Splash signed a non-binding letter of intent in March 2026 to merge with Medterra CBD, a profitable cannabinoid wellness company that generated more than $52 million in revenue in fiscal 2025. The company received notice from NYSE Regulation in April 2026 of non-compliance with minimum shareholders' equity standards and is required to submit a compliance plan by May 29, 2026. Brady Cobb was appointed Interim CEO effective immediately in May 2026.
Cyborg Score Rationale
The stock has declined over 77% in the past year with negative EBITDA of -$8.1 million in the last twelve months. The company reported a lack of revenue since March 2025. NYSE compliance issues threaten continued listing status. The Medterra merger represents a critical turnaround effort.
Top Insights
Proposed Medterra merger would transform Splash into a cannabinoid-focused wellness platform with combined brand portfolio and operating scale, with expected integration of Medterra CEO J.P. Larsen.
Water business backed by multi-year anchor customer purchase order valued at approximately $6 million annually, with Costa Rican water deliveries positioned to begin Q1 2026.
Joint venture with BAAD Ventures established in November 2025 for hemp-THC drinks, with Splash holding 51% ownership of Nimbus THC flavored seltzers.
Company pursuing Medterra merger while managing critical NYSE compliance issues requiring submission of corrective action plan.
Named Competitors
Jack Daniel's — Premium spirits and tequila portfolio
(May 2026) Brady Cobb appointed as Interim Chief Executive Officer
(May 2026) Received NYSE Regulation notice of non-compliance with minimum shareholders' equity standards; required to submit compliance plan by May 29, 2026
(March 2026) Signed non-binding letter of intent to merge with Medterra CBD, a profitable cannabinoid wellness company with $52+ million annual revenue
(February 2026) Appointed Brady Cobb to Board of Directors
(January 2026) Senor Frog's selected Chispo Tequila as house tequila across locations in Florida, the Bahamas, and Mexico
(November 2025) Entered joint venture with BAAD Ventures for hemp-THC beverage category with 51% ownership stake
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