Company: IPST
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-006695
Chunk: 337

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 337
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 were no subsequent events identified for disclosure as of the date the financial statements were available to be issued. On May 14, 2024, the Board and Shareholders of the Company approved a .57-for-1 reverse stock split. All share and per share numbers included in these Financial Statements as of and for the years ended December 31, 2023 and 2022 reflect the effect of that stock split unless otherwise noted. The Company’s Board of Directors and shareholders took certain actions and approved Amendments to the Company’s certificate of incorporation and bylaws in preparation for a planned initial public offering (the “Actions and Amendments”), and have begun the process of filing of the Second Amendment to Amended and Restated Certificate of Incorporation of Heritage Distilling Holding Company, Inc. These Actions and Amendments, among other things: will increase the Company’s authorized capital from 10,000,000shares to 70,000,000shares, including 69,500,000shares of common stock and 500,000shares of Founders Common Stock. The increase in authorized shares will include provision for the additional shares to be issued with the Company’s anticipated IPO, including those discussed in the following paragraphs, and other future equity activities not yet known. F-75 Heritage Distilling Holding Company, Inc.
Notes to Consolidated Financial Statements NOTE 16 — SUBSEQUENT EVENTS (cont.) In March 2024, the Company increased the $ 5,000,000Round of convertible notes with a 12.5% interest rate and an August 29, 2026maturity date (the “Whiskey Special Ops 2023 Notes”) to $ 10,000,000. Subsequent to $ 2,975,000raised through December 31, 2023, the Company raised additional proceeds under the terms of the Whiskey Special Ops 2023 Notes (“Whiskey Notes”) of $ 767,000in January 2024, $ 718,110in February 2024, $ 1,630,760in March 2024, and $ 540,000in April 2024, through April 26, 2024, for aggregate total principal of $ 6,803,370and proceeds of $ 6,630,870(of which, $ 2,405,500of principal and $ 2,233,000of proceeds was with a related party). Beginning in January 2024, the Company offered holders of the Whiskey Notes an option to