Heritage Distilling rebrands as IP Strategy

Heritage Distilling (CASK) (IPST) will rebrand as “IP Strategy,” reflecting its evolution into a public-market vehicle centered on the accumulation of $IP tokens, the native cryptocurrency of the Story Network. In connection with the rebranding, the Company’s Nasdaq ticker symbol will change from “CASK” to “IPST,” and is expected to commence trading under the new symbol at the market open on September 22, 2025. This change underscores the Company’s shift toward leveraging the $IP token and the $80 trillion intellectual property economy driving the future of artificial intelligence. IP Strategy is the first Nasdaq-listed company to adopt a treasury reserve strategy centered on $IP tokens, and the name IP Strategy more directly highlights the mission of bridging public market investors to this massive emerging asset class. At the Special Meeting of Stockholders held on September 18, 2025, IP Strategy’s stockholders approved all of the proposals on the agenda related to the Company’s previously announced private placement financing transaction, marking a crucial step in the Company’s evolution and reflecting broad confidence in IP Strategy’s vision and direction. Key measures approved include authorization for a potential reverse stock split and an increase in the authorized shares of common stock from 495 million to 995 million. These actions provide the Company with flexibility to maintain compliance with Nasdaq listing requirements and to pursue accretive organic growth initiatives, strategic partnerships, and opportunistic acquisitions. Stockholders also approved the issuance of securities in connection with the Company’s previously announced private placement financing and related proposals, reflecting strong support for management’s strategy. Of the 15,401,989 outstanding shares eligible to vote, 10,138,167 shares of common stock, or approximately 65.8% of the total outstanding eligible shares, were voted in person or via proxy, indicating strong support for the transaction among the stockholder base. Of the shares voted, 78.5% voted to approve the private placement financing transaction, reflecting strong support for management’s strategy to move forward with the $IP focused treasury. The recent $223.8 million private placement financing, supported by Story Foundation and other leading investors, including a16z crypto, Amber Group, Arrington Capital, dao5, Hashed, Mirana Ventures, Neoclassic Capital, Open World, Polychain Capital, Selini Capital, Stix, Syncracy Capital and others, was consummated on August 15, 2025. The issuance of common stock in the transaction was overwhelmingly approved by the Company’s stockholders at the September 18 Special Meeting, paving the way for full implementation of the Company’s $IP-focused treasury strategy. As detailed previously, this financing brought in $95.0 million in cash and $128.8 million in $IP tokens, and enabled IP Strategy to eliminate $19.3 million of debt and future liabilities. All senior secured debt was fully repaid, releasing the Company from encumbrances and reducing annual interest and other overhead expenses by over $2.0 million. IP Strategy now holds more than 53.2 million $IP tokens on its balance sheet. These token reserves provide a substantial asset base for the Company and are expected to support future opportunities to participate in the Story Network, including potential yield-generating mechanisms. Management intends to share further details on these initiatives in the coming weeks. Looking ahead, the Company is taking additional steps to keep investors informed on its digital asset treasury strategy. IP Strategy has launched a new website, www.ipstrategy.co, which features a real-time Treasury Dashboard page aimed at helping investors recognize the market value of $IP token held in the company’s digital asset treasury. Investors will be able to clearly track the Company’s share price and market capitalization alongside the number of $IP tokens held in treasury, the current $IP token price, and total $IP token treasury.