Eastside Distilling, Inc. (Nasdaq: EAST) today announced it had signed a Merger Agreement with Beeline Financial Holdings, Inc., a privately-held pioneering mortgage technology company that operates an end-to-end, all-digital, AI-enhanced platform for homeowners and property investors. This strategic move follows a comprehensive two-year review of Eastside’s business portfolio and aligns with the company’s mission to maximize value for all stakeholders while achieving significant growth across multiple sectors.
PROVIDENCE, R.I. and DALLAS and TAMPA, Fla. and NAPLES, Fla., Sept. 11, 2024 /PRNewswire-PRWeb/ — Eastside Distilling, Inc. (Nasdaq: EAST) today announced it had signed a Merger Agreement with Beeline Financial Holdings, Inc., a privately-held pioneering mortgage technology company that operates an end-to-end, all-digital, AI-enhanced platform for homeowners and property investors. This strategic move follows a comprehensive two-year review of Eastside’s business portfolio and aligns with the company’s mission to maximize value for all stakeholders while achieving significant growth across multiple sectors.
The transaction will benefit both parties. For Eastside it includes access to proprietary technology in human-level B2C sales AI tools. Beeline is among the first in mortgage origination to deliver AI-driven customer service tools and is now launching sales support AI leading to lower cost conversions for Direct-to-Consumer platforms. For Beeline, it is an opportunity to create liquidity for its shareholders while growing in the public markets and in a more favorable real estate financing environment with forecasted lower mortgage rates.
“Mortgage origination has yet to fully experience the dynamic and exciting transformation seen in other financial services sectors,” said Nick Liuzza, co-founder and CEO of Beeline. “Our disruptive, cloud-based, go-to-market strategy targets Millennials and Gen Z borrowers. The benefits of operating in the public markets to help Beeline achieve its goals are significant.
The transactions are subject to customary closing conditions, including required Beeline shareholder approvals and closing of the transactions contemplated by the Debt Exchange Agreement. Both Eastside’s Board and Beeline’s Board of Directors have approved the deal, which is expected to close later this year. For further details on the expected closing see the Form 8-K filed by Eastside with the Securities and Exchange Commission.
About Eastside Distilling, Inc.
Media Contact
Nick Luzza, BEELINE MORTGAGE , LLC Refinance, 1 4014184461, nick@makeabeeline.com, BEELINE MORTGAGE , LLC Refinance
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SOURCE Eastside Distilling, Inc.
