Eastside Distilling (NASDAQ:EAST) Increases Ownership with Recent Securities Purchase

Eastside Distilling, Inc. (NASDAQ:EAST) recently saw an increase in ownership by Mr. Nicholas Liuzza, Jr., the principal shareholder of the company. Liuzza, who also serves as the Chief Executive Officer of Eastside Distilling’s wholly-owned subsidiary, Beeline Financial Holdings, Inc., purchased $655,000 of Series G Convertible Preferred Stock (“Series G”) along with five-year warrants to acquire 642,157 shares of the company’s common stock. The Series G is convertible into 1,284,314 shares of common stock.

Pending approval from the Audit Committee, Mr. Liuzza intends to convert his $700,000 bridge loan into additional Series G and warrants. The proceeds from this purchase, after deducting offering expenses and related costs, are planned to be used for working capital and general corporate purposes.

The sale of these units was exempt from registration under Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b). The terms of the Series G, Warrants, Securities Purchase Agreement, and Registration Rights Agreement are detailed in the forms filed with the Form 8-K on December 3, 2024.

Eastside Distilling, Inc. is listed on The Nasdaq Stock Market LLC under the trading symbol BLNE for its common stock. Further details and exhibits related to this transaction can be accessed through the corresponding SEC filings.

This report was signed by Geoffrey Gwin, the Chief Executive Officer of Eastside Distilling, Inc., on behalf of the company on February 14, 2025.

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

About Eastside Distilling

Eastside Distilling, Inc engages in the manufacture and marketing of hand-crafted spirits. Its products include bourbon, American whiskey, vodka, and rum. The company was founded by Lenny Gotter on February 11, 2008 and is headquartered in Portland, OR.