Heritage Distillery completes $220 million in private equity financing and will establish IP token reserves

According to Foresight News, Heritage Distilling (NASDAQ: CASK) announced a $220 million PIPE financing ($100 million in cash and $120 million in IP tokens) to build a $360 million reserve focused on IP. Investors include leading investment institutions such as Story Foundation and a16z crypto. To launch the IP Vault Strategy Flywheel, Heritage will allocate $82 million in revenue to purchase IP tokens from the Story Foundation for a fixed price of $3.4. Story Foundation will use 100% of the $82 million net cash gains from the token sale to strategically buy back IP tokens on the open market within 90 days of sale.

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