Company: BLNE
Filing Date: 2025-01-17
Form Type: PRE 14A
Source: 0001493152-25-002779
Chunk: 116

Company: Beeline Holdings, Inc.
Filing Date: 2025-01-17
Form: PRE 14A
Chunk 116
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 approval, the Series F has voting rights on an as-converted basis. The Series F conversion price and floor price are 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 F will be limited by a beneficial ownership limitation, which restricts the number of shares of Eastside common stock that the holder and its affiliates may beneficially own after the conversion to 4.99%. That beneficial 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 Beeline’s Chief Executive Officer. The number of shares of common stock issuable upon conversion of the Series F is also subject to adjustment as described below under “Series F and Series F-1 Special Adjustment Feature.” Effective immediately upon approval of Proposal 1, the Series F will be eligible to vote, including on the other Proposals being brought before the Special Meeting, subject to any applicable beneficial ownership limitations.

Series F-1

The Series F-1 was issued to former Beeline shareholders in the Merger. The Series F-1 was designed to be equivalent to our common stock. Because of our limited authorized capital, we elected to use the Series F-1. The Series F-1 is convertible into common stock by dividing the stated value ($0.50 per share) by the conversion price ($0.50 per share). As a result, upon conversion each share of Series F-1 converts into common stock on a one-on-one basis. The Series F-1 has voting rights on an as-converted basis. The number of shares of common stock into which a holder may convert Series F-1 will be limited by a beneficial ownership limitation, which is 4.99%. That beneficial 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 In the event of a liquidation of Eastside, the holders of Series F-1 will share in the distribution of Eastside’s net assets on an as-converted basis, subordinate only to the senior position of the Series B, Series C, Series D and Series E. As the date of this Proxy Statement, the Company is in the process of evaluating the timing of the conversion, exercise and voting rights of the Series F-1, and is currently taking the position that the Series F