EASTSIDE DISTILLING , INC. - EAST STOCK NEWS

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.

Eastside Distilling has launched a new line of flavored whiskeys, including a re-launched Eastside Marionberry Whiskey on September 1, featuring an improved formula and packaging. This initiative aims to capitalize on the growing flavored whiskey market, which saw an estimated 16.1 million cases sold in 2020. The company is introducing other flavors like Luxardo Maraschino Cherry Whiskey and Oregon Cranberry Whiskey, with plans for wider distribution. The Marionberry Whiskey, made with local marionberries, is available in select locations and online, appealing to both whiskey enthusiasts and new consumers.