EASTSIDE DISTILLING, INC. (OTCMKTS:ESDI) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

EASTSIDE DISTILLING, INC. (OTCMKTS:ESDI) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On July 14, 2020, Nasdaq notified Eastside Distilling, Inc. (“Eastside”), that, as previously reported, as a result of Director Paul Block being appointed to serve as Chief Executive Officer of Eastside and resigning from the Audit Committee, each effective July 1, 2020, Mr. Block is no longer a non-independent member of the Board of Directors of Eastside (the “Board”) and Eastside is no longer in compliance with Nasdaq’s majority independent board and audit committee requirements as set forth in Listing Rule 5605.

In accordance with the Listing Rules, Eastside has 45 days to submit a plan to Nasdaq to regain compliance with the majority independent board requirement. If Eastside’s plan to regain compliance with the majority independent board requirement is accepted by Nasdaq, an extension of up to 180 calendar days from July 14, 2020 may be granted to provide Nasdaq evidence of compliance.

Further, Eastside has until the earlier of Eastside’s next annual shareholders’ meeting or July 1, 2021 to evidence compliance with the audit committee requirements, or if the next annual shareholders’ meeting is held before December 28, 2020, then Eastside must evidence compliance with the audit committee requirements no later than December 28, 2020.

The Board is in the process of evaluating prospective Board members who could serve as independent directors to regain compliance with the requirements of Listing Rule 5605 promptly, and before 45 days if possible.


About EASTSIDE DISTILLING, INC. (OTCMKTS:ESDI)

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Eastside Distilling, Inc. (Eastside) is a manufacturer, developer, producer and marketer of master-crafted spirits. The Company’s beverage alcohol categories include bourbon, whiskey, rum and vodka. The Company operates through the marketing and distributing of hand-crafted spirits segment. Its brands include Burnside Bourbon, Burnside Oregon Oaked Bourbon, Barrel Hitch American Whiskey, Barrel Hitch Oregon Oak American Whiskey, Below Deck Silver Rum, Below Deck Ginger Rum, Below Deck Coffee Rum, Below Deck Spiced Rum, Portland Potato Vodka, Marionberry Whiskey and Cherry Bomb Whiskey. Eastside creates seasonal and limited edition handmade products, such as Advocaat (eggnog) Liqueur, Peppermint Bark Liqueur, Bier Schnapps and Holiday Spiced Liqueur. Eastside distributes its products in approximately 15 states, including Oregon, Washington, Nevada, Texas, Virginia, Indiana, Illinois, New York, New Jersey, Massachusetts, Connecticut, Minnesota, Georgia, Pennsylvania and Maryland.

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