Modern Times to sell shares in the brewery
Modern Times, the rapidly growing Loma Portal brewery, wants to grow even faster — with the help of a few good investors.
Starting 8 p.m. Monday, shares in non-voting common stock will be sold online at https://wefunder.com/moderntimesbeer. The price: $252.20 per share.
Offered under Regulation CF, these shares will not be traded publicly. This sort of investment is, the U.S. Securities and Exchange Commission reports, “illiquid and is expected to continue to be illiquid for an indefinite period of time.”
A statement from Modern Times says offering shares “is a rad thing to do and a chance to have the most pro-active, engaged investor group on the planet.”
Founded in May 2013 by Jacob McKean, a former Stone Brewing employee, Modern Times has been one of the fastest-growing breweries in the nation. Its craft beer, coffee and cider is sold in seven states. For each of the past four years, it has enjoyed double-digit growth and revenue is expected to rise to $37 million in 2019.
The brewery now has five tasting rooms: Loma Portal, North Park and Encinitas in San Diego County, plus Los Angeles and Portland, Ore. This year, it plans to add tasting rooms in Santa Barbara, Oakland and Anaheim.
Under Regulation CF, there are limits to how many shares an individual can buy, based on income. Someone whose net worth or annual income is under $107,000 is limited to less than 5 percent of that net worth or income, or a total of $2,200. Wealthier individuals can buy more, up to a maximum of $107,000.
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