Heritage Distilling closes IPO of 1.6875M shares at $4.00; raises $8.25M total with private placement

IP STRATEGY HOLDINGS, INC.

IPO of 1,687,500 shares at $4.00/share; gross proceeds $6.75M; shares trade on Nasdaq under CASK.
Concurrent private placement of 382,205 common warrants at $3.99 each (exercise $0.01) raised $1.525M; total gross proceeds $8.25M.
Net proceeds of ~$7.363M to repay debt, fund working capital, raw materials, equipment, marketing, and hiring.
Troy Alstead and Andrew Varga appointed to board; Michael Carrosino named CFO, effective at IPO closing.
Underwriters granted 30-day over-allotment option for 253,125 shares; 6-month lock-up for officers, directors, and Company stock issuance.

item 1.01 item 3.02 item 5.02 item 5.03 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Michael Carrosino

Chief Financial Officer

IPST · IP STRATEGY HOLDINGS, INC.

Effective: 2024-11-26
Filed: November 26, 2024, 6:59 PM ET

Michael Carrosino, the Executive Vice President of Finance and Acting Chief Financial Officer of the Company, was appointed the Chief Financial Officer of the Company.

Appointed

Andrew Varga

Director

IPST · IP STRATEGY HOLDINGS, INC.

Effective: 2024-11-26
Filed: November 26, 2024, 6:59 PM ET

On the Closing Date, in connection with the closing of the Offering, each of Troy Alstead and Andrew Varga joined the Board of Directors of the Company.

Appointed

Troy Alstead

Director

IPST · IP STRATEGY HOLDINGS, INC.

Effective: 2024-11-26
Filed: November 26, 2024, 6:59 PM ET

On the Closing Date, in connection with the closing of the Offering, each of Troy Alstead and Andrew Varga joined the Board of Directors of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Carrosino was appointed as Chief Financial Officer at IP STRATEGY HOLDINGS, INC..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

Michael Carrosino, the Executive Vice President of Finance and Acting Chief Financial Officer of the Company, was appointed the Chief Financial Officer of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew Varga was appointed as Director at IP STRATEGY HOLDINGS, INC..

Action: joined
Role: Director

Exact text from the filing

On the Closing Date, in connection with the closing of the Offering, each of Troy Alstead and Andrew Varga joined the Board of Directors of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Troy Alstead was appointed as Director at IP STRATEGY HOLDINGS, INC..

Action: joined
Role: Director

Exact text from the filing

On the Closing Date, in connection with the closing of the Offering, each of Troy Alstead and Andrew Varga joined the Board of Directors of the Company.

View on SEC.gov

IP STRATEGY HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001213900-24-102901

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