Chanticleer Holdings Announces Completion of Rights Offering for Gross Proceeds of $6.1M
July 02 2019 - 8:30AM
Chanticleer Holdings, Inc. (NASDAQ:
BURG)
(“Chanticleer” or the “Company”), owner, operator, and franchisor
of multiple nationally recognized restaurant brands today announced
that it has closed its previously announced Rights Offering, which
expired at 4:00 p.m. EST on June 28, 2019.
Chanticleer received subscriptions for an aggregate of 6,084,853
shares of common stock through the exercise by its record holders
of basic and over subscription rights at a price of $1.00 per
share. Gross proceeds to Chanticleer of approximately $6,084,853.00
include $3,075,000.00 subscribed through the reduction of
outstanding debt obligations.
Chanticleer intends to use the net proceeds of the Rights
Offering for general corporate purposes and is in discussions with
the target to restructure the acquisition proposal.
After the Rights Offering, Chanticleer will have an aggregate of
10,023,876 shares of common stock issued and outstanding. Investors
who participated in the Rights Offering should expect to see shares
in their account within the next three business days. The
shares are being distributed through the Company’s transfer agent
or through the clearing systems of The Depository Trust
Company.
The rights offering was made pursuant to Chanticleer’s effective
registration statement on Form S-1 (Reg. No. 333-230857) on file
with the U.S. Securities and Exchange Commission (the “SEC”) and
accompanying prospectus filed with the SEC on June 12, 2019.
About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer Holdings owns,
operates, and franchises fast, casual, and full-service restaurant
brands, including American Burger Company, BGR – Burgers Grilled
Right, Little Big Burger, Just Fresh, and Hooters. For more
information, please visit:
www.chanticleerholdings.com.
Forward-Looking Statements:
Some portions of this press release, particularly those
describing Chanticleer's goals and strategies, contain
'forward-looking statements.' These forward-looking statements can
generally be identified as such because the context of the
statement will include words, such as 'expects,' 'should,'
'believes,' 'anticipates' or words of similar import. Similarly,
statements that describe future plans, objectives or goals are also
forward-looking statements. While Chanticleer is working to achieve
those goals and strategies, actual results could differ materially
from those projected in the forward-looking statements as a result
of a number of risks and uncertainties. These risks and
uncertainties include conditions and servicing of current debt
obligations, maintaining and protecting brand recognition, the need
for significant capital, increasing costs of fuel and freight,
protection of intellectual property, competition and other factors,
any of which could have an adverse effect on the business plans of
Chanticleer, its reputation in the industry or its expected
financial return from operations and results of operations. In
light of significant risks and uncertainties inherent in
forward-looking statements included herein, the inclusion of such
statements should not be regarded as a representation by
Chanticleer that they will achieve such forward-looking statements.
For further details and a discussion of these and other risks and
uncertainties, please see our most recent reports on Form 10-K,
Form 10-Q and Form S-1, as filed with the Securities and Exchange
Commission, as they may be amended from time to time. Chanticleer
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.Contact Information:
Investor Relations Jason Assad 678-570-6791
Ja@chanticleerholdings.com
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