Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 411

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 411
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 ownership limitation does not, however, apply to holders who are
subject to Section 16 of the Exchange Act by virtue of being an executive officer or director of the Company which presently only applies
to the Company’s Chief Executive Officer.

The Series F and F-1 Preferred Stock was valued at $48.2
million, see Note 4 - Merger. The conversion of Series F and F-1 Preferred Stock was approved at a special meeting of
stockholders on March 7, 2025, see Note 25 – Subsequent Events.

In conjunction with the Senior Secured
Notes entered into on November 14, 2024, the Company entered in a side letters which permitted an affiliate who invested $0.4
million to exchange that amount of stated value of shares of Series F Preferred Stock for a $0.4
million 120-day promissory note and has substantially identical terms to the Senior Secured Notes, except it is subordinated with
respect to its security interest. This affiliate exchanged 896,667
shares of Series F Preferred Stock. Additional side letters permitted two investors to each receive 250,000
shares of Series F Preferred Stock. The net amount of these side letters was (396,667) shares. See Note 16 – Secured Credit
Facilities.

Issuance of Series G Preferred Stock

Each share of Series G Preferred Stock
has a stated value of $0.51
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 G Preferred Stock with an initial conversion price of $5.10
per share. Initial conversion price is subject to adjustment as provided therein including in the event of an issuance of common stock
or common stock equivalents at a price per share that is less than the conversion price, subject to a floor price of 20% of the Nasdaq
Minimum Price as of the initial closing date of the offering of such Series G Preferred Stock. The Series G Preferred Stock conversion
price is subject to equitable adjustment in the event of a stock split, reverse split and similar events. The number of shares of Common
Stock into which a holder may convert Series G Preferred Stock will be limited by a beneficial ownership limitation, which restricts
the number of shares of the Company’s common stock that the holder and its affiliates may beneficially own after the conversion
to 4.99%.The holder of Series G Preferred Stock has no conversion or voting rights