Business
Eastside Distilling, Inc. Announces Exercise of Existing Warrants and Issuance of Warrants in Private Placement
PORTLAND, Ore., Aug. 2, 2021 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) ("Eastside" or the "Company"), a consumer-focused beverage company that
About this update from Beeline Holdings, Inc.
[{"type":"text","content":"PORTLAND, Ore., Aug. 2, 2021 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) (\"Eastside\" or the \"Company\"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits and ready-to-drink \"RTD\" craft cocktails, today announced that it has entered into agreements with Bigger Capital Fund, LP and District 2 Capital Fund LP to exercise their existing warrants for cash in exchange for the Company's agreement to issue in a private placement new warrants to purchase up to 900,000 shares of its common stock. \n\n \n \n \n \n \n \n\n \nThe new warrants have substantially the same terms as the existing warrants, except that the new warrants have an exercise price of $3.00 per share and are exercisable five years after they become exercisable. The new warrants will be exercisable upon the Company's receipt of approval from its stockholders to (1) amend its articles of incorporation to increase its authorized common stock to a number of shares that equals or exceeds 17,000,000 shares, and (2) to approve the terms and issuance of the New Warrants. \nThe Company previously filed and made available to our stockholders our proxy statement and related proxy materials on July 6, 2021, which contained six proposals. The Company will be sending supplementary proxy materials to our stockholders to (i) add a new proposal to the original proxy statement in order to approve the terms of the new warrants, and (ii) postpone the 2021 annual meeting of stockholders, which was originally scheduled for August 19, 2021, to September 13, 2021 in order to provide additional time for stockholders to review the additional proposal and cast their vote.\nThe Company received approximately $2.385 million in cash proceeds from the exercise of the existing warrants. The use of proceeds will be shared when the Company releases its 3-Year Strategic Operating Plan. \nGeoffrey Gwin, Chief Financial Officer, commented, \"We are excited to continue to partner with Bigger Capital and District 2 Capital as we execute on our growth plan.\"\nThe securities offered in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable under state securities laws. Accordingly, the securities may not be offered or sold in the United States except pu...