SEC Form SC 13D filed by LQR House Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No.   )¹

LQR House Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

50215C 208
(CUSIP Number)

DAVID E. LAZAR

PH The Towers, Tower 200, 30B

Winston Churchill, Paitilla

Panama City, Panama 07196

(646) 768-8417

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

October 15, 2024

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this Schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☐.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”).

This statement relates to the Common Stock, $0.0001 par value (the “Shares”), of LQR House Inc., a Nevada corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 6800 Indian Creek Drive, Suite 1E, Miami Beach, Florida 33141.

(a) This statement is filed by David Elliot Lazar (the “Reporting Person”).

(b) The principal business address of the Reporting Person is PH The Towers, Tower 200, 30B, Winston Churchill, Paitilla, Panama City, Panama 07196.

(c) The Reporting Person is a private investor.

(d) The Reporting Person has not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e) The Reporting Person has not, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f) The Reporting Person is a citizen of Portugal and Israel.

The 1,101,818 Shares purchased by the Reporting Person were purchased with personal funds pursuant to a securities purchase agreement, dated as of October 15, 2024, by and between the Issuer and the Reporting Person (the “SPA”), as further described in Item 6. The aggregate purchase price of the 1,101,818 Shares directly beneficially owned by the Reporting Person is $606,000. Pursuant to the SPA, the Reporting Person has agreed to purchase 4,352,727 additional Shares for an aggregate purchase price of $2,394,000 at a subsequent closing; however the purchase of such additional Shares is subject to certain closing conditions as further described in the SPA.

On October 16, 2024, pursuant to the SPA, as further described in Item 6, the Reporting Person and Avraham Ben-Tzvi were each appointed as members of the Issuer’s Board of Directors. Effective as of October 16, 2024, Jay Dhaliwal resigned as a member of the Issuer’s Board of Directors. In addition, effective on October 16, 2024, the Reporting Person was appointed as President of the Issuer.

The Reporting Person purchased the Shares based on the Reporting Person’s belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Person, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Person may endeavor to increase or decrease his position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Person may deem advisable.

The Reporting Person does not have any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Person intends to review his investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Person may in the future take such actions with respect to his investment in the Issuer as he deems appropriate including, without limitation, engaging in additional communications with management and the Board of Directors of the Issuer, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the Reporting Person’s investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer’s financial and/or operational performance, purchasing additional Shares, selling some or all of his Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing his intention with respect to any and all matters referred to in Item 4.

The aggregate percentage of Shares reported owned by each person named herein is based upon 5,581,855 shares of Common Stock outstanding, which is the total number of Shares outstanding as of September 13, 2024 based on the registration statement on Form S-3 filed by the Issuer on September 13, 2024.

Percentage: Approximately 19.74%

On October 15, 2024, the Issuer entered into the SPA with the Reporting Person, pursuant to which the Reporting Person will acquire an aggregate of 5,454,545 shares of Common Stock for an aggregate purchase price of $3,000,000, subject to the conditions described below, pursuant to the exemptions afforded by the Securities Act of 1933, as amended (the “Securities Act”), and Regulation S thereunder. Pursuant to the SPA, the purchase of the Shares will take place in two stages. The initial closing took place on October 16, 2024, whereby the Reporting Person acquired 1,101,818 shares of Common Stock for a total purchase price of $606,000. Pursuant to the SPA, subject to satisfaction of certain closing conditions, the final closing shall occur the business day after the Issuer obtains Stockholder Approval (as defined in the SPA), whereby the Reporting Person shall (i) purchase an additional 4,352,727 shares of Common Stock for a total purchase price of $2,394,000, subject to the conditions described below, pursuant to the exemptions afforded by the Securities Act and Regulation S thereunder and (ii) receive from the Issuer a warrant to acquire up to an additional 10,909,090 shares of Common Stock at a fixed exercise price per share of $0.55 (the “Warrant”).

The SPA contains customary representations, warranties and agreements of the Issuer and the Reporting Person, limitations, and conditions regarding sales of the Common Stock, indemnification rights and other obligations of the parties. Furthermore, the SPA contains certain covenants that the Issuer is obligated to comply with, such as holding a special meeting of stockholders for purposes of approving (i) a reverse stock split of the Common Stock (ii) an amendment to the Issuer’s equity incentive plan increasing the number of shares of Common Stock available thereunder.

Additionally, the Board of Directors of the Issuer adopted resolutions (i) exempting the Reporting Person’s acquisition of the Common Stock from Section 16(b) of the Exchange Act of 1934, as amended, pursuant to Rule 16b-3 and (ii) granting the Reporting Person the right to sell, assign or otherwise transfer the Common Stock and/or its rights to acquire the Common Stock pursuant to the SPA (the “Securities Purchase Rights”), including by way of option for the Reporting Person to sell and/or a transferee thereof to purchase, the Securities Purchase Rights.

The forgoing description of the SPA does not purport to be complete and is qualified in its entirety by reference to the SPA, which is filed as an exhibit to this Schedule 13D, and is incorporated by reference herein.

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: October 21, 2024