Company: IPST
Filing Date: 2025-12-23
Form Type: 424B3
Source: 0001213900-25-125341
Chunk: 432

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-12-23
Form: 424B3
Chunk 432
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 $100 per share were recalculated and reissued as 12,313 warrants at $80.00 per share (and the 3,028 related party warrants at $100 per share were recalculated and reissued as 3,785 warrants at $80.00 per share.). For the year ended December 31, 2023 the Company issued zero warrants. During the years ended December 31, 2024 and 2023, the assumptions used in the Black -Scholesoption pricing model were as follows:

|                                           |     | For the Years Ended 
        December 31, |     |      |
|                                           |     |                2024 |     | 2023 |
| Weighted Average Expected Volatility      |     |                 70% |     |    — |
| Expected Dividends                        |     |                  —% |     |    — |
| Weighted Average Expected Term (in years) |     |                   5 |     |    — |
| Risk-Free Interest Rate                   |     |               4.22% |     |    — |

As of December 31, 2023, 1,786 fixed warrants were exchanged for previously issued variable warrants. As of December 31, 2024 and 2023, in addition to the Contingent Legacy Shareholder Warrants discussed above, there were outstanding and exercisable warrants to purchase 39,808 and 5,846, respectively, shares of common stock, As of December 31, 2024, the weighted -averageremaining contractual term was 1.85 years for the outstanding and exercisable warrants. The Underwriting Agreement and the related warrants granted to the Underwriter equal 5% of the total proceeds raised in the Company’s November 25, 2024 initial public offering at an exercise price equal to the offering price, or warrants for 4,218shares at $80.00 per share (the “Underwriter Warrants”). The number of Underwriter

F-94 Heritage Distilling Holding Company, Inc.
Notes to Consolidated Financial Statements NOTE 9 — STOCKHOLDERS’ EQUITY / (DEFICIT) (cont.) Warrants may increase by up to 15% (to warrants for 4,851shares at $80.00 per share) if the Underwriter elects to utilize the overallotment rights of the Offering. As of April 28, 2025, the underwriter has not exercised any