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Cheers is doing an Online Public Offering that you can invest in! 🍻

Looking to invest in the future of Cheers? Now is your chance.

Brooks Powell

May 4, 2021

KEY TAKEAWAYS

Dear Cheers Community,

It is with great pleasure that I announce to you Cheers’ plan to do an Online Public Offering (OPO) with an anticipated launch date on May 18, 2021.

Ever since our television debut on the season finale of Shark Tank Season 9 people have been asking us if they could invest. With the exception of major financial institutions, such as venture capital firms, we haven’t had a straight forward way allowing supporters of Cheers to invest until now. If you have been wanting to invest, then now is your chance!

We can’t wait to tell you all about what we have been up to and where we’re going. But first, let’s cover the background of why we now have the ability to raise money from the general public, why this is such a landmark event, how it all works, and why we think this is a special opportunity for Cheers and our customers.

Cheers,

Brooks Powell

Founder & CEO


Please note: No money or other consideration is being solicited, and if sent in response, will not be accepted. No offer to buy the securities can be accepted and no part of the purchase price can be received until the offering statement is filed and only through an intermediary’s platform. An indication of interest involves no obligation or commitment of any kind. Reserving securities is simply an indication of interest and implies no commitment by either the buyer or seller. If and when this offering goes live on the anticipated date of May 18, 2021 (assuming there is sufficient investor interest), please read the full Form C offering statement filed with the SEC before choosing to invest, which will be available on our intermediary portal at startengine.com/cheers


Introducing Regulation Crowdfunding

On April 5th, 2012, Congress passed into law with bipartisan support the Jumpstart Our Business Startups (JOBS) Act, which put into motion the ability for the public to invest into startup companies. Due to the way the laws were written, many startups decided not to participate in the early years either because the ongoing reporting requirements and expenses were too burdensome, or the caps on the amount that could be raised were too low to be meaningful.

Ever since its initial passing, the legislation has been slowly gaining speed and getting updated—something we have been watching closely. Recently, on March 15th, 2021, new rules put in place by the Securities and Exchange Commission (SEC) went into effect that allow eligible companies—such as Cheers—to raise up to $5m per year from the public through something called Regulation Crowdfunding (or “Reg CF” for short). For the first time, this allows companies such as ours to raise a meaningful amount of capital from our most loyal supporters, customers, and people that are excited about our company and the products it produces. Which, of course, is why we are finally pursuing a crowdfunding offering!


Why we’re doing an Online Public Offering:

We believe that this is a monumental move by the SEC because it democratizes fundraising for startups so that their supporters can share in the successes (and failures—which happen) of a company that they believe in and already want to see become successful. In today’s world, people are becoming increasingly loyal to brands and companies that they love. If you love an up-and-coming beer brand, or a local coffee shop chain, or a tech-enabled clothing line, wouldn’t you want the chance to invest? You’re already zealously buying their products and telling your friends about them, why not get the chance to be an investor too?


From the company’s perspective, this is reciprocally true. Who better to invest than the people who love your products, rave to their friends about it, and already essentially act like investors?

Our customers already go to bat for us in so many ways: whether it's buying thousand-dollar orders for a friend’s wedding, bringing enough product for their entire group on cruises, making sure their husband doesn’t forget to take their pills before bed, leaving rave reviews, or passionately explaining why our product is superior to a cheap knockoff on an internet debate. And that’s just a few of the examples!

Why shouldn’t our customers be able to formally become part of Cheers’ journey by becoming investors? Our customers and supporters are the exact type of people we want alongside of us! Of course, there are risks with any investment, whether into a large public company or a smaller private company, but if things go well—it could be a major win-win situation for startups and their customers, both of whom already have a shared interest in the success of the company.

Generally speaking, if a company is uninterested in taking on debt financing, startups typically have one primary source of capital that they can turn to when they want to expand: venture capital firms. While crowdfunding offsets some of the need for turning to venture capital firms, we want to make sure to point out that it does not replace them. In fact, after our request for a $400k investment on a $3.6m pre-money valuation got turned down during our Shark Tank pitch, we raised $2.1m on a pre-money valuation of $11.9m from venture capital investors just a few months after the February 2018 airing of our Shark Tank episode. While you shouldn’t count your chickens before they hatch, we believe these investors are happy with our performance so far as our 2020 revenue was 45% higher than our 2018 revenue, and our 2020 net income was a whopping $2.7m higher than our 2018 net income. That’s a pretty big deal!

For Cheers, we believe the best move for our next round of financing makes sense to come primarily from our customers and most loyal supporters. There’s power in numbers, and the potential value of adding thousands of investors to the company at our current stage is extremely compelling. In the future, it may make sense to raise capital from strategic venture capital investors that could help with certain aspects of the business’ expansion. However, at this current juncture in the business, we couldn’t be more excited about the chance of getting thousands of our most passionate supporters involved. There’s no end to the benefits that come from having an army of people who want to see a business be successful.


How does the Online Public Offering work?

As part of the democratization of investing that comes with Regulation Crowdfunding and the ability for all types of people to invest into startup companies, Congress wanted to ensure that all potential investors had access to the same information. The solution that Congress came up with in the JOBS Act was there had to be one centralized place that an investor could access that information—the website of the funding portal or broker-dealer that hosts the crowdfunding offering—which in our case is StartEngine.

At the end of 2020, there were 62 funding portals that had been approved by the Financial Industry Regulatory Authority (FINRA). Of these funding portals, StartEngine seemed like the best place to do our first Online Public Offering. Since the founding of their company, StartEngine has raised over $300m+ for companies on its portal from over 175,000 investors. They even boast Shark Tank’s Kevin O’Leary (aka “Mr. Wonderful”)—you know, the mean bald guy, as an advisor. We’re excited about the opportunity to promote our company on their platform and use them as a partner in this offering.

Because of SEC rules, all of the information that we will give regarding investment opportunities in Cheers will live on startengine.com/cheers. There will be no information that we will send that doesn’t exist on startengine.com/cheers. Even if we send email blasts to our current customers and supporters, they will be referencing information that can be found on our StartEngine page and will ultimately link to it.

As of today (May 4, 2021) we are in something called the “testing the waters” phase. The testing the waters phase is intended to help us establish that there will be enough investor interest to warrant launching our OPO, and will last until the offering officially goes live. We anticipate for this phase to last about 14 days.

During this phase we are allowed to talk about our plans with the offering, explain minor details about the company, and generate overall interest in the offering. However, in order to be able to keep this blog post up and still comply with the rules once the offering officially starts, there are some things we are not able to discuss such as the investment terms of the offering, the official investor perks, and more. For that information you will have to wait until our anticipated launch date of May 18, 2021.

Due to SEC rules, even once the offering is live, there are some things that we are not allowed to discuss outside of the funding portal where our Online Public Offering lives. These include the type of security we are offering, the terms of that offering, when it is closing, the investor perks that come with investing early or at certain investment amounts, and so on.

While the rules may seem prohibitive, we actually believe the system set up by the SEC makes a lot of sense: all information that an investor could and should use to make an investment decision should live in one central place that everyone can access, and where the person can actually invest… i.e., the funding portal—which in our case, is our page on StartEngine: startengine.com/cheers. Therefore, the way we see it, startengine.com/cheers is our home away from home. That’s the way you should see it too. It’s where we will communicate with our investors now and in the future. In other words, it’s not only our funding portal, but it’s the portal for our funders. It’s the go-between connection between us and our investors.


House rules:

What’s next?

As we have discussed above, right now we are in the “testing the waters” phase of our Online Public Offering. Because of this, we cannot yet formally accept investments or promises to invest. However, StartEngine allows for “reserving” an investment. This means that you can indicate interest in a certain investment even before the offering goes officially live to secure a place in line for the offering. You can change this later if you want.

Doing a “reserve” does not guarantee an investment—either on your end or our end. This is because before the offering goes live or closes, things could always change. It does however reserve your place in line for when the offering officially goes live on our anticipated launch date of May 18, 2021.

We believe that doing a reserve is a smart idea. Why? Because we expect to have a special timeline of early bird investment dates that allow you to get some significant extra bonuses for the same level of investment. Due to the SEC rules we discuss above, we’re not saying here what these bonuses officially are outside of StartEngine. However, what we can say is that they are quite meaningful, and you should either do a “reserve” or be prepared to make an investment decision within the first 72 hours of when our Online Public Offering goes live on our anticipated launch date of May 18, 2021. You can check out these anticipated bonuses at startengine.com/cheers.


As of right now, we are planning to have 3 major early bird bonuses:

You can view these anticipated bonuses at startengine.com/cheers.


After the conclusion of our first two weeks, we anticipate that you will still be able to get a deal equivalent (security-wise) to our Regular Early Bird Bonus Special if you invest a certain amount and hit the relevant investment tier. However, these investment tiers become pricier, so if you’re not able (or willing) to invest a lot, then it’s better to invest earlier. Even if you’re hoping to invest the max (which we anticipate being $10,000), then it’s best to invest during the Super or Extra Early Bird Bonus time of the offering.

In total, we anticipate the entire Online Public Offering to last 60 days from the planned launch date of May 18, 2021. However, StartEngine and SEC rules may allow us to extend the offering under some circumstances.

We anticipate that the minimum investment amount will be around $125. So, if you’re interested, then you can participate for about the cost of a fancy date night. That said, we are planning for there to be special investment perks given with higher investment tiers—so be sure to be on the lookout for those. (Oh, and you’ll probably want to celebrate joining us on this journey with a bottle of champagne, so you’ll want to budget for that of course! 🍾)

As a quick note, due to the type of security that we’re planning on launching, the price of the security is not a cleanly divisible number such as $1. It will be around $40, and therefore, the possible investment increments will likely look like $120, $160, $200, and so on. So, please don’t be surprised when trying to invest in our securities if it rounds you up. That’s just how it has to work, as the securities aren’t cleanly divisible by an easy number such as $1.

Additionally, at different investment tiers we are planning to give special investor perks. As of right now, we are planning to offer different one-year discount codes off of Cheers’ products. While these won’t be able to be stacked with other discounts that we offer from time to time at Cheers, they will be significant. So, if you order a lot of Cheers products through the year, this may be a way to save money! We even plan to give out special product / swag kits to people who invest enough. These are all things that we are doing to show our gratitude for your support beyond the value of the security itself.

If you want to see our anticipated investor perks, please visit startengine.com/cheers.


Updates about Cheers:

In order to be able to keep this announcement up and still comply with the SEC rules once the offering officially starts, there are some things we are not able to discuss such in this announcement. For all of this information, you will have to wait until our Online Public Offering officially goes live on our anticipated launch date of May 18, 2021.


We believe that we have built an incredibly exciting business so far, and so we can’t wait for you to check out everything that we have accomplished and what our plans are for the future—such as our planned launch into retail. As you should do with any investment decision, please be sure that you read the entirety of the offering memorandum and Form C as filed with the SEC, which will be able to be reviewed on startengine.com/cheers once our Online Public Offering officially goes live.

Until then, there are a few things we are able to share—which can also be currently found on startengine.com/cheers.

Reasons to invest:


We have built an awesome and passionate team dedicated to Cheers’ mission of “bringing people together by promoting fun, responsible, and health-conscious alcohol consumption.” Everyone on our team is excited about the category of alcohol-related health and are working to make it a mainstay in the American consciousness. Our goal is for Cheers to become a household name when it comes to alcohol-related health and the products someone reaches for anytime they drink alcohol. In our eyes, Cheers is to alcohol as Kleenex is to a runny nose.

If you’re reading this, then chances are that you are already a loyal customer to the brand. We couldn’t be more ecstatic about the chance of having you formally join along with us in this venture by investing and uniting with us on this journey. We’re all bullish on the future of alcohol-related health and our place in leading the movement. We hope you will be too!

Given the new regulation changes, this is an exciting time in the United States for startups and investors as a whole—but it’s an especially exciting time for Cheers and our customers as we lock arms and start building for the future!

If you’re ready to “reserve” an investment, please visit our funding portal page at startengine.com/cheers. Until then, mark your calendars for our anticipated launch date of May 18, 2021 and be prepared to watch for updates along the way!


Cheers,
Brooks Powell

Founder & CEO

Shop the sale 🍾

What better way to celebrate a potential investment than with a good sale? 🎉 We’re so excited to have you along for this journey, and we want you to get your favorite Cheers products at the best deal! Discount is valid for orders over $25. Does not apply to existing/recurring orders.


References

About Cheers

Cheers is the leading alcohol-related health brand focused on developing products that support your liver and help you feel great the next day. As a student at Princeton, Cheers’ founder Brooks Powell discovered the potential advantage of incorporating the natural plant extract Dihydromyricetin (DHM) into an after-alcohol consumption regimen and began working with his professors to make products that addressed the unique challenges of alcohol-related health. . Since its official launch in 2017, Cheers has sold more than 13 million doses  to over 300 thousand customers. The research-backed line of products includes three versions of supplemental pills and powders – Restore, Hydrate and Protect. Cheers is now releasing read-to-drink versions of their products—starting with Cheers Restore. Each product is equipped to meet different health needs such as rehydration, liver support, and acetaldehyde exposure. Cheers places an equal emphasis on the responsibility and health aspects of its mission and vision. The brand’s mission is bringing people together by promoting fun, responsible, and health-conscious alcohol consumption. The vision is a world where everyone can enjoy alcohol throughout a long, healthy, and happy lifetime. For more information, visit cheershealth.com or join the social conversation at @cheershealth.

Use the code INVEST20 for 20% off!

These statements have not been evaluated by the Food and Drug Administration.
These products are not intended to diagnose, treat, cure or prevent any disease.