Company: IPST
Filing Date: 2025-02-04
Form Type: 424B3
Source: 0001213900-25-010139
Chunk: 28

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-02-04
Form: 424B3
Chunk 28
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-----------:|:--|:----|:-------------|------------:|:--|:----|:-----|:------------|:--|
| Net income/(loss)                                         |     | $             |  5,426,409 |   |     | $            | (36,798,419 | ) |     | $    | (12,268,216 | ) |
| Add back: Change in fair value of convertible notes       |     |               | (8,324,198 | ) |     |              |  22,764,854 |   |     |      | (2,117,636  | ) |
| Add back: Change in fair value of warrant liabilities     |     |               | (1,734,308 | ) |     |              |     240,159 |   |     |      | (148,364    | ) |
| Add back: Change in fair value of acquisition contingency |     |               |   (457,127 | ) |     |              |           — |   |     |      | —           |   |
| Adjusted net income (loss)                                |     | $             | (5,089,224 | ) |     | $            | (13,793,406 | ) |     | $    | (14,534,216 | ) |

<div align='center'>14

RISK FACTORS</div>

Investing in our securities involves a high degree of risk. You should carefully consider the following information about these risks, together with the other information appearing elsewhere in this prospectus, including our financial statements, the notes thereto and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” before deciding to invest in our securities. The occurrence of any of the following risks could have a material and adverse effect on our business, reputation, financial condition, results of operations and future growth prospects, as well as our ability to accomplish our strategic objectives. As a result, the trading price of our securities could decline, and you could lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations and stock price.

Risks Related to Our Financial Position and Capital Needs

We have a history of losses, anticipate increasing our operating expenses in the future and may not achieve or maintain profitability in the future.

We have a history of operating losses, including
operating losses of $6,604,