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 August 13, 2019, Nasdaq notified Eastside Distilling, Inc. (“Eastside”), that as a result of the resignations of Directors Trent Davis, Michael Fleming, David Holmes and Matt Szot from the Board of Directors (the “Board”) on August 8, 2019, Eastside is no longer in compliance with Nasdaq’s audit committee, compensation committee, nominating committee, and board independence requirements as set forth in Listing Rule 5605.
In accordance with Listing Rules, Eastside has 45 days to submit a plan to Nasdaq to regain compliance. If Eastside’s plan is accepted by Nasdaq, an extension of up to 180 calendar days from August 13, 2019, may be granted to provide Nasdaq evidence of compliance.
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)
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.