Activist investor Kanen Wealth Management has urged Zevia's board to launch a strategic review including a sale of the US zero-sugar soft-drinks maker. In a letter dated Friday, David Kanen, president of Kanen Wealth Management, said Zevia is worth $2.75 to $3.75 per share in a sale, more than double the current price at the midpoint. Kanen Wealth Management owns around 4% of the group, which sells stevia-sweetened beverages in the US and Canada. The investor argued Zevia has failed to capitalise on growth in the modern soda category despite having nearly 20 years of brand equity and national distribution, and criticised governance including the June appointment of board member Alexandre Ruberti as president and CEO after Amy Taylor stepped down. Zevia said it welcomes open communication with shareholders and that its board would review Kanen's concerns carefully and thoughtfully.
Zevia PbcActivist investor urges sale, valuing shares at $2.75-$3.75, more than double current price.
