On October 22, 2024, KWM’s client D&D Source of Life Holding Ltd. (“D&D”) completed a purchase of convertible notes issued by Reed’s, Inc. (“Reed’s”) from certain funds managed by Whitebox Advisors LLC. This follows D&D’s acquisition of the controlling equity stake in Reed’s in September 2024. Reed’s was listed on the NASDAQ and has subsequently transitioned to trading on the OTC market. The completion of this notes purchase marks the successful closing of a two-step special situation acquisition of Reed’s by D&D.
Established in 1989, Reed’s owns a leading portfolio of handcrafted, natural beverages that is sold in over 45,000 outlets nationwide in the US. Reed’s two core brands are Reed’s and Virgil’s. Reed’s is the leading ginger beer in the US; Virgil’s is an independent natural full line craft soda and is a leader in the craft soda category.
Through the joint efforts of the team, KWM has provided D&D with multi-jurisdictional, cross-time-zone, efficient and high-quality legal services. This project is led by international partners Ling Huang and Owen Wang; other team members include Counsel Ning Liu from KWM New York Office, as well as Zixiao Yu and Hanna Han from KWM Shenzhen Office.
