Gig Harbor, Washington-based Heritage Distilling Holding Co. recently announced the closing of its initial public offering of 1,687,500 shares of common stock at an initial public offering price of $4.00 per share, for gross proceeds of approximately $6.75 million, before deducting underwriting discounts and offering expenses. In addition, Heritage has granted the underwriters a 30-day over-allotment option to purchase up to an additional 253,125 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
The shares began trading on Nasdaq on Nov. 22 under the symbol “CASK.”
Newbridge Securities Corporation acted as the sole book-running manager for the offering.
In addition to the shares being sold in the initial public offering, Heritage also closed on the sale of common warrants to purchase an aggregate of 382,205 additional shares of its common stock in a concurrent private placement to certain existing security holders. The common warrants have an exercise price equal to $0.01 per share and were sold for a price per common warrant equal to $3.99, the price per share at which the common stock was sold in the initial public offering less $0.01. The sale of the common warrants were not registered under the Securities Act of 1933, as amended, and as such, the shares issuable upon exercise of the common warrants may not be offered or sold absent registration or an applicable exemption from registration.
The gross proceeds to Heritage from the initial public offering and the concurrent private placement, before deducting underwriting discounts and commissions and offering and private placement expenses payable by Heritage, were $8,250,000, excluding any exercise of the underwriters’ option to purchase additional shares of common stock.
A registration statement on Form S-1 (File No. 333-279382) relating to the common stock offered and sold in the initial public offering was filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on November 12, 2024. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This initial public offering was made only by means of a prospectus forming part of the registration statement relating to the common stock, which was filed on November 25, 2024 and is available on the SEC’s website at http://www.sec.gov, or may be obtained from Newbridge Securities Corporation, Attn: Equity Syndicate Department, 1200 North Federal Highway, Suite 400, Boca Raton, FL 33432, by email at syndicate@newbridgesecurities.com or by telephone at (877) 447-9625.
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 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 jurisdiction.