Heritage Distillery to Create First IP Treasury with $220M PIPE Deal
Pacific Northwest craft distillery Heritage Distilling Holding Company, Inc. and the Story Foundation have announced a $220 million private investment in public equity (PIPE) financing to create a treasury focused on IP, the native token of the Story network.
As part of the deal, Heritage will allocate $82 million from the financing to buy IP tokens from Story Foundation at a fixed price of $3.40 per token, according to a press release viewed by The Defiant. Story Foundation said that it will use all of the net cash proceeds from the sale to buy back IP tokens on the open market within 90 days.
The release also noted that at the close of the transaction, Heritage’s IP treasury is expected to hold approximately 52.5 million IP tokens – currently valued at $312 million.
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