Company: BLNE
Filing Date: 2025-03-26
Form Type: 424B7
Source: 0001641172-25-000695
Chunk: 4

Company: Beeline Holdings, Inc.
Filing Date: 2025-03-26
Form: 424B7
Chunk 4
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, markets and sells a wide variety of alcoholic beverages, including whiskey, vodka, rum and tequila, under recognized brands in 30 U.S. states. Spirits sells its products on a wholesale basis to distributors through open states, and brokers in control states.

Recent Developments

Approval of Initial Listing Application

On March 5, 2025, the Company received a letter from The Nasdaq Stock Market, LLC (“Nasdaq”) notifying the Company that Nasdaq has approved its application for listing of the Company’s common stock on The Nasdaq Capital Market, which was submitted by the Company in connection with its Merger with Beeline. Although the Company’s common stock is currently listed on The Nasdaq Capital Market, the Merger required the Company to file an initial listing application due to the change of control, which occurred at the special meeting of shareholders described below.

Shareholder Approvals at Special Meeting

On March 7, 2025, the Company held its special meeting of shareholders at which the shareholders voted to approve (i) the conversions, exercises and voting rights of securities issued in and following the Merger, (ii) sales under the ELOC in an amount of up to $20 million; (iii) a change of the Company’s name to “Beeline Holdings, Inc.” and (iv) ratification of Salberg & Company, P.A. as the Company’s auditor.

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Conversions of Preferred Stock

Beginning on March 7, 2025, following shareholder approval of the Merger and conversion of shares of preferred stock issued in and following the Merger at the special meeting, holders of the Company’s Series F Convertible Preferred Stock, Series F-1 Convertible Preferred Stock, and Series G Convertible Preferred Stock converted certain of their preferred shares into shares of common stock. As a result of these conversions, there are now 6,995,901 shares of common stock issued and outstanding, and Nicholas Liuzza, Jr. the Chief Executive Officer of the Company, beneficially owns 1,880,522 of the outstanding shares of common stock representing 26.9% of the outstanding voting power. He also holds shares of Series G convertible into 764,149 shares of common stock and Warrants to purchase 382,077 shares of common stock, resulting in total shares of common stock beneficially owned of 3,026,748 representing 37.2% of the shares outstanding after giving effect to such transaction.

Director and Officer Resignations and