Company: IPST
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-006695
Chunk: 257

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 257
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Dividends— The holders of common
stock and Founders Common Stock are entitled to receive dividends if declared by the Board of Directors. No dividends have been declared
since the inception of the Company.

Voting rights— The holders of Founders
Common Stock are entitled to four votes for each share of Founders Common Stock and general common stockholders are entitled to one vote
for each share of general common stock.

Upon approval of this increase in authorized shares,
the 2022 and 2023 Convertible Notes were exchanged (contingent upon the consummation of the Company’s initial public offering) for
additional shares of common stock and prepaid warrants; The actual unconditional exchange of the Convertible Notes and
reclassification of the aggregate fair value of exchanged notes (of $ and $ as of September 30, 2024 and December 31,
2023, respectively) will be reclassified from Convertible Notes to equity under the terms of the Subscription Exchange Agreement will
occur upon the closing of the Company’s IPO (which occurred subsequent to September 30, 2024, on November 25, 2024) — which
is the remaining prerequisite for the unconditional exchange of the 2022 and 2023 Convertible Notes for equity. (See Note 5.) Upon
approval of the April 2024 increase of authorized capital stock, the Whiskey Special Operation Convertible Notes were exchanged (contingent
upon the consummation of the Company’s initial public offering, which occurred subsequent to September 30, 2024, on November 25,
2024) for additional shares of common stock and prepaid warrants; The actual unconditional exchange of the Convertible
Notes and reclassification of the aggregate fair value of exchanged notes (of $ and $ as of September 30, 2024 and
December 31, 2023, respectively) will be reclassified from Convertible Notes to equity under the terms of the Subscription Exchange Agreement
upon the closing of the Company’s anticipated IPO (which occurred subsequent to September 30, 2024, on November 25, 2024) —
which is the remaining prerequisite for the unconditional exchange of the Whiskey Special Operation Convertible Notes for equity. (See
Note 5.) As of September 30, 2024, the Company had shares of common stock issued and outstanding. As of September 30,
2024, including the shares of common stock related to the conversion of the Convertible Notes, the