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Beeline Holdings, Inc. (NASDAQ:BLNE), previously known as Eastside Distilling , Inc., has announced a reverse stock split of its common stock at a one-for-ten ratio, effective on NASDAQ as of Tuesday. The announcement comes as the company’s stock has declined over 55% in the past year, currently trading at $5.26 with a market capitalization of $2.54 million. According to InvestingPro analysis, the stock appears undervalued relative to its Fair Value. This move follows the company’s filing of a Certificate of Amendment to its Amended and Restated Articles of Incorporation with the Nevada Secretary of State on Monday.
The restructuring includes a corporate name change from Eastside Distilling, Inc. to Beeline Holdings, Inc. The reverse stock split, which consolidates ten shares of existing stock into one new share, is part of the company’s strategic efforts to enhance shareholder value and comply with NASDAQ listing requirements. InvestingPro data reveals the company faces significant challenges, including high debt levels and rapid cash burn, with a weak Financial Health Score of 1.23. Subscribers can access 12 additional ProTips and a comprehensive Pro Research Report for deeper insights.
The Certificate of Amendment, integral to these changes, was filed as Exhibit 3.1 in the company’s latest 8-K report with the Securities and Exchange Commission. Beeline Holdings, based in Providence, RI, operates in the beverages sector under the SIC code 2080 – Beverages, Manufacturing.
Investors and interested parties can refer to the full text of the Certificate of Amendment in the 8-K report for detailed information. This announcement is based on a press release statement.
In other recent news, Eastside Distilling, Inc. has expanded its Series G Convertible Preferred Stock, increasing the authorized shares from 11 million to 15 million. This expansion is part of a larger offering initially aimed at raising $5,037,800, which has now been increased to $7,077,800. The company has already sold 10,254,416 shares, generating proceeds of $5,054,752, earmarked for working capital and general corporate purposes. Additionally, Eastside Distilling, operating as Beeline Holdings, completed a $5 million private placement funding round to support growth and debt reduction, with CEO Nick Liuzza contributing $2.9 million.
Liuzza further increased his stake in Eastside Distilling by purchasing $655,000 of Series G Convertible Preferred Stock and warrants. Eastside Distilling also announced the adoption of a new 2025 Equity Incentive Plan, initially making 300,000 shares available for awards, which could rise to 12 million shares following conversions. The company has entered into a securities purchase agreement, raising $174,000 through the sale of equity securities. This transaction is part of an ongoing offering that has raised a total of $3,157,593 from accredited investors.
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