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Venu Holding Corp (NYSE AMERICAN: VENU) has announced the termination of a marketing and consulting services agreement with former spokesperson Chad Hennings, as per a recent SEC filing. The agreement, which was established on January 25, 2023, was concluded as of Monday, following Hennings’ resignation from the company’s board of directors. The company, currently valued at $357 million, has been facing financial challenges with an EBITDA of -$21 million in the last twelve months.
Under the terms of the agreement, Hennings was responsible for acting as a spokesperson and business-development promoter for Venu Holding Corp. He was compensated with an annual cash payment of $60,000, prorated for partial years, and was granted a warrant to purchase 50,000 shares of the company’s common stock. The warrant began vesting in annual installments starting January 24, 2024.
The company has confirmed that the termination of this agreement does not involve any material early termination penalties. The reasons for Hennings’ departure from the board were not due to any disagreements regarding the company’s operations, policies, or practices.
Venu Holding Corp, formerly known as Notes Live, Inc. and with a history of name changes including B Entertainment LLC and Bourbon Brothers Entertainment, LLC, is based in Colorado Springs, Colorado, and operates within the amusement and recreation services industry.
The information provided in this article is based on a press release statement filed with the SEC. The company’s shares are traded on the NYSE American under the ticker symbol VENU.
In other recent news, Venu Holding Corporation has reported robust sales from its luxury fire pit suites. The company’s sales for December exceeded $11 million, marking an impressive year-long streak of multi-million-dollar monthly sales. Furthermore, Venu’s total fire pit suite sales for the year 2024 amounted to $77.7 million, and projections indicate that sales are expected to surpass $200 million in 2025.
These fire pit suites, unique to Venu, offer investors a lifetime access to every concert at the venue, along with several other benefits. The company has emphasized the financial advantages of owning a suite, such as guaranteed rents, ticket resale revenue, and depreciation benefits.
In addition to its strong sales, Venu is also expanding its presence. The company, which already has venues in Gainesville, Georgia, and Colorado Springs, Colorado, is actively developing in markets including Broken Arrow, Oklahoma, Oklahoma City, Oklahoma, El Paso, Texas, and McKinney, Texas. Venu’s expansion plans also include five additional markets in the pre-construction phase.
Venu’s unique approach to live entertainment has attracted partnerships with entities like AEG Presents and NFL Hall of Famer Troy Aikman.
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