Brewery company $Eastside Distilling (EAST.US)$ Today, it rose over 260% in intraday trading. As of the time of writing, the stock is now up 264.43%, at $2.77, with a trading volume of $0.236 billion.

On the news front, the company announced yesterday that it has signed a merger agreement with Beeline Financial Holdings, Inc. Beeline is a real estate financial services company that provides a fully digitalized, AI-enhanced end-to-end platform for homeowners and real estate investors. This strategic move comes after two years of in-depth review of Eastside's business portfolio, with the aim of creating maximum value for all stakeholders and achieving significant growth in multiple areas.

In this transaction, Eastside has completed debt-for-equity swaps with private investors and sold its Craft Canning + Digital Printing assets. This will clear all of Eastside's debts and provide funding for Craft, accelerating its digital printing business expansion in the Pacific Northwest. The debt restructuring agreement and related documents are expected to take effect immediately prior to the merger.

As part of the merger consideration, Eastside will issue common and preferred stock to Beeline shareholders. This strategic partnership will make Eastside a leader in the digital mortgage services sector, while continuing to expand its traditional craft spirits business.

Eastside CEO Geoffrey Gwin said:

"I am very excited about this new growth platform. It not only brings opportunities for our shareholders, but also allows a talented team and innovative technology to join our family. This development brings huge potential for our stakeholders. The innovative abilities demonstrated by Nick and his team are fully aligned with our strategic goals."

About the company

Eastside Distilling, Inc. is an award-winning craft spirit producer dedicated to quality, innovation, and sustainability, offering exceptional products that reflect the spirit of the Pacific Northwest, including whiskey, vodka, and rum.