Summary by Futu AI
On October 15, 2024, LQR House Inc., a Nevada corporation, entered into a Securities Purchase Agreement with David E. Lazar, pursuant to which Lazar will acquire 5,454,545 shares of common stock at $0.55 per share and a five-year warrant to purchase up to 10,909,090 shares at the same price, for a total investment of $3.0 million. The proceeds are earmarked for settling the company's obligations with various partners and personnel. The transaction will close in two stages, with the first closing completed on October 16, 2024, where Lazar paid $606,000 for 1,101,818 shares. The final closing, contingent on stockholder approval, will see Lazar pay an additional $2,394,000 for 4,352,727 shares and the warrant. LQR House has agreed not to issue additional shares or engage in variable rate transactions until after the final closing. In related news, David Lazar was appointed as President of LQR House and, along with Avraham Ben-Tzvi, to the Board of Directors. The company also announced the resignation of board member Jay Dhaliwal, effective October 14, 2024.
