Heritage Distilling Holding Company Inc. Completes Initial Public Offering

Heritage Distilling Holding Company Inc., a Delaware corporation, announced the successful completion of its initial public offering on November 25, 2024. The offering involved the sale of 1,687,500 shares of Common Stock at a price of $4.00 per share. The Underwriting Agreement for the offering was dated November 21, 2024, with Newbridge Securities Corporation acting as the representative of the underwriters.

The Common Stock was offered and sold to the public based on the Company’s registration statement on Form S-1, initially filed on May 13, 2024, and effective as of November 12, 2024. The offering generated gross proceeds of approximately $6.75 million, excluding underwriting discounts, commissions, and offering expenses. The commencement of trading for the Common Stock on The Nasdaq Capital Market began on November 22, 2024, under the symbol “CASK.”

As part of the Offering, the Company granted the underwriters a 30-day option to purchase up to 253,125 additional shares of Common Stock. Additionally, the Company entered into lock-up agreements with its executive officers and directors for a six-month period, restricting sales of Common Stock. The Underwriting Agreement also included the issuance of Representative’s Warrants to purchase up to 84,375 shares of Common Stock.

In a concurrent private placement, the Company sold common warrants to purchase up to 382,205 additional shares of Common Stock. The common warrants, having an exercise price of $0.01 per share, were sold at a price per warrant of $3.99, excluding registration under the Securities Act for the shares issuable upon exercise of the warrants.

The net proceeds from the offering, approximately $7.363 million, are intended to be utilized towards various corporate purposes, including debt repayment, working capital, equipment purchases, marketing, operating expenses, and human resources.

In tandem with the offering, Heritage Distilling welcomed Troy Alstead and Andrew Varga to its Board of Directors, both reputable figures in their respective fields. Additionally, Michael Carrosino, the Executive Vice President of Finance and Acting Chief Financial Officer, assumed the role of Chief Financial Officer in connection with the offering.

On November 25, 2024, the Company also filed a Second Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware, along with amended and restated Bylaws approved by the Company’s board of directors.

For further details on the Offering or related matters, interested parties may refer to the official SEC filings or access the Company’s press release through the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Heritage Distilling’s 8K filing here.