Bradley & Daytona's resignation letter is included herewith.
Contact:
Jonathan Beldwin
[email protected]
SOURCE: Bradley & Daytona Railway and Land Co. LLC