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 news centers on a completed corporate transition that added Beeline Financial Holdings, an AI-enhanced digital mortgage and title technology platform, alongside updates on the company’s legacy craft spirits activities. Recurring announcements include financial results, stockholder meeting matters, governance changes, capital actions, and balance-sheet transactions.
The company’s news also covers completed asset sales and debt exchanges involving Craft Canning + Printing and Bridgetown Spirits, as well as registered direct offerings and other securities-related actions tied to its public-company capital structure.
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.