Company: IPST
Filing Date: 2025-12-23
Form Type: 424B3
Source: 0001213900-25-125341
Chunk: 20

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-12-23
Form: 424B3
Chunk 20
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, 2024 and the one -for-20reverse stock split of our outstanding shares of common stock that occurred on November5, 2025; and •assumes no exercise of the outstanding options and warrants described above. 10 Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the following information about these risks, together with the other information appearing elsewhere in this prospectus, including our financial statements, the notes thereto and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” before deciding to invest in our securities. The occurrence of any of the following risks could have a material and adverse effect on our business, reputation, financial condition, results of operations and future growth prospects, as well as our ability to accomplish our strategic objectives. As a result, the trading price of our securities could decline, and you could lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations and stock price. Risks Related to Our Financial Position and Capital Needs We have a history of losses and our profitability may be subject to large swings in the future due to changes in the value of the $IP Tokens we own based on their value in the market. We have a history of operating losses, including operating losses of $10,248,970, $6,604,653, $14,918,810, and $11,264,559 for the nine months ended September 30, 2025 and 2024 and the years ended December 31, 2024 and 2023, respectively, and have incurred net losses in each prior year since our inception other than in 2021, the year in which we sold a controlling interest in our B S B — B rown S ugar B ourbon (“ Flavored Bourbon”) brand. While we had an operating profit of $1,855,202 and net income of $196,263,893 for the three month period ended September30, 2025 due primarily to our recognition of crypto and other related revenues from our recently -createdvalidator operations and staking rewards) and as a result of the increase in the fair value of our $IP Token investment, for which we recognized a $245,841,410 gain on change in fair value of intangible digital assets, there can be no assurance that we will continue to produce sufficient revenue from our crypto and related operations and/or spirits operations or to recognize continued or