NOHO Inc (OTCMKTS:DRNK) shares were up 14.29% on Monday to $0.00040 and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $2.87 million at 656.04 million shares outstanding.
NOHO Inc is a company that develops, markets, sells and distributes a beverage category product named NOHO – The Hangover Defense (NOHO). Its flagship product NOHO is a dietary supplement, which is taken before and after the consumption of alcohol that helps to prevent the symptoms associated with a hangover.
NOHO is formulated by a Doctor of Pharmacy and comes in a 2 ounce shot. It is recommended that the 2 ounce shot be taken before and after drinking any alcoholic beverages. NOHO has a flavor, which contains no caffeine or stimulants. It has also launched NOHO Gold, which is a premium lifestyle beverage that is developed and marketed as a healthy beverage. NOHO Gold is offered to and sold in premier nightclubs On Premise bar and club venues in the United States including the Fontainebleau Hotel, LIV nightclub, Story nightclub, Day Light, Light, The Opium Group properties, and others.
In a press release, NOHO Inc announced that it has reached an agreement in principle with its 95% majority convertible note holder for a moratorium on conversions, relating to notes issued after March 7, 2015. Apart from this, it will also maintain its ability to retire the outstanding notes in cash.
“We have come to terms with our majority note holder to freeze conversions, which puts NOHO in a very strong position moving forward with significant developments underway. This is a strong signal of our majority debt holders confidence in the long term vision we have for the Company. This agreement is also a big win for our shareholders, as we continue to make changes to reduce the outstanding shares and avoid dilution as a priority moving forward,” said NOHO Inc CEO David Mersky.
Under the terms of this agreement, NOHO Inc will be forming a financial services division wherein a percentage of top line revenues will be allocated toward funding the debt repurchase plan. Details have yet to be announced before May 31, 2017. Note that if the notes subject to the freeze are not repurchased by NOHO Inc, there will be a restriction of stock sales, subject to a lockdown and leakout agreement, which is currently being finalized.
Prior to this, NOHO Inc announced the signing of a national sales and distribution agreement with BNG Enterprises, Inc. in Arizona for the exclusive rights to sell the NOHO 2oz Shot in its nationwide retail stores as well as online sales through Amazon.
NOHO is proud to announce this deal with BNG Enterprises and is excited to begin moving product into retail stores across the country. In addition to its core strength in selling to retail smoke shops and vape stores, where NOHO is a natural fit, BNG also has established relationships with big box retailers, convenience stores and the supermarket space. This deal brings NOHO the ability to manufacture, warehouse and ship product through a well-established sales and distribution partner with a stellar reputation. This is just the beginning of what we envision to be a long-term relationship,” noted CEO Mersky.
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