Company: IPST
Filing Date: 2025-08-15
Form Type: 424B3
Source: 0001641172-25-024420
Chunk: 39

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-08-15
Form: 424B3
Chunk 39
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 to the Automatic Exercise Date on a cashless exercise basis (in accordance with Sections 3(d) and (e) below). The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

In no event shall this Warrant be exercised until the Company has received stockholder approval of the issuance of this Warrant as required by Nasdaq Listing Rule 5635(c).

(b) Exercise Basis. The maximum number of shares of Common Stock that may be acquired under this Warrant shall be as stated above.

(c) Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $0.01, subject to adjustment as set forth in Section 2 (the “ Exercise Price”).

(d) Cashless Exercise.If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” pursuant to Section 1(e).

If Warrant Shares are issued pursuant to this Section 1(d), the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of this Warrant. The Company agrees not to take any position contrary to this Section 1(d).

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(e) Cashless Exercise Formula. If this Warrant is exercised pursuant to Section 1(d), then this Warrant may only be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

| A = | the                                                                                          
 Closing Price of the Common Stock on the Exercise Date;                                      |
| B = | the                                                                                          
 Exercise Price of this Warrant, as adjusted hereunder; and                                   |
| X = | the                                                                                          
 number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance  
 with the terms of this Warrant if such exercise were by means of a cash