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's Craft Canning + Bottling, LLC has partnered with Canadian Canning Inc. to enhance its canning services. This collaboration ensures a steady supply of domestically manufactured Crown cans, providing cost-effective solutions for Craft Canning customers. The partnership positions Craft Canning as a full-service co-packer, enabling it to serve small and midsize beverage producers effectively. The Crown cans are reported to perform exceptionally well with Craft Canning's new digital printer, enhancing operational efficiency and logistics for beverage manufacturers.
Eastside Distilling's Craft Canning + Bottling has acquired a state-of-the-art Hinterkopf D240.2 printer, enhancing its custom canning capabilities. This innovative technology is the only one of its kind on the West Coast, allowing for high-quality, direct printing on cans. Operational by April 1, 2022, it will enable Craft Canning to serve breweries and wineries more effectively with low minimum order quantities. The printer promotes sustainability by eliminating waste and offers unparalleled customization options for beverage producers.
Eastside Distilling, Inc. (NASDAQ: EAST) announced the postponement of its Special Meeting of Stockholders originally scheduled for February 8, 2022, due to insufficient proxies and a likely lack of quorum. The meeting has been rescheduled for March 4, 2022, at 2:00 p.m. PT. The purpose of the meeting is to discuss proposals involving the issuance of common stock purchase warrants for up to 900,000 shares at an exercise price of $3.00 each. Stockholders are encouraged to vote by March 3, 2022, at 11:59 p.m. ET.
Eastside Distilling, Inc. (NASDAQ: EAST) announced the resignation of CEO and Chairman Paul Block, effective February 1st. The company appointed Geoffrey Gwin as interim CEO and Elizabeth Levy-Navarro as Chairman of the Board. Amy Lancer also joined as Chief Commercial Officer of Spirits, bringing extensive experience from major beverage companies. Levy-Navarro expressed gratitude for Block's contributions and emphasized ongoing support for the executive team during a pivotal year of transformation for the company.
Eastside Distilling, Inc. (NASDAQ: EAST) has become the exclusive distilled and craft spirits partner for the 2022 Hood To Coast and Portland To Coast Relays, commencing on August 26, 2022. The partnership, which includes a Gold Level sponsorship and sustainability initiatives, marks the company’s commitment to community and health awareness. Eastside Distilling will showcase its Portland Potato Vodka and specialty cocktails at various events throughout the year, contributing to the largest running relay in the world, which has consistently sold out for three decades.
Eastside Distilling (NASDAQ: EAST) has postponed its Special Meeting of Stockholders originally set for January 5, 2022, due to insufficient proxies and a lack of quorum. The meeting has been rescheduled for February 8, 2022. The purpose of the meeting is to vote on the issuance of common stock purchase warrants for 900,000 shares at an exercise price of $3.00 each. Stockholders are encouraged to vote by February 7, 2021. The meeting will be held virtually, allowing electronic voting and questions.
Eastside Distilling (NASDAQ: EAST) reported its Q3 2021 financial results, revealing gross sales of $3.3 million, down from $4.3 million in Q3 2020, mainly due to a decline in canning and bottling revenue. Gross profit also decreased to $1.1 million, although gross margin improved to 36%. The company raised $4.3 million in cash during the quarter to fund growth initiatives and signed a term sheet for a $9.6 million ABL facility. Despite improvements in operating costs and EBITDA, the lingering effects of COVID-19 and liquidity issues continue to impact sales.
Eastside Distilling has secured a three-year sponsorship deal with the Portland Trail Blazers at the Moda Center for the 2021-24 seasons. This partnership allows Eastside to host brand experiences, offering premium whiskey cocktails during events. The deal includes branding opportunities at bar locations and the right to use the Trail Blazers' logo in retail. This collaboration aims to enhance Eastside's visibility among consumers, especially in the Pacific Northwest, aligning with its strategy to connect through local events and experiential marketing.
Eastside Distilling (NASDAQ: EAST) has announced a private placement offering, resulting in a securities purchase agreement with Crater Lake Private Limited. The agreement involves the sale of up to 2.5 million shares of Series B Preferred Stock at $1.00 each, convertible into common shares at an initial price of $3.10. Crater Lake will also receive warrants to purchase common stock at an exercise price of $3.75. This investment aligns with Eastside's three-year growth plan, as stated by CFO Geoffrey Gwin. The company aims to close the offering by October 29, 2021.
Eastside Distilling (NASDAQ: EAST) will announce its third quarter 2021 financial results after market close on November 15, 2021. A conference call will be held at 5:00pm ET the same day to discuss these results. Investors can listen in by dialing (844) 889-4332 or (412) 717-9595, or via a live webcast on the company’s website. Eastside has been a producer of craft spirits in Portland, Oregon, since 2008, with a product lineup that includes Azuñia Tequilas and Burnside Whiskeys.