Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 108

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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 basis. In the event of a liquidation of the Company, the holders of Series D Preferred
Stock will share in the distribution of the Company’s net assets on an as-converted basis equally with the Series C Preferred Stock
and Series E Preferred Stock, subordinate only to the senior position of the Series B Preferred Stock. The number of shares of common
stock into which a holder may convert Series D Preferred Stock is limited by a beneficial ownership limitation of 9.99%. The Series D
Preferred Stock conversion price and the floor price will be subject to equitable adjustment in the event of stock splits, reverse splits
and similar events. The Series D Preferred Stock is non-voting.

    24

Beeline
Holdings, Inc.

Notes
to Consolidated Financial Statements

March
31, 2025

(Unaudited)

During the three months ended March 31,
2025, 188,808 shares of Series D Preferred Stock were converted into 104,893 shares of common stock.

Issuance
of Series E Preferred Stock

Each
share of Series E Preferred Stock has a stated value of $10.00 and is convertible into shares of the Company’s common stock pursuant
to the terms and conditions set forth in a Certificate of Designation establishing Series E Preferred Stock with an initial conversion
price of $20.00, subject to an automatic adjustment on October 31, 2025 equal to the average of the VWAPs for the five trading days immediately
preceding the Measurement Date (390 days after the closing under the Debt Exchange Agreement), subject to a “Floor Price”
of $2.50 per share. The Series E Preferred Stock conversion price and the floor price will be subject to equitable adjustment in the
event of stock splits, reverse splits and similar events. The number of shares of common stock into which a holder may convert Series
E Preferred Stock is limited by a beneficial ownership limitation, which restricts the number of shares of common stock that the holder
and its affiliates may beneficially own after the conversion to 9.99%. The Series E Preferred Stock is non-voting.

Pursuant
to the terms of the Debt Exchange Agreement on October 7, 2024, the Company issued a total of 200,000 shares of Series E Preferred Stock
to certain lenders, and they released the Company from liability for $2.0 million of unsecured debt.

Issuance
of Series F and F-1 Preferred Stock

Each
share of Series F