Splash Beverage Group (now Endovia Health Sciences) faces NYSE American warrant delisting

The warrant decision

Splash Beverage Group, Inc. (NYSE American: SBEV) announced on July 29, 2025 that NYSE American will begin delisting proceedings for its publicly traded warrants and has suspended trading in them, effective immediately. The filing entity is registered with the SEC under the name Endovia Health Sciences, Inc., but the release itself refers to the company as Splash Beverage Group. The company said NYSE Regulation notified it on June 23, 2025 of the decision. The exchange determined that the warrants are no longer suitable for continued listing under Section 1001 of the NYSE American Company Guide because of their low trading price. The warrants give holders the right to buy common stock at $184.00 per share and trade under the symbol SBEV-WT. The exchange will apply to the Securities and Exchange Commission to delist the warrants once all procedures are complete, including any appeal. The company had until July 30, 2025 to appeal and said it does not intend to. After the delisting, the release says the warrants could be quoted on the OTC Pink tier of OTC Markets Group, but only if a market maker applies for and obtains approval from FINRA. It states there can be no assurance that any market maker will do so.

The common stock

The July 29 announcement says the delisting of the warrants will not affect the listing or trading of the company's common stock, which remains listed on NYSE American. It gives the share count as 1,552,693 shares issued and outstanding, with a float of 1,381,427 shares.

The announcement does not give cash, debt, equity or net loss figures for the company.

The business behind the listing

The fiscal 2024 annual report describes Splash as a portfolio company managing multiple brands across several growth segments of the consumer beverage industry. In fiscal 2024 it produced, distributed and marketed SALT Naturally Flavored Tequila, sold Copa DI Vino single serve wine by the glass, and imported Pulpoloco Sangria in 3 flavors. SALT is distributed through various Anheuser-Busch and Miller-Coors distributorships in multiple U.S. states and is for sale in Mexico, and the report says it has also launched in Guatemala and Japan. SALT is a business venture between the company and SALT USA, LLC, and all aspects of manufacturing, logistics, distribution and marketing are the company's responsibility. The company's release lists its brands as Copa di Vino wine by the glass, Chispo tequilas and Pulpoloco sangria, and the report says the sangria comes in a biodegradable can. Most manufacturing is outsourced to third-party co-packers and distillers. The exception the report names is Copa DI Vino, which is made in the company's own facility in Oregon. The company bought the key assets of the Copa DI Vino single serve wine company in December 2020. Its TapouT beverage license relationship was terminated in Q1 2024, the report says. The report says the company's acquisition strategy favors brands that already have some brand awareness, and it lists a near term clear path to profitability among its preferred criteria. It also says the company is building a direct-to-consumer channel through its Qplash online platform. Management is presented as experienced: the report says CEO Robert Nistico has over 28 years of experience in the three-tier distribution system, and CFO William Devereux has over 15 years of experience in finance. It also names Bill Meissner as President and CMO, and James Allred, its Senior Vice President of Sales, as having over 25 years in the beverage industry, predominately with Anheuser-Busch.

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