BRC Inc. has reached a settlement agreement with Alta Partners, LLC, concluding a legal dispute over a breach of contract. The lawsuit, filed in the Southern District of New York, alleged that BRC Inc. had refused to allow Alta to exercise warrants between March 11 and May 4, 2022, causing damages to Alta. Under the settlement, Alta will pay BRC Inc. $1,000,000, and in exchange, BRC Inc. will issue 2,300,100 shares of its Class A common stock to Alta. The settlement shares are issued under a registration statement that the Securities and Exchange Commission declared effective in March 2023.
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