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Beeline Holdings, Inc. (NASDAQ:BLNE) ("Beeline" or the "Company"), the fast-growing digital mortgage platform redefining the path to homeownership, today announced it has disposed of its majority ownership in Bridgetown Spirits Corp. ("Spirits") in exchange for $367,404 pursuant to a Debt Satisfaction Agreement. As a result, Spirits is no longer a subsidiary of the Company. This asset was the last asset held as a result of its forward merger completed on October 7, 2024 with Beeline Financial Holdings, Inc. The move reaffirms Beeline's focus on proptech, mortgage, alternative equity products and generating SAAS revenue while strengthening its balance sheet.
The transaction closed on Friday, July 25th in which the common stock of Spirits held by the Company was disposed of to a group led by the former CEO of the Company and the President of Spirits, Geoffrey Gwin. As part of the transaction, Beeline will write off certain related accounts payable it had assumed as part of the merger and eliminate the need to fund and account for Spirits. Beeline also funded a $75,000 one-year senior secured term loan to Spirits and in exchange received a secured promissory note in the principal amount of $100,000 from Spirits.
Posted In: BLNE
