Company: IPST
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-006695
Chunk: 17

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 17
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 exercise price equal to $6.00 per share. Initial Public Offering of Common Stock.On November 25, 2024, we completed our initial public offering of our common stock and sold an aggregate of 1,687,500 shares of common stock at an initial public offering price of $4.00 per share. On November 25, 2024, we also sold common warrants (the “Common Warrants”) to purchase an aggregate of up to 382,205 additional shares of common stock in a concurrent private placement to certain existing security holders. The Common Warrants have an exercise price equal to $0.01 per share and were sold for a price per Common Warrant equal to $3.99, the price per share at which the common stock was sold in our initial public offering less $0.01. The gross proceeds we received from our initial public offering and the concurrent private placement, before deducting underwriting discounts and commissions and offering and private placement expenses payable us, were approximately $8.275 million. The Equity Line of Credit. On January 23, 2025, we entered into the ELOC Purchase Agreement with the Investor establishing the Facility. Pursuant to and subject to the conditions set forth in the ELOC Purchase Agreement, beginning on January [__], 2025 (the “Commencement Date”), we have the right from time to time at our option to direct the Investor to purchase the ELOC Shares up to the lesser of (i) a maximum aggregate purchase price of $15,000,000 (the “Maximum Commitment Amount”), and (ii) the Exchange Cap (as defined below), subject to certain limitations and conditions set forth in the ELOC Purchase Agreement. Sales of the ELOC Shares to the Investor under the ELOC Purchase Agreement, and the timing of any sales, will be determined by us from time to time in our sole discretion and will depend on a variety of factors, including, among others, market conditions, the trading price of our shares and determinations by us regarding the use of proceeds from any sale of such ELOC Shares. The net proceeds from any sales under the Facility will depend on the frequency with, and prices at, which the ELOC Shares are sold to the Investor. To the extent we sell shares under the ELOC Purchase Agreement, we currently plan to use any proceeds for the purchase of raw goods to produce more products for sale, additional digital marketing to drive more e-commerce sales, marketing and sales support to grow our wholesale efforts, additional