Company: IPST
Filing Date: 2025-06-10
Form Type: DEF 14A
Source: 0001788230-25-000111
Chunk: 51

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-06-10
Form: DEF 14A
Chunk 51
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5, our Board approved a proposal to amend the Certificate of Incorporation to increase the number of our authorized shares of capital stock from 75,000,000 shares to 495,000,000 shares, of which 490,000,000 will be shares of common stock and 5,000,000 will be shares of preferred stock (the “Share Increase”).

Form of the Share Increase Amendment

The proposed amendment (the “Share Increase Amendment”) would only amend Article Four of our Certificate of Incorporation to read in its entirety as follows:

“The Corporation is authorized to issue two classes of stock to be designated, respectively, " Common Stock " and " Preferred Stock ." The total number of shares of capital stock that the Corporation shall have authority to issue is 495,000,000. The total number of shares of Common Stock that the Corporation is authorized to issue is 490,000,000, having a par value $0.0001 per share, and the total number of shares of Preferred Stock that the Corporation is authorized to issue is 5,000,000, having a par value $0.0001 per share.”

BACKGROUND AND REASONS FOR THE SHARE INCREASE

The Certificate of Incorporation currently authorizes the issuance of up to 75,000,000 shares of capital stock, including 70,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of the Record Date, there were 500,000 shares designated as Series A Preferred Stock and 800,000 shares designated as Series B Preferred Stock. As of the close of business on the Record Date, there were 12,050,386 shares of common stock issued and outstanding, excluding the following as of such date: (a) up to an aggregate of 6,823,584 shares of common stock issuable upon exercise of our outstanding common stock purchase warrants, (b) an aggregate of 718,493 shares of outstanding pre-paid warrants, (c) up to an aggregate of 796,419 shares of common stock issuable upon conversion of all shares of Series A Preferred Stock, and (d) up to an aggregate of 17,571,508 shares of common stock issuable upon conversion of all shares of Series B Preferred Stock, including accrued dividends and any bonuses thereon for the Series A Stated Value or Series B Stated Value.

If the Authorized Share Proposal is approved by stockholders, upon the effectiveness of the Share Increase Amendment, we will have a total