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Posted 27 January, 2023

Fresh Vine Wine, Inc. appointed new CEO

CEO Change detected for ticker NYSE:VINE in a 8-K filed on 27 January, 2023.


  Also pursuant to the Settlement Agreement, Rick Nechio, the Company's interim Chief Executive Officer and a member of the Board, has agreed to resign from the Board by February 20, 2023.  

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Overview of Fresh Vine Wine, Inc.
Consumer Goods • Alcoholic Beverages/Drinks
Fresh Vine Wine, Inc. produces low carb and calorie premium wines. Its varietals currently include Cabernet Sauvignon, Chardonnay, Pinot Noir and Rose. The firm sales channels include wholesale, retail, and direct-to-consumer (DTC) channels able to conduct wholesale distribution of wine in all 50 states and Puerto Rico. Its wholesale distribution network includes 30 distributors, including a distribution agreement with Southern Glazer’s Wine and Spirits. The company was founded by Julianne Hough, Nina Dobrev, Rick Nechio and Damian Novak in May 2019 and is headquartered in Plymouth, MN.
Market Cap
$12.5M
View Company Details
Fresh Vine Wine, Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.


The information set forth in Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.


Pursuant to the Settlement Agreement described in Item 8.01 of this report, Damian Novak, Executive Chairman and a member of the Board of Directors (the "Board") of Fresh Vine Wine, Inc. (the "Company"), has agreed to resign as Executive Chairman and remove himself from his management duties with the Company by February 20, 2023, and further agreed to resign from the Board promptly following completion of pending capital raising efforts involving a contemplated subscription rights offering. A registration statement (Registration No. 333-269082) relating the contemplated rights offering has been filed with the Securities and Exchange Commission ("SEC") but has not yet become effective, and the Company's securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. There is no guaranty that the rights offering will ultimately be conducted or, if conducted, will be a successful means of raising capital.


Also pursuant to the Settlement Agreement, Rick Nechio, the Company's interim Chief Executive Officer and a member of the Board, has agreed to resign from the Board by February 20, 2023. Mr. Nechio continues to serve as interim Chief Executive Officer of the Company while the Company continues to search for a permanent principal executive officer.


The agreements of Messrs. Novak and Nechio to resign from the Board were not due to a disagreement with the Company on any matter relating to the Company's operations, policies or practices.


In conjunction with the Settlement Agreement, and as described in Item 8.01 of this report, the Company and Janelle Anderson, the Company's former Chief Executive Officer, have agreed to enter into the Anderson Consulting Agreement, pursuant to which the Company has agreed to grant and issue to Ms. Anderson 500,000 shares of the Company's common stock on the February 20, 2023 date of the Settlement Closing and contingent upon the occurrence thereof.