Company: BLNE
Filing Date: 2025-02-05
Form Type: DEF 14A
Source: 0001493152-25-005006
Chunk: 40

Company: Beeline Holdings, Inc.
Filing Date: 2025-02-05
Form: DEF 14A
Chunk 40
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 Nasdaq shareholders’ equity requirement by September 30, 2024, a week before the October 7th deadline.

Meanwhile, on June 5, 2024, Beeline arranged to raise $3.3 million through the sale of 43.3 million convertible debentures (the “Debentures”). The sale of the Debentures required Beeline to either go public by registering the underlying common stock or complete a reverse merger with a public company. Beeline ultimately abandoned the “go public” transaction.

Throughout June and July 2024, Eastside pursued due diligence efforts and received additional materials from Beeline. On June 13, 2024, our Chief Executive Officer provided the Board with a business update, addressing financial needs and matters related to the spirits business.

On June 21, 2024, our Chief Executive Officer met with Beeline management to discuss Merger synergies, including Eastside’s business plan and progress made in restructuring activities. Subsequent discussions included potential integration of the finance departments, where Eastside would retain accounting control in a merged entity.

These discussions continued, and on July 1, 2024, our Chief Executive Officer met with Beeline’s Chief Executive Officer, Nicholas Liuzza, and Chief Financial Officer, Christopher Moe, to discuss engaging an investment banker to assist with completing the transaction and securing bridge financing. Discussions about valuation, capital requirements, and critical outcomes necessary for a successful transaction stretched into the following weeks. On July 11, 2024, Mr. Gwin met with Messrs. Liuzza and Moe to explore financing ideas further.

On July 18, 2024, Eastside and Beeline signed an engagement letter with an investment banker who had previously assisted in selling the Beeline Debentures. Discussions ensued about potentially raising additional capital and amending the terms of the Debentures. Eastside also held discussions with a Beeline shareholder about investing in one of the companies before the transaction closed, but these discussions ultimately fell through.

On July 19, 2024, Eastside introduced its counsel to Beeline’s legal team to review legacy litigation. During the following week (July 22–25, 2024), teams from both companies continued due diligence on the proposed transaction. Over the subsequent weeks, Eastside delivered cash forecasts and discussed transaction terms with Beeline. These discussions continued into August. Internally, Eastside focused on cash needs, capital table updates, and transaction synergies associated with the proposed