STOCK TITAN

[8-K] Heritage Distilling Holding Company, Inc. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Heritage Distilling (CASK) filed an 8-K (Item 8.01) disclosing recent use of its $15 million equity purchase agreement with C/M Capital Master Fund, LP. Between Feb-19-25 and Jul-30-25 the company sold 11,962,810 common shares for gross proceeds of $4,816,234, implying an average price of roughly $0.40. Of these, 10,525,357 shares were issued from Jul-15-25 to Jul-30-25 at $0.32-$0.45 per share, yielding $4,087,161. After the sales, total shares outstanding rose to 23,623,852.

The Investor is an accredited investor and the issuances were made under Sections 4(a)(2) and Rule 506(b) of Regulation D. The resale of 15 million shares related to the agreement is already covered by two effective S-1 registrations (5 million under No. 333-284509 and 10 million under No. 333-288051).

Implications for investors: the company added $4.8 million in cash, improving near-term liquidity, but outstanding shares nearly doubled versus the 12 million reported at IPO, and up to $10.2 million capacity remains, signalling further potential dilution.

Heritage Distilling (CASK) ha presentato un modulo 8-K (Voce 8.01) per comunicare l'uso recente del suo accordo di acquisto azionario da 15 milioni di dollari con C/M Capital Master Fund, LP. Tra il 19 febbraio 2025 e il 30 luglio 2025 la società ha venduto 11.962.810 azioni ordinarie per un ricavo lordo di 4.816.234 dollari, con un prezzo medio di circa 0,40 dollari per azione. Di queste, 10.525.357 azioni sono state emesse tra il 15 e il 30 luglio 2025 a un prezzo compreso tra 0,32 e 0,45 dollari per azione, generando 4.087.161 dollari. Dopo queste vendite, il totale delle azioni in circolazione è salito a 23.623.852.

L'investitore è un investitore accreditato e le emissioni sono state effettuate ai sensi delle Sezioni 4(a)(2) e della Regola 506(b) del Regolamento D. La rivendita di 15 milioni di azioni relative all'accordo è già coperta da due registrazioni S-1 efficaci (5 milioni sotto il numero 333-284509 e 10 milioni sotto il numero 333-288051).

Implicazioni per gli investitori: la società ha incrementato la liquidità a breve termine aggiungendo 4,8 milioni di dollari in contanti, ma le azioni in circolazione sono quasi raddoppiate rispetto ai 12 milioni dichiarati all'IPO, e rimane una capacità residua fino a 10,2 milioni di dollari, indicando un potenziale ulteriore diluizione.

Heritage Distilling (CASK) presentó un formulario 8-K (Punto 8.01) para revelar el uso reciente de su acuerdo de compra de acciones por 15 millones de dólares con C/M Capital Master Fund, LP. Entre el 19 de febrero de 2025 y el 30 de julio de 2025, la empresa vendió 11,962,810 acciones ordinarias por ingresos brutos de 4,816,234 dólares, lo que implica un precio promedio de aproximadamente 0.40 dólares por acción. De estas, 10,525,357 acciones se emitieron entre el 15 y el 30 de julio de 2025 a un precio de 0.32 a 0.45 dólares por acción, generando 4,087,161 dólares. Tras las ventas, el total de acciones en circulación aumentó a 23,623,852.

El inversor es un inversor acreditado y las emisiones se realizaron bajo las Secciones 4(a)(2) y la Regla 506(b) del Reglamento D. La reventa de 15 millones de acciones relacionadas con el acuerdo ya está cubierta por dos registros S-1 vigentes (5 millones bajo el No. 333-284509 y 10 millones bajo el No. 333-288051).

Implicaciones para los inversores: la empresa añadió 4.8 millones de dólares en efectivo, mejorando la liquidez a corto plazo, pero las acciones en circulación casi se duplicaron respecto a los 12 millones reportados en la OPI, y queda una capacidad de hasta 10.2 millones de dólares, lo que indica una posible dilución adicional.

Heritage Distilling(CASK)는 C/M Capital Master Fund, LP와 체결한 1,500만 달러 규모의 주식매수계약을 최근 사용한 사실을 8-K 보고서(Item 8.01)를 통해 공시했습니다. 2025년 2월 19일부터 7월 30일까지 회사는 11,962,810주의 보통주를 총 4,816,234달러에 판매했으며, 주당 평균 가격은 약 0.40달러입니다. 이 중 10,525,357주는 2025년 7월 15일부터 7월 30일까지 주당 0.32~0.45달러에 발행되어 4,087,161달러의 수익을 올렸습니다. 판매 후 총 발행 주식 수는 23,623,852주로 증가했습니다.

투자자는 공인 투자자이며, 발행은 Regulation D의 섹션 4(a)(2) 및 규칙 506(b)에 따라 이루어졌습니다. 계약과 관련된 1,500만 주 재판매는 두 건의 유효한 S-1 등록(5백만 주는 No. 333-284509, 1,000만 주는 No. 333-288051)으로 이미 커버되고 있습니다.

투자자에 대한 시사점: 회사는 단기 유동성을 개선하기 위해 480만 달러의 현금을 추가했지만, 상장 시 보고된 1,200만 주에 비해 발행 주식 수가 거의 두 배로 늘었으며, 최대 1,020만 달러의 추가 발행 여력이 남아 있어 추가 희석 가능성을 시사합니다.

Heritage Distilling (CASK) a déposé un formulaire 8-K (point 8.01) divulguant l'utilisation récente de son accord d'achat d'actions de 15 millions de dollars avec C/M Capital Master Fund, LP. Entre le 19 février 2025 et le 30 juillet 2025, la société a vendu 11 962 810 actions ordinaires pour un produit brut de 4 816 234 dollars, ce qui implique un prix moyen d'environ 0,40 dollar par action. Parmi celles-ci, 10 525 357 actions ont été émises entre le 15 et le 30 juillet 2025 à un prix de 0,32 à 0,45 dollar par action, générant 4 087 161 dollars. Après ces ventes, le nombre total d'actions en circulation est passé à 23 623 852.

L'investisseur est un investisseur accrédité et les émissions ont été réalisées en vertu des sections 4(a)(2) et de la règle 506(b) du règlement D. La revente de 15 millions d'actions liées à l'accord est déjà couverte par deux enregistrements S-1 effectifs (5 millions sous le n° 333-284509 et 10 millions sous le n° 333-288051).

Implications pour les investisseurs : la société a ajouté 4,8 millions de dollars en liquidités, améliorant la trésorerie à court terme, mais le nombre d'actions en circulation a presque doublé par rapport aux 12 millions déclarées lors de l'introduction en bourse, et une capacité restante allant jusqu'à 10,2 millions de dollars subsiste, ce qui indique un risque de dilution supplémentaire.

Heritage Distilling (CASK) hat ein 8-K Formular (Punkt 8.01) eingereicht, in dem die kürzliche Nutzung seiner 15-Millionen-Dollar-Aktienkaufvereinbarung mit C/M Capital Master Fund, LP offengelegt wird. Zwischen dem 19. Februar 2025 und dem 30. Juli 2025 verkaufte das Unternehmen 11.962.810 Stammaktien mit einem Bruttoerlös von 4.816.234 US-Dollar, was einem durchschnittlichen Preis von etwa 0,40 US-Dollar pro Aktie entspricht. Davon wurden 10.525.357 Aktien vom 15. bis 30. Juli 2025 zu einem Preis von 0,32 bis 0,45 US-Dollar pro Aktie ausgegeben und erzielten 4.087.161 US-Dollar. Nach den Verkäufen stieg die Gesamtzahl der ausstehenden Aktien auf 23.623.852.

Der Investor ist ein akkreditierter Investor, und die Emissionen erfolgten gemäß den Abschnitten 4(a)(2) und Regel 506(b) der Regulation D. Der Wiederverkauf von 15 Millionen Aktien im Zusammenhang mit der Vereinbarung ist bereits durch zwei gültige S-1-Registrierungen abgedeckt (5 Millionen unter Nr. 333-284509 und 10 Millionen unter Nr. 333-288051).

Auswirkungen für Investoren: Das Unternehmen hat 4,8 Millionen US-Dollar an Barmitteln hinzugefügt und damit die Liquidität kurzfristig verbessert, aber die ausstehenden Aktien haben sich gegenüber den bei der IPO gemeldeten 12 Millionen fast verdoppelt, und es verbleibt eine Kapazität von bis zu 10,2 Millionen US-Dollar, was auf eine mögliche weitere Verwässerung hinweist.

Positive
  • $4.8 million cash raised without incurring debt, enhancing short-term liquidity
  • Purchase agreement still has $10.2 million availability, giving financing flexibility
Negative
  • Issued 11.96 million shares, expanding float to 23.6 million and creating dilution
  • Shares sold at $0.32-$0.45, signaling limited market appetite and potential value pressure
  • Up to $10.2 million additional shares may be issued, extending dilution risk

Insights

TL;DR: Cash inflow improves liquidity but large, low-priced issuance increases dilution risk; overall impact neutral.

The $4.8 million raised represents ~32% of the $15 million facility, suggesting management is relying heavily on the purchase agreement for working capital. Issuance at $0.32–$0.45 is well below small-cap beverage peer median EV/S multiples, indicating limited pricing power. Share count jumps to 23.6 million, a ~103% increase from IPO levels, trimming per-share metrics. However, cash runway improves and the pre-registered resale reduces overhang uncertainty. Given the trade-off between liquidity and dilution, I assign a neutral (0) impact.

TL;DR: Financing optionality is positive, but price-discounted issuance erodes equity value; mildly negative for existing holders.

While non-debt financing avoids leverage, issuing ~50% of current float within two weeks at sub-$0.50 indicates urgent capital needs and weak demand. Remaining $10.2 million capacity could double dilution again. Unless proceeds accelerate revenue growth, EPS accretion is unlikely. I view the development as modestly negative (-1) for current shareholders, though cash cushions near-term solvency risk.

Heritage Distilling (CASK) ha presentato un modulo 8-K (Voce 8.01) per comunicare l'uso recente del suo accordo di acquisto azionario da 15 milioni di dollari con C/M Capital Master Fund, LP. Tra il 19 febbraio 2025 e il 30 luglio 2025 la società ha venduto 11.962.810 azioni ordinarie per un ricavo lordo di 4.816.234 dollari, con un prezzo medio di circa 0,40 dollari per azione. Di queste, 10.525.357 azioni sono state emesse tra il 15 e il 30 luglio 2025 a un prezzo compreso tra 0,32 e 0,45 dollari per azione, generando 4.087.161 dollari. Dopo queste vendite, il totale delle azioni in circolazione è salito a 23.623.852.

L'investitore è un investitore accreditato e le emissioni sono state effettuate ai sensi delle Sezioni 4(a)(2) e della Regola 506(b) del Regolamento D. La rivendita di 15 milioni di azioni relative all'accordo è già coperta da due registrazioni S-1 efficaci (5 milioni sotto il numero 333-284509 e 10 milioni sotto il numero 333-288051).

Implicazioni per gli investitori: la società ha incrementato la liquidità a breve termine aggiungendo 4,8 milioni di dollari in contanti, ma le azioni in circolazione sono quasi raddoppiate rispetto ai 12 milioni dichiarati all'IPO, e rimane una capacità residua fino a 10,2 milioni di dollari, indicando un potenziale ulteriore diluizione.

Heritage Distilling (CASK) presentó un formulario 8-K (Punto 8.01) para revelar el uso reciente de su acuerdo de compra de acciones por 15 millones de dólares con C/M Capital Master Fund, LP. Entre el 19 de febrero de 2025 y el 30 de julio de 2025, la empresa vendió 11,962,810 acciones ordinarias por ingresos brutos de 4,816,234 dólares, lo que implica un precio promedio de aproximadamente 0.40 dólares por acción. De estas, 10,525,357 acciones se emitieron entre el 15 y el 30 de julio de 2025 a un precio de 0.32 a 0.45 dólares por acción, generando 4,087,161 dólares. Tras las ventas, el total de acciones en circulación aumentó a 23,623,852.

El inversor es un inversor acreditado y las emisiones se realizaron bajo las Secciones 4(a)(2) y la Regla 506(b) del Reglamento D. La reventa de 15 millones de acciones relacionadas con el acuerdo ya está cubierta por dos registros S-1 vigentes (5 millones bajo el No. 333-284509 y 10 millones bajo el No. 333-288051).

Implicaciones para los inversores: la empresa añadió 4.8 millones de dólares en efectivo, mejorando la liquidez a corto plazo, pero las acciones en circulación casi se duplicaron respecto a los 12 millones reportados en la OPI, y queda una capacidad de hasta 10.2 millones de dólares, lo que indica una posible dilución adicional.

Heritage Distilling(CASK)는 C/M Capital Master Fund, LP와 체결한 1,500만 달러 규모의 주식매수계약을 최근 사용한 사실을 8-K 보고서(Item 8.01)를 통해 공시했습니다. 2025년 2월 19일부터 7월 30일까지 회사는 11,962,810주의 보통주를 총 4,816,234달러에 판매했으며, 주당 평균 가격은 약 0.40달러입니다. 이 중 10,525,357주는 2025년 7월 15일부터 7월 30일까지 주당 0.32~0.45달러에 발행되어 4,087,161달러의 수익을 올렸습니다. 판매 후 총 발행 주식 수는 23,623,852주로 증가했습니다.

투자자는 공인 투자자이며, 발행은 Regulation D의 섹션 4(a)(2) 및 규칙 506(b)에 따라 이루어졌습니다. 계약과 관련된 1,500만 주 재판매는 두 건의 유효한 S-1 등록(5백만 주는 No. 333-284509, 1,000만 주는 No. 333-288051)으로 이미 커버되고 있습니다.

투자자에 대한 시사점: 회사는 단기 유동성을 개선하기 위해 480만 달러의 현금을 추가했지만, 상장 시 보고된 1,200만 주에 비해 발행 주식 수가 거의 두 배로 늘었으며, 최대 1,020만 달러의 추가 발행 여력이 남아 있어 추가 희석 가능성을 시사합니다.

Heritage Distilling (CASK) a déposé un formulaire 8-K (point 8.01) divulguant l'utilisation récente de son accord d'achat d'actions de 15 millions de dollars avec C/M Capital Master Fund, LP. Entre le 19 février 2025 et le 30 juillet 2025, la société a vendu 11 962 810 actions ordinaires pour un produit brut de 4 816 234 dollars, ce qui implique un prix moyen d'environ 0,40 dollar par action. Parmi celles-ci, 10 525 357 actions ont été émises entre le 15 et le 30 juillet 2025 à un prix de 0,32 à 0,45 dollar par action, générant 4 087 161 dollars. Après ces ventes, le nombre total d'actions en circulation est passé à 23 623 852.

L'investisseur est un investisseur accrédité et les émissions ont été réalisées en vertu des sections 4(a)(2) et de la règle 506(b) du règlement D. La revente de 15 millions d'actions liées à l'accord est déjà couverte par deux enregistrements S-1 effectifs (5 millions sous le n° 333-284509 et 10 millions sous le n° 333-288051).

Implications pour les investisseurs : la société a ajouté 4,8 millions de dollars en liquidités, améliorant la trésorerie à court terme, mais le nombre d'actions en circulation a presque doublé par rapport aux 12 millions déclarées lors de l'introduction en bourse, et une capacité restante allant jusqu'à 10,2 millions de dollars subsiste, ce qui indique un risque de dilution supplémentaire.

Heritage Distilling (CASK) hat ein 8-K Formular (Punkt 8.01) eingereicht, in dem die kürzliche Nutzung seiner 15-Millionen-Dollar-Aktienkaufvereinbarung mit C/M Capital Master Fund, LP offengelegt wird. Zwischen dem 19. Februar 2025 und dem 30. Juli 2025 verkaufte das Unternehmen 11.962.810 Stammaktien mit einem Bruttoerlös von 4.816.234 US-Dollar, was einem durchschnittlichen Preis von etwa 0,40 US-Dollar pro Aktie entspricht. Davon wurden 10.525.357 Aktien vom 15. bis 30. Juli 2025 zu einem Preis von 0,32 bis 0,45 US-Dollar pro Aktie ausgegeben und erzielten 4.087.161 US-Dollar. Nach den Verkäufen stieg die Gesamtzahl der ausstehenden Aktien auf 23.623.852.

Der Investor ist ein akkreditierter Investor, und die Emissionen erfolgten gemäß den Abschnitten 4(a)(2) und Regel 506(b) der Regulation D. Der Wiederverkauf von 15 Millionen Aktien im Zusammenhang mit der Vereinbarung ist bereits durch zwei gültige S-1-Registrierungen abgedeckt (5 Millionen unter Nr. 333-284509 und 10 Millionen unter Nr. 333-288051).

Auswirkungen für Investoren: Das Unternehmen hat 4,8 Millionen US-Dollar an Barmitteln hinzugefügt und damit die Liquidität kurzfristig verbessert, aber die ausstehenden Aktien haben sich gegenüber den bei der IPO gemeldeten 12 Millionen fast verdoppelt, und es verbleibt eine Kapazität von bis zu 10,2 Millionen US-Dollar, was auf eine mögliche weitere Verwässerung hinweist.

FALSE000178823000017882302025-07-312025-07-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 31, 2025
HERITAGE DISTILLING HOLDING COMPANY INC.
(Exact name of registrant as specified in charter)
Delaware001-4241183-4558219
(State or other Jurisdiction of
Incorporation or Organization)
(Commission File Number)(IRS Employer
Identification No.)
9668 Bujacich Road
Gig Harbor, Washington
98332
(Address of Principal Executive Offices)(zip code)
(253) 509-0008
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareCASKThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 8.01 Other Events.
As previously reported, on January 23, 2025, Heritage Distilling Holding Company, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with C/M Capital Master Fund, LP (the “Investor”), pursuant to which the Company, subject to the restrictions and satisfaction of the conditions in the Purchase Agreement, has the right, but not the obligation, to sell to the Investor and the Investor is obligated to purchase up to $15.0 million of newly-issued shares (the “Purchase Shares”) of the Company’s common stock, $0.0001 par value per share (the “Common Stock”). A summary of the Purchase Agreement and the terms and conditions thereof is included in the Company’s Current Report on Form 8-K that was filed with the Securities and Exchange Commission on January 24, 2025.
Between February 19, 2025 and July 30, 2025, the Company sold to the Investor an aggregate of 11,962,810 shares of Common Stock pursuant to the Purchase Agreement for aggregate gross proceeds of approximately $4,816,234, including an aggregate of 10,525,357 shares of Common Stock that were sold between July 15, 2025 and July 30, 2025 for gross proceeds of approximately $4,087,161 at prices ranging from $0.32 to $0.45 per share. After giving effect to such sales, as of July 30, 2025, the Company had 23,623,852 shares of Common Stock issued and outstanding.
In the Purchase Agreement, the Investor represented to the Company, among other things, that it is an “accredited investor” (as such term is defined in Rule 501(a)(3) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”)). The securities referred to in this Current Report on Form 8-K were issued and sold by the Company to the Investor in reliance upon the exemptions from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder. The Company has registered the resale by the Investor of 5 million shares of Common Stock issued or issuable pursuant to the Purchase Agreement on a registration statement on Form S-1 (Registration No. 333-284509) and the resale by the Investor of an additional 10 million shares of Common Stock issuable pursuant to the Purchase Agreement on a registration statement on Form S-1 (Registration No. 333-288051).
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is incorporated herein by reference:
Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

2


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HERITAGE DISTILLING HOLDING COMPANY INC.
Date: August 1, 2025By:/s/ Justin Stiefel
Justin Stiefel
Chief Executive Officer
3

FAQ

How much did Heritage Distilling (CASK) raise under the purchase agreement?

The company received $4,816,234 in gross proceeds from selling 11,962,810 shares.

What is Heritage Distilling's current share count?

As of July 30, 2025, the company has 23,623,852 shares outstanding.

At what prices were the latest CASK shares sold?

Between July 15-30, 2025, shares were issued at $0.32 to $0.45 per share.

How much capacity remains on the $15 million equity facility?

Approximately $10.2 million in additional share sales remain available.

Are the shares registered for resale?

Yes. Two Form S-1 filings cover 15 million resale shares (Reg. Nos. 333-284509 & 333-288051).

Was the investor accredited?

Yes, C/M Capital Master Fund, LP certified as an accredited investor under Rule 501(a)(3).
Heritage Distilling Holding Company, Inc

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