SALT LAKE CITY – BRC Inc. (NYSE:BRCC), a beverage company, announced Monday the resignation of Thomas E. Davin from its Board of Directors, effective immediately on Thursday, September 13, 2024. Davin stepped down to dedicate more time to personal endeavors, according to a filing with the Securities and Exchange Commission.
The departure of Davin from the board is not due to any disagreements on operations, policies, or practices within the company, as clarified in the 8-K filing. The document did not mention any disputes or conflicts leading up to this corporate change.
BRC Inc., known for its presence in the beverage industry and classified under the Standard Industrial Classification code 2080, is based in Salt Lake City, Utah, and incorporated in Delaware. The company's fiscal year ends on December 31.
As of now, BRC has not announced a successor or any changes to its board composition following Davin's resignation. The company's Class A Common Stock is listed on the New York Stock Exchange under the ticker BRCC.
This development comes as BRC Inc. continues to navigate the competitive beverage sector. The company has not provided further details on the strategic implications of this board change or on how it may affect its governance structure moving forward.
The information regarding this board change is based on the latest SEC filing by BRC Inc. and reflects the company's commitment to timely disclose corporate governance matters to its shareholders and the public.
In other recent news, BRC Inc. reported a decrease in second-quarter sales growth by 3.2%, deviating from the projected 9.5% increase. Despite this, the company's gross margin exceeded expectations at 41.9%, attributed to supply chain efficiencies and a favorable product mix. BRC Inc.'s adjusted EBITDA for the quarter was also reported at $8.5 million, surpassing analyst estimates. However, the company's downgraded 2024 sales growth guidance has raised concerns. Analysts from both Citi and Roth/MKM have adjusted their stock outlooks for BRC Inc., with Citi reducing its price target to $4.35 and Roth/MKM downgrading the stock rating to neutral.
BRC Inc. also announced the launch of a new product, Black Rifle Energy, and reported an 8% growth in their wholesale channel. The company adjusted its 2024 revenue guidance to between $385 million and $415 million, while increasing their gross margin forecast to 39%-42%. These recent developments reflect the company's strategic focus on growth, market expansion, and product innovation.
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