Company: BLNE
Filing Date: 2025-01-03
Form Type: S-1/A
Source: 0001493152-25-000284
Chunk: 10

Company: Beeline Holdings, Inc.
Filing Date: 2025-01-03
Form: S-1/A
Chunk 10
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 through the October 7 thMerger closing. In addition, the Proxy Statement will require extensive disclosure about the businesses of Beeline and the Company including the risk factors facing each company, the management of each company and our Board of Directors (the “Board”), principal stockholders, related party transactions for the prior two year period for each company, and financial statements for the Company and Beeline for two prior years as well as interim financial statements and a discussion about the results of operations and financial condition of each of us for the periods in the financial statements.

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As a public company required to comply with both Nasdaq and SEC rules as they relate to stockholder approval of corporate actions, the process for taking these actions will be prolonged, complex and costly. Under SEC rules, before conducting any stockholder meeting we must first prepare and file a preliminary Proxy Statement with the SEC. Because we expect the SEC Staff may issue extensive comments, we are uncertain when we can schedule the special meeting of stockholders. We will need to allow 45-60 days following the record date to have a meeting; the record date will be before the mailing. In addition, we face a deadline of February 14 thto mail the Proxy Statement without waiting for completion of our 2024 financial statements, which could further delay our ability to have the meeting.

The Series F and Series F-1 Certificates of Designation contemplate former Beeline stockholders owning 82.5% of the Company upon conversion subject to future dilution. Most of the former Beeline capital stock is contained in the Series F. If our stockholders approve the conversion and voting of the Series F, Nicholas Liuzza, Jr., Beeline’s Chief Executive Officer, will beneficially own 24.5% of our Common Stock. If this proposal fails, it is possible Mr. Liuzza and other former Beeline stockholders who are our employees will lose their motivation and fail to focus on Beeline.

Because our Common Stock is listed on Nasdaq, if we obtain stockholder approval for the conversion of our Series F we will at the same time be required to meet the initial listing requirements which are more stringent than the continued listing rules.

When we acquired Beeline, it did not result in a change of control. Whenever there is a change of control under The Nasdaq Stock Market Rules, it is treated as a new listing and subject to the new listing requirements. If our stockholders (other than the holders of the Series F and F-1) approve