Company: IPST
Filing Date: 2025-12-19
Form Type: S-1/A
Source: 0001213900-25-123872
Chunk: 399

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-12-19
Form: S-1/A
Chunk 399
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 5,330,000and aggregate principal sum of $ 7,230,500(of which $ 2,950,000in cash proceeds and $ 3,982,500in principal was from a related party). In October and November 2023, the holders of the 2023 Convertible Notes agreed to exchange the convertible notes and accrued interest for common stock and prepaid warrants to purchase common stock of the Company. (See below.) Exchange of 2022 and 2023 Convertible Promissory Notes In October 2023 the holders of the 2022 and 2023 Convertible Notes entered into a Subscription Exchange Agreement to exchange into equity the value of their 2022 and 2023 Convertible Notes with all accrued interest and fees through, and effective as of, June 30, 2023. In October 2023, in accordance with the Subscription Exchange Agreement, and upon approval of an increase in authorized capital to accommodate such exchange, a then aggregate fair value of $ 33,849,109in convertible notes was exchanged (contingent upon the consummation of the Company’s initial public offering, which occurred on November 25, 2024) for an aggregate of 165,607shares of common stock (with a then aggregate fair value of $ 30,344,094as of September 30, 2023 and a principal amount of $ 24,795,755, including accrued interest) and 25,369prepaid warrants to purchase common stock (with a then fair value of $ 3,505,015as of September 30, 2023 and a principal amount of $ 1,714,574, including accrued interest). As of November 25, 2024, the fair value of the Convertible Notes that were issued in 2022 and 2023 and were exchanged in October and November 2023 for a fixed number of shares of common stock and prepaid warrants, was revalued and was reclassified from a liability to equity in the amount of $ 15,278,168(including $ 6,870,236of a related party’s holdings) (representing the 165,607shares (including 85,877of a related party’s holdings) of common stock and 25,369prepaid warrants for which the Convertible Notes were exchanged multiplied by the price per share of common stock of $ 80.00in the Company’s November 25, 2024 initial public offering,