Benzinga | Feb 16, 2021 09:04AM EST

Eastside Distilling, Inc. Renews NASDAQ Equity Compliance

PORTLAND, Ore., Feb. 16, 2021 /PRNewswire/ -- Eastside Distilling, Inc. ("Eastside" or the "Company") (NASDAQ: EAST) announced today that it has progressed its balance sheet initiatives in order to exceed NASDAQ's ongoing shareholder equity listing standards. The three areas of improvement have come from (1) Paycheck Protection Program forgiveness of $1,044,500; (2) the conversion of debt to equity of $5,618,000 by issuing 1,200,000 shares per the Azu?ia earnout agreement; and (3) the close of the Redneck Riviera transaction delivering an estimated $4,000,000, benefit to equity.