LQR House initiates warrants cancellation, will postpone public offerings

LQR House has declared a significant step by cancelling representative warrants to bolster shareholder confidence. The Company is also committing to a hiatus on offerings and capital raises, redirecting its efforts toward expanding its e-commerce presence and cultivating marketing partnerships. With approximately $8 million in cash reserves, LQR House believes that the Company can preserve cash flow, sustain business growth, and prioritize profitability.On December 16, 2023, LQR House and designees of EF Hutton entered into several agreements to cancel EF Hutton’s representative warrants to purchase a total of 9,335,696 shares of the Company’s common stock. These warrants had been issued to EF Hutton designees in three public offerings of the Company’s common stock completed since August 11, 2023, with exercise prices ranging from $5.00 per share to $0.07 per share, encompassing all outstanding warrants of the Company. In consideration for the cancellation, LQR House agreed to compensate EF Hutton designees a total of $60,000. Given the current business environment, LQR House has also opted to delay further offerings and capital raises at this time, choosing instead to explore ventures that may enhance Company’s value. This strategic decision aligns with the Company’s dedication to prudent financial management and long-term value creation for its shareholders.