Eastside Distilling Inc (EAST)

[Roland Rick Perry]

Maneuvering For An Uplisting?

PORTLAND, OR / ACCESSWIRE / June 12, 2017 / Eastside Distilling, Inc. (ESDI) ("Eastside" or the "Company"), a producer of award-winning master-crafted spirits, announced today that its Board of Directors have approved a 1-for-3 reverse split of the Company's outstanding common stock from 9,939,649 to 3,313,217, and a proportional decrease in the Company's authorized common stock from 45 million shares to 15 million shares. Pursuant to the Nevada Revised Statutes, the Company's Board of Directors is authorized to effectuate a reverse stock split without stockholder approval where such split is accomplished with a concurrent proportional decrease in the Company's authorized common stock.

Steve Shum, CFO of Eastside, said, "Our goal is for Eastside to uplist to a major national exchange or market and gain access to a greater number of investors that invest in companies that are nationally listed. The reverse split is being done so that the Company can meet the share price limitations it must meet to list on a national exchange such as NASDAQ or NYSE. Listing is subject to our satisfying the full listing requirements, of which share price is a primary one. These price and trading rules apply somewhat onerous burdens on small companies like us. Despite that, we see uplisting as having big advantages to our stockholders that outweigh the short term inconveniences associated with conducting a reverse split. Any stockholders who would have questions about the reverse split, are welcome to contact Grover, our Chairman, or myself for a further explanation."

Full release: https://finance.yahoo.com/news/eastside-distilling-announces-plan-effect-214600748.html