Minnetonka-based Fresh Vine Wine — which counts actresses Nina Dobrev and Julianne Hough as investors — is under new leadership as it continues to report rocky results.
Roger Cockroft, previously an executive partner with San Francisco-area private equity firm Salt Creek Capital, is now the company's chief executive. Keith Johnson is interim chief financial officer.
In a Tuesday filing with the U.S. Securities and Exchange Commission, Fresh Vine said it cannot file its first quarter financial report on time "primarily as a result of recent transition in the company's management."
The filing stated that Fresh Vine expects to report revenue of $400,000 for the first quarter, down from $900,000 a year ago.
Fresh Vine bills itself as a producer of wines with lower carbohydrates, sugar and calories.
Cockroft said he will look to "build on the existing platform to drive further growth."
The company has had a rocky time since going public in December 2021. Two previous CEOs sued the company last year, and the company announced a restructuring in November.
Shares of the company, valued at $10 a share when it went public, are now trading under $1. For 2022, the company posted a net loss of $15.2 million on sales of $2.9 million.
