Eastside Distilling Faces Delisting Concerns

TL;DR

Eastside Distilling might get delisted - big trouble for the stock.

AI Summary

Eastside Distilling, Inc. filed an 8-K on April 10, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates a potential transfer of listing, though specific details regarding the reasons for delisting or the new listing venue are not provided in this excerpt.

Why It Matters

This filing signals potential issues with Eastside Distilling's compliance with stock exchange listing requirements, which could impact its stock's liquidity and investor confidence.

Risk Assessment

Risk Level: high — Delisting from a stock exchange poses a significant risk to a company's ability to raise capital and maintain investor interest.

Key Players & Entities

• Eastside Distilling, Inc. (company) — Registrant
• April 8, 2024 (date) — Earliest event reported
• April 10, 2024 (date) — Filing date
• Nevada (jurisdiction) — State of incorporation
• Portland, Oregon (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — ction 12(b) of the Act: Common Stock, $0.0001 par value EAST The Nasdaq Stock Mar
• $2.5 million — pany's stockholders' equity be at least $2.5 million. As reported on its Form 10-K, the Comp
• $853,000 — of December 31, 2023 was approximately $853,000. The notification provided the Compan

Filing Documents

• form8-k.htm (8-K) — 35KB
• 0001493152-24-014196.txt ( ) — 204KB
• east-20240408.xsd (EX-101.SCH) — 3KB
• east-20240408_lab.xml (EX-101.LAB) — 33KB
• east-20240408_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 4KB

From the Filing

UNITED 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): April 8, 2024 EASTSIDE DISTILLING, INC. (Exact name of registrant as specified in its charter) Nevada 001-38182 20-3937596 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 2321 NE Argyle Street , Unit D Portland , Oregon 97211 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (971) 888-4264 Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.0001 par value EAST The Nasdaq Stock Market LLC (Title of Each Class) (Trading Symbol) (Name of Each Exchange on Which Registered) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the 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 under the Exchange Act (17 CFR 240.14a-12) 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)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (CFR 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (CFR 240.12b-2 of this chapter). Emerging growth company 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. Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard. Nasdaq Stockholders" Equity Requirement On April 8, 2024, Eastside Distilling, Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department (the "Staff" ) of the Nasdaq Stock Market, LLC (" Nasdaq ") notifying Eastside Distilling that its stockholders' equity as reported in its Annual Report on Form 10-K for the period ending December 31, 2023, did not satisfy the continued listing requirement under Nasdaq Listing Rule 5550(b)(1) (the " Equity Rule ") for the Nasdaq Capital Market, which requires that a listed company's stockholders' equity be at least $2.5 million. As reported on its Form 10-K, the Company's stockholders' equity as of December 31, 2023 was approximately $853,000. The notification provided the Company a period of 45 calendar days, or until May 23, 2024, to submit a plan to regain compliance with the Equity Rule. The Company is currently evaluating various alternative courses of action, including submitting to Nasdaq a plan to regain compliance with the Nasdaq Capital Market listing requirements on or before May 23, 2024. However, there can be no assurance that the Company will be able to satisfy the Nasdaq Capital Market's continued listing requirements, regain compliance with the minimum stockholders' equity requirement, or maintain compliance with the other listing requirements. SIGNATURE 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. Date: April 10, 2024 EASTSIDE DISTILLING, INC. By: /s/ Geoffrey Gwin Geoffrey Gwin Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR