Company: IPST
Filing Date: 2025-06-13
Form Type: S-1
Source: 0001641172-25-015121
Chunk: 251

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-06-13
Form: S-1
Chunk 251
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arrants were issued to a related party). Upon the November 25, 2024 initial public offering at $ 4.00per share, the 197,013warrants at $ 5.00per share were recalculated and reissued as 246,267warrants at $ 4.00per share (and the 60,563related party warrants at $ 5.00per share were recalculated and reissued as 75,705warrants at $ 4.00per share).

The Series A Preferred Stock has a liquidation preference equal to the greater of (i) 110% of the sum of (a) the Series A Preferred Stock Stated Value, plus (b) the amount of the aggregate dividends then accrued on such share of Series A Preferred Stock and not previously paid, or (ii) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into common stock immediately prior to such liquidation, dissolution or winding up. Accordingly, the Series A Preferred Stock liquidation preference as of March 31, 2025 (with 494,840shares outstanding and a stated value of $ 5,938,080) was $ 7,318,436.

In consideration of purchases of Series B Preferred Stock by certain Series A Preferred Stock holders subsequent to March 31, 2025, on May 1, 2025, an aggregate of 284,140outstanding shares of Series A Preferred Stock and 116,263warrants to purchase shares of common stock at $ 4.00per share (of which 183,122shares of Series A Preferred Stock and 75,702related warrants to purchase common stock at $ 4.00per share were of a related party) was exchanged for Series B Preferred Stock. See Preferred Stock - Series B below. (See also Note 14.)

Preferred Stock — Series B— By written consent dated January 23, 2025 (pursuant to authority conferred upon the Board of Directors by the Company’s second amended and restated certificate of incorporation), the Board of Directors designated 750,000shares of authorized but unissued Preferred Stock as Series B Convertible Preferred Stock (the “Series B Preferred Stock”). The shares of Series B Preferred Stock, par value $ 0.0001per share have a Subscription Price of $ 10per share and a stated value of $ 12per share (the “Series B Stated Value”). The Series B Preferred Stock