MIAMI BEACH, FL, Jan 5, 2024 - (ACN Newswire) - LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a niche ecommerce platform specializing in the spirits and beverage industry, announces the repurchase of 576,713 of its shares and subsequent transfer of those shares from its brokerage account to its account with its transfer agent, representing 15% of its total outstanding shares.
In a strategic move guided by advice from close advisors, LQR House acknowledges that shares held by its transfer agent would not be available to cover short sales of the LQR's common stock. Employing this approach, the company anticipates that the repurchased shares will remain beyond the reach of short sellers, establishing a more robust defense against bearish speculation on the stock.
Sean Dollinger, CEO of LQR House, shared insights on this initiative, stating, "Given what I perceive as a persistent challenge from short sellers, I am adopting a proactive stance. I urge shareholders with substantial positions to move their shares from their brokerage accounts to an account with Vstock Transfer, our transfer agent. We'd be happy to offer assistance and can facilitate the email coordination with VSTOCK to aid making this transfer. Feel free to initiate the process by sending an email to sean@lqrhouse.com. Stockholders should be aware that any such transfer would significantly increase the time in which it would take for Stockholders to sell their shares should they desire to do so."
This proactive step not only may decrease the amount of short sales of LQR's stock but also reinforces LQR House's commitment to maintaining a strong and resilient market position. With a focus on transparency and shareholder protection, LQR House remains dedicated to fostering long-term value and stability in the volatile financial landscape.
About LQR House Inc.
LQR House intends to become a prominent force in the wine and spirits e-commerce sector, epitomized by its flagship alcohol marketplace, cwspirits.com. This platform seamlessly delivers a diverse range of emerging, premium, and luxury spirits, wines, and champagnes from esteemed retail partners like Country Wine & Spirits. Functioning as a technology-driven hub, LQR House utilizes software, data analytics, and artificial intelligence to elevate the consumer experience. CWSpirits.com stands out as the go-to destination for modern, convenience-oriented shoppers, providing a curated selection of alcohol products delivered to homes across the United States. Beyond its role as an e-commerce leader, LQR House is a marketing agency with a specialized focus on the alcohol industry. The company measures campaign success by directly correlating it with sales on CWSpirits.com, demonstrating a proven return on investment. Backed by an influential network of over 550 figures in the alcohol space, LQR House strategically drives traffic to CWSpirits.com, enhancing brand visibility. LQR House intends to disrupt the traditional landscape of the alcohol industry, driven by its dedication to providing an unparalleled online purchasing experience and delivering tailored marketing solutions.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Shareholders can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement on Form S-1 filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement on Form S-1 and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
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