Company: IPST
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-006695
Chunk: 324

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 324
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 of $ 0.0001per share. Subsequent to December 31, 2023, the Company is in process filing a Second Amendment to its Amended and Restated Certificate of Incorporation to increase authorized capital to 70,000,000shares. (See Note 16.) The key terms of the common stocks are summarized below: 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 this offering) for 3,312,148additional shares of common stock and 507,394prepaid warrants; The actual unconditional exchange of the Convertible Notes and reclassification of the aggregate fair value of exchanged notes (of $ 36,283,891as of December 31, 2023) will be reclassified from Convertible Notes to equity (of Common Stock Par Value of $ 331and Paid-in-capital of $ 36,283,560) under the terms of the Subscription Exchange Agreement will occur upon the effectiveness of the Company’s anticipated IPO — which is the remaining prerequisite for the unconditional exchange of the 2022 and 2023 Convertible Notes for equity. (See Note 5.) As of December 31, 2023, the Company had 381,484shares of common stock issued and outstanding. As of December 31, 2023, including the 3,312,148shares of common stock related to the conversion of the 2022 and 2023 Convertible Notes, the Company had 3,693,632shares of common stock issued and outstanding. During the year ended December 31, 2023, the Company repurchased 126 shares of common stock and no common stock warrants were exercised. F-67 Heritage Distilling Holding Company, Inc.
Notes to Consolidated Financial Statements NOTE 9 — STOCKHOLDERS’ EQUITY (cont.)

Stock options— The Company’s
2018 Equity Incentive Plan was approved by the HDC Board and the HDC shareholders in March 2018. On April 27, 2019, in