Company: IPST
Filing Date: 2025-02-04
Form Type: 424B3
Source: 0001213900-25-010139
Chunk: 282

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-02-04
Form: 424B3
Chunk 282
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 (i) the Stated Value plus (ii) the amount of all accrued dividends, by (b) the then applicable
Conversion Price. The “Conversion Price” was initially equal to $5.00 per share, subject to adjustment to the price per share
at which the common stock is sold at the Company’s Initial Public Offering if lower than the initial Conversion Price (and was fixed
at $4.00 per share subsequent to September 30, 2024, upon the November 25, 2024 initial public offering at $4.00 per share). Each share
of Series A Preferred Stock will automatically be converted on June 15, 2027 into a number of shares of common stock determined
by dividing (a) an amount equal to 110% of the sum of (i) the Stated Value plus (ii) the amount of all accrued dividends,
by (b) the then-applicable Conversion Price.

<div align='center'>F-28

Heritage Distilling Holding Company, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)</div>

NOTE 9 — STOCKHOLDERS’ EQUITY (cont.)

Any time on or after June 15, 2025, the Company
shall have the right to redeem some or all of the outstanding shares of Series A Preferred Stock from funds legally available therefor,
upon at least 30 days prior written notice to the holders of the Series A Preferred Stock, at a redemption price per share equal
to 110% of the sum of the Stated Amount plus all accrued and unpaid dividends on such shares of Series A Preferred Stock.

As of September 30, 2024, the Company had
received subscriptions of $4,948,478 of Series A Preferred Stock (of which $1,831,265 was from a related party), including $2,025,000
in cash (of which $834,000 was from a related party); $1,155,000 in the form of 525 barrels of aged whiskey (with an average value of
$2,200 per barrel and with $259,875 allocated to barrel fixed assets and $895,125 allocated to whiskey inventory); $110,600 was paid by
the sale of and transfer to the Company by a related party of an aggregate of 50 barrels of premium aged whiskey (with an average value
of $2,212 per barrel and with $24,750 allocated to barrel fixed assets and $85,850 allocated