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GIG HARBOR, Wash. - Heritage Distilling Holding Company, Inc. (NASDAQ:CASK), a micro-cap company with a market capitalization of $12.71 million, announced Friday it will change its ticker symbol on the Nasdaq Capital Market from CASK to IPST, effective at market open on Monday, September 22. The company’s stock has experienced significant volatility this year, with shares down nearly 72% year-to-date.
The company said the new ticker reflects its strategic focus on its "$IP token treasury strategy" and what it describes as the "$80 trillion intellectual property economy." The CUSIP number for the company’s common stock will remain unchanged, and no action is required from current stockholders.
Heritage Distilling, which now operates under the business name IP Strategy, plans to release additional details regarding its strategy and results from its recent Special Meeting of Stockholders in a separate announcement before markets open on Monday.
According to the company’s statement, IP Strategy serves as a "treasury reserve vehicle" centered on $IP, which it describes as the native token of Story. Through this approach, the company aims to provide public market investors with exposure to what it calls the "programmable IP economy" through regulated equity markets, without investors needing to hold cryptocurrency directly.
The ticker symbol change comes as the company repositions its business focus toward digital assets and intellectual property strategies.
The information in this article is based on a press release statement from Heritage Distilling Holding Company.
In other recent news, Heritage Distilling Holding Company, Inc. has announced a strategic shift towards accumulating $IP tokens, marking it as the first Nasdaq-listed company to adopt a treasury reserve strategy centered on programmable intellectual property. This move follows the completion of a $223.8 million private placement, consisting of $95 million in cash and $128.8 million in $IP tokens. The transaction allowed Heritage to eliminate $19.3 million in debt, including the full repayment of its senior secured facility, which is anticipated to reduce annual interest expenses by over $2 million. Additionally, Heritage Distilling has sold approximately 11.96 million shares of its common stock, raising about $4.8 million under a purchase agreement with C/M Capital Master Fund, LP. This sale is part of a broader agreement to sell up to $15 million in newly-issued common stock. The company also announced a $220 million private placement to establish a digital asset treasury strategy focused on the $IP token, aiming to hold approximately 52.5 million $IP tokens valued at roughly $361 million based on August 10 prices. These developments highlight Heritage Distilling’s focus on the intellectual property economy and its efforts to strengthen its financial position.
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