Welcome to our dedicated page for Eastside Distilling news (Ticker: EAST), a resource for investors and traders seeking the latest updates and insights on Eastside Distilling stock.
Eastside Distilling, Inc. (NASDAQ: EAST) generates news across both craft spirits and financial technology, reflecting its evolution from a Portland, Oregon-based producer of award-winning whiskey, vodka, rum and related brands into a holding company that also includes Beeline Financial Holdings, Inc. Company press releases highlight its commitment to quality, innovation, and sustainability in spirits, alongside its expansion into an end-to-end, all-digital, AI-enhanced mortgage platform.
News coverage for EAST often includes updates on financial results, where the company reports segment performance for its spirits operations and corporate activities. Releases detail sales trends, gross profit, operating expenses, and non-GAAP measures such as adjusted EBITDA, as well as commentary on restructuring efforts and portfolio realignment within the spirits business.
Another key stream of news focuses on strategic transactions. Eastside has issued announcements regarding a merger agreement and subsequent closing with Beeline Financial Holdings, Inc., the classification and sale of its Craft Canning + Printing subsidiary, and debt-for-equity exchanges and registered direct offerings of common stock and pre-funded warrants. These items provide insight into capital structure changes and balance sheet management.
For the Beeline segment, news emphasizes the AI-enhanced mortgage origination platform, its direct-to-consumer focus, and the use of AI-driven customer service tools and sales support AI. Company communications also cover shareholder meetings, proxy materials, and Nasdaq listing matters. Investors and observers who follow EAST news can use this page to review earnings announcements, transaction updates, and operational developments across both the spirits and mortgage technology businesses.
Eastside Distilling (NASDAQ: EAST) has announced the postponement of its Special Meeting of Stockholders from January 21, 2025, to January 27, 2025, at 11:00 AM Eastern Time. The meeting will remain virtual, accessible via www.EAST.vote, with the record date unchanged at December 19, 2024.
Stockholders who have already voted need not take any action unless they wish to change their vote. Those needing assistance can contact Equity Stock Transfer. The meeting's proposals are detailed in the Company's Definitive Proxy Statement filed with the SEC on December 20, 2024, which was mailed to stockholders around the same date.
Eastside Distilling (NASDAQ: EAST) reported Q3 2024 financial results, highlighting stable gross sales of $0.8 million year-over-year. The Spirits segment achieved positive EBITDA and net income, with sales increasing 14% from Q2 2024. Gross margin improved to 26% from 21% year-over-year due to bulk spirits sales and cost savings initiatives. The company's net loss decreased to $1.4 million from $2.2 million in Q3 2023. Notable events include the disposal of Craft Canning + Printing in exchange for $6.6 million debt relief and $1.2 million preferred stock surrender, along with the subsequent merger with Beeline Financial Holdings.
Eastside Distilling (NASDAQ: EAST) provided an update on its merger with Beeline Financial Holdings. Beeline, an AI-driven mortgage platform, offers 24/7 mortgage services including conventional and non-qualified mortgages through its digital platform. The company's AI chatbot 'Bob' shows 6x better conversion rates than humans at 90% lower operational costs. The merger benefits both companies: Eastside shareholders gain exposure to an emerging AI mortgage platform, while Beeline gains public market access. The company is positioned to serve Millennials and Gen Z, who generated nearly 60% of all mortgages in 2023. The Mortgage Bankers Association projects 28% market growth to $2.6 trillion in 2025.
Eastside Distilling (NASDAQ: EAST) has scheduled its 2024 third quarter financial results announcement for Thursday, November 14, 2024, after market close. The company, which operates in both premium spirits and mortgage technology sectors, will host a conference call at 5:00 PM ET on the same day.
Participants can join via phone at (844) 889-4332 or (412) 717-9595, or through a live webcast on the company's website. A seven-day teleconference replay will be available, and the webcast will be accessible for 90 days on the company's website.
Eastside Distilling (EAST) has closed its merger with Beeline Financial Holdings, a private mortgage and title technology company. The merger includes a debt-for-equity exchange and the sale of Craft Canning + Printing. Eastside issued a combination of common and preferred stock to Beeline shareholders as merger consideration.
Key points:
- Two new independent board members, Joe Freedman and Joe Caltabiano, were appointed
- Christopher Moe, Beeline's CFO, will serve as Eastside's CFO
- The merger positions Eastside as an emerging leader in digital mortgage origination
- Beeline reports month-over-month double-digit percentage revenue growth
- Eastside believes the transaction will satisfy Nasdaq's Continued Listing requirements
Eastside shareholders will vote on the transaction later this year.
Eastside Distilling (Nasdaq: EAST) has closed a $0.4 million registered direct offering, priced at a premium to market under Nasdaq rules. The company issued 442,042 shares of common stock (or pre-funded warrants) to a single institutional investor at $1.00 per share or $0.9999 per pre-funded warrant. Gross proceeds totaled approximately $442,000, before deducting placement agent fees and other expenses.
The net proceeds will be used for working capital and general corporate purposes. Joseph Gunnar & Co., acted as the exclusive placement agent. The offering was made pursuant to a shelf registration statement on Form S-3 filed with the SEC. This transaction aims to strengthen Eastside's financial position as it continues to focus on producing award-winning craft spirits and expanding its operations.
Eastside Distilling (Nasdaq: EAST) has announced a $0.4 million registered direct offering of 442,042 shares of common stock (or pre-funded warrants) to a single institutional investor at $1.00 per unit. The offering, priced at a premium to market under Nasdaq rules, is expected to close around September 6, 2024. Joseph Gunnar & Co., is acting as the exclusive placement agent. The offering is made pursuant to a shelf registration statement filed with the SEC. Eastside Distilling, based in Portland, Oregon, is a producer of craft spirits including whiskey, vodka, and rum, focusing on quality, innovation, and sustainability.
Eastside Distilling (Nasdaq: EAST) has announced a strategic merger with Beeline Financial Holdings, a pioneering mortgage technology company. This move marks Eastside's expansion into the FinTech mortgage services sector while maintaining its craft spirits business. The merger involves a debt-for-equity exchange and asset sale of Craft Canning + Digital Printing, eliminating Eastside's debt.
Key points:
- Eastside will issue common and preferred stock to Beeline shareholders
- The merger provides Eastside access to proprietary AI-driven customer service tools
- Beeline gains public market access and liquidity for shareholders
- The deal is subject to customary closing conditions and Beeline shareholder approval
- Both companies' boards have approved the merger, expected to close later this year
Eastside Distilling (NASDAQ: EAST) reported its Q2 2024 financial results, showing mixed performance. The company's gross sales increased to $3.1 million from $2.8 million year-over-year, driven by a 43% increase in digitally printed cans. However, this was partially offset by lower mobile canning and spirits sales. Gross profit improved to $0.2 million from $26,000, with consolidated gross margin rising to 5% from 1%. Operating costs decreased to $1.3 million from $1.4 million, reflecting cost-saving measures. The company's net loss narrowed to $1.5 million from $1.6 million in the same quarter last year. Eastside Distilling continues its restructuring efforts in the spirits segment, focusing on the most profitable brands and regions.
Eastside Distilling, Inc. (NASDAQ: EAST), a consumer-focused beverage company, has announced it will report its 2024 second quarter financial results after market close on Wednesday, August 14, 2024. The company will host a conference call at 5:00 PM Eastern Time on the same day to review the results. Interested parties can access the call by dialing (844) 889-4332 or (412) 717-9595. A live webcast will be available on the company's website, and a replay will be accessible for three days via phone and for 90 days via the website.
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