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Innovation Beverage Group Limited (NASDAQ:IBG) stock is soaring on Wednesday after the company announced a distribution deal with Republic National Distribution Company (RNDC).
What To Know: The distribution deal will result in the company’s Australian Bitters and BITTERTALES brands being distributed by RNDC across six states, including California, Oregon, Washington, Hawaii, Arizona and Michigan.
RNDC is one of the U.S.’s leading wholesale beverage alcohol distributors specializing in wine and spirits.
“We are very pleased to partner with RNDC, one of the top distributors in the U.S. in our category. Their distribution reach is vast and their product expertise and executional excellence are ideal to promote the expansion of our award-winning bitters brands in the U.S.,” said IBG’s Chairman and Interim CEO Sahil Beri.
“Having recently achieved 45% market share in cocktail bitters in Australia, we are eager to gain similar momentum in the U.S.”
Innovation Beverage Group shares are moving on higher-than-normal session volume of approximately 204 million shares. The company’s average session volume over the past 100 days is 310,872, per data from Benzinga Pro.
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IBG Price Action: At the time of writing, Innovation Beverage shares were up 135.4% at $1.15, according to data from Benzinga Pro.
Image: This illustration was generated using artificial intelligence via Midjourney.
Posted In: IBG
