Financing ·
Zevia raises $20M via convertible preferred stock from GP Investments, appoints board seat
ZVIAZevia PBC
Zevia entered into a Securities Purchase Agreement with Bubble Holdings, an affiliate of GP Investments, to issue up to $20 million of Series A Senior Convertible Preferred Stock. The company closed the initial tranche on October 22, 2026, receiving $15 million, with a remaining $5 million deferred until after the filing of its 2026 Annual Report, subject to net sales exceeding $172.5 million and Adjusted EBITDA no lower than negative $3.0 million. The preferred shares carry a 6% cumulative dividend rate and convert into Class A common stock at an initial price of $1.448 per share. GP Investments receives the right to designate one board member for so long as it holds at least 10,000 preferred shares or 8% of outstanding common stock on an as-converted basis. Zevia operates in the beverage industry, producing and distributing naturally sweetened, zero-sugar better-for-you drinks.