On October 12, 2022, market researcher Spruce Point Management published a report alleging issues with MGP. In relevant part, the Spruce Point report alleged that, contrary to representations, MGP’s merger with a branded spirits company did not result in immediate cash accretion, but instead is losing MGP money, causing MGP to mark down the price of their branded spirits by 5-50% to clear inventory.

On this news, MGP share prices dropped by $3.99, or approximately 3.9%, to open on October 12, 2022 at $97.48 per share.