PORTLAND, Ore., Sept. 6,
2024 /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, digital can printing, co-packing and mobile
filling, announced today the closing of its previously announced
registered direct offering for the sale and issuance of 442,042
shares of the Company's common stock (or pre-funded warrants in
lieu thereof) to a single institutional investor at a purchase
price of $1.00 per share or
$0.9999 per pre-funded warrant.
The completion of the transaction resulted in aggregate gross
proceeds to the Company of approximately $442,000, before deducting the placement agent's
fees and other offering expenses payable by the Company. The
Company intends to use the net proceeds from this offering for
working capital and other general corporate purposes.
Joseph Gunnar & Co., LLC
acted as the exclusive placement agent for the offering.
The shares of common stock and pre-funded warrants in the
registered direct offering were offered pursuant to a "shelf"
registration statement on Form S-3 (File No. 333-259295) initially
filed with the Securities and Exchange Commission (the "SEC") on
September 3, 2021, and declared
effective by the SEC on September 14,
2021. The offering of the common stock and pre-funded
warrants and shares of common stock underlying the pre-funded
warrants in the registered direct offering was made only by means
of a prospectus, including a prospectus supplement, forming a part
of the effective registration statement. A final prospectus
supplement and accompanying prospectus describing the terms of the
proposed offering has been filed with the SEC and is available on
the SEC's website located at http://www.sec.gov. Electronic copies
of the final prospectus supplement and the accompanying prospectus
may be obtained, when available, by contacting Joseph Gunnar & Co., LLC Attention:
Syndicate Department at 40 Wall Street, 30th Floor, New York, NY 10005, Attn: Syndicate
Department, by phone (212) 440-9600.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
Eastside Distilling, Inc.
Eastside Distilling, Inc. is a producer of award-winning craft
spirits, including whiskey, vodka, and rum. Founded in Portland, Oregon, Eastside is committed to quality, innovation,
and sustainability, delivering exceptional products that reflect
the spirit of the Pacific Northwest.
For investor information, visit
https://www.eastsidedistilling.com/investors
Please follow social media channels for additional updates:
LinkedIn Company Page:
https://www.linkedin.com/company/eastside-distillery/
Facebook Company Page:
https://www.facebook.com/EastsideDistilling?fref=ts
Important Cautions Regarding Forward-Looking
Statements
Certain matters discussed in this press release may be
forward-looking statements that reflect our expectations or
anticipations rather than historical fact. Such matters involve
risks and uncertainties that may cause actual results to differ
materially, including the following: changes in economic
conditions, general competitive factors, the Company's ongoing
financing requirements and ability to achieve financing, acceptance
of the Company's products in the market, the Company's success in
obtaining new customers, the Company's ability to execute its
business model and strategic plans, and other risks and related
information described from time to time in the Company's filings
with the Securities and Exchange Commission ("SEC"). A detailed
discussion of the most significant risks can be found in the "Risk
Factors" section of the Company's Annual Report on Form 10-K. The
Company assumes no obligation to update the cautionary information
in this press release.
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SOURCE Eastside Distilling, Inc.
