Company: IPST
Filing Date: 2025-06-13
Form Type: S-1
Source: 0001641172-25-015121
Chunk: 372

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-06-13
Form: S-1
Chunk 372
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 Series B Preferred Stock.

Subsequent to December 31, 2024, as of April 28, 2025, the Company had received subscriptions for $ 2,551,810( 255,181shares) of Series B Preferred Stock (of which $ 250,000was from a related party), including: $ 392,000( 39,200shares at a Conversion Price of $ 0.56per share of common stock) from the exchange of 700,000prepaid warrants at a VWAP of $ 0.56per prepaid warrant; and $ 1,150,000( 115,000shares) from the ELOC Investor, of which $ 1,000,000( 100,000shares at a Conversion Price of $ 1.11per share of common stock) was purchased in January 2025 in conjunction with the execution and registration of the ELOC Purchase Agreement. The Series B Preferred Stock has Conversion Prices ranging from $ 0.4736to $ 1.17per share of common stock, and a weighted average Conversion Price of $ 0.741per share of common stock. An additional 119,207warrants were issued with the Series B Preferred Stock with an exercise price of $ 0.01per share and an additional 327,868warrants were issued with an exercise price of $0.001 per share. (See Note 9.)

The Series B Preferred Stock has a liquidation preference equal to the greater of (i) 110% of the sum of (a) the Series B Stated Value, plus (b) the amount of the aggregate dividends then accrued on such share of Series B Preferred Stock and not previously paid, or (ii) such amount per share as would have been payable had all shares of Series B Preferred Stock been converted into common stock immediately prior to such liquidation, dissolution or winding up. Accordingly, the Series B Preferred Stock liquidation preference as of April 28, 2025 (with 255,181shares outstanding and a stated value of $ 3,062,172, and with accrued dividends of $ 59,189) was $ 3,433,497.

Prepaid Warrants—Subsequent to December 31, 2024, through April 28, 2025: 1,252,559 Prepaid Warrants (with an exercise price of $ 0.001 each) were exercised cashlessly for 1,250,777