Company: IPST
Filing Date: 2025-12-19
Form Type: S-1/A
Source: 0001213900-25-123872
Chunk: 401

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-12-19
Form: S-1/A
Chunk 401
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 Promissory Notes. Accordingly, the $ 10,900,000in 2022 Convertible Promissory Notes subscriptions and $ 5,430,000in 2023 Convertible Promissory Notes subscriptions will be due an aggregate of $ 24,495,000upon the sale of Flavored Bourbon, LLC to an arm’s length third party. 2024 Series — Convertible Whiskey Special Ops 2023 Notes In September 2023, the Company opened a $ 5,000,000Round of convertible notes with a 12.5% interest rate and an August 29, 2026 maturity date (the “Whiskey Special Ops 2023 Notes” or the “Whiskey Notes”). In March 2024, the Round was increased to $ 10,000,000. As of November 25, 2024 and December 31, 2023, the Company had: $ 8,526,245and $ 2,975,000, respectively in outstanding principal; and $ 6,630,870and $ 2,975,000, respectively, from proceeds of Whiskey Special Ops 2023 Notes (of which, $ 3,247,425and $ 800,000, respectively, in principal, and $ 2,233,000and $ 800,000, respectively, of proceeds was with a related party); and a fair value for the related Warrant Liability of $ 0and $ 1,512,692, respectively, (of which $ 0and $ 406,774, respectively, in fair value was with a related party). The Whiskey Special Ops 2023 Notes include warrant coverage equal to the Subscription Amount actually paid by the holder pursuant to the Securities Purchase Agreement, divided by the Exercise Price, as defined as the price per share of the Company’s assumed IPO or, in the event the Company had not consummated the IPO, $ 10.00per share. Total warrants outstanding calculated using the IPO price of $ 80.00per share as of November 25, 2024 was 82,885(of which 27,912was to a related party), with the Whiskey Special Ops 2023 Notes and their related warrants having been exchanged for common stock (and prepaid warrants) effective upon the Company’s November 25, 2024 IPO (see details below), leaving 0 related warrants outstanding subsequent to November 25, 2024. The