Business
Eastside Distilling, Inc. Announces Securities Purchase Agreement for Private Placement
PORTLAND, Ore., Oct. 25, 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., Oct. 25, 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 a securities purchase agreement for a private placement offering with Crater Lake Private Limited.\n\n \n \n \n \n \n \n\n \nGeoffrey Gwin, Chief Financial Officer commented, \"We are excited about this partnership with Crater Lake Private Limited. This investment gets us closer to finalizing the financing of the initial phase of our three-year growth plan.\"\nThe Company has entered into a definitive agreement with Crater Lake Private Limited to issue and sell to Crater Lake up to 2.5 million shares of the Company's Series B Preferred Stock, $0.0001 par value per share, at a purchase price of $1.00 per Preferred Share. The Preferred Shares are convertible into shares of the Company's common stock, par value $0.0001 per share pursuant to the terms and conditions set forth in the Certificate of Designation of Series and Determination of Rights and Preferences of its Series B Preferred Stock with an initial conversion price of $3.10. In connection with the purchase of the Preferred Shares, Crater Lake shall receive a warrant to purchase up to 116,666 shares of common stock at an exercise price equal to $3.75. The Company anticipates that the private offering will close on or before October 29, 2021.\nIn addition, the Company has sold 718,000 of shares of common stock pursuant to an \"at-the-market\" offering previously announced on September 10, 2021, bringing the total common shares outstanding to 14,087,028 as of October 25, 2021.\nKelvin Seetoh, Managing Director of Crater Lake Private Limited commented, \"Over the past year, management has made significant improvements to the overall business. Accomplishments include integration and alignment of their business structure, fixing the balance sheet, and building a talented team of industry professionals.\" \nMr. Seetoh continued, \"We believe our investment will allow Eastside to accelerate the three-year strategic plan. The business is underappreciated and with the proper support and investment, the Company has the potential to be worth m...