BBQ Holdings completes private investment in public entity transaction
MINNETONKA, Minnesota., June 29, 2021 / PRNewswire / – BBQ Holdings, Inc. (Nasdaq: BBQ), a franchisor and multi-brand restaurant operator, today announced the closing of its previously announced private public equity investment (PIPE) in the company, which was finalized in the Securities Purchase Agreement dated June 24, 2021 and announced on June 25, 2021.
BBQ Holdings received total gross proceeds of $ 13 million, before deduction of placement agent fees and offering fees.
The investment was made by Nantahala Capital Management, LLC and / or its affiliates. The Company plans to use the proceeds of the offering for growth initiatives.
Craig-Hallum Capital Group, LLC served as placement agents for the funding.
LathropGPM provided legal services to the Company.
“I couldn’t be more thrilled with the partnership with Nantahala Capital Management and I am grateful for all of their work during this process,” said Jeff Crivello, CEO of BBQ Holdings, Inc. “We look forward to a mutually fruitful relationship and are excited about all the opportunities this investment brings to our brands. ”
The securities sold under the private placement have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state or other applicable jurisdiction, and may not be offered or sold in United States the lack of registration or an applicable exemption from the registration requirements of the Securities Act and securities laws of any state or other jurisdiction. The Company has agreed to file a registration statement with the United States Securities and Exchange Commission (the “SEC”) recording the resale of the Common Shares sold under the Private Placement and the Common Shares issuable in the Private Placement. the exercise of preferred shares.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. before registration or qualification. under the securities laws of any such state or jurisdiction.
Additional details regarding the private placement are included in a Form 8-K filed with the Securities and Exchange Commission on June 25, 2021.
About BBQ Holdings
BBQ Holdings, Inc. (NASDAQ: BBQ) BBQ Holdings is a national restaurant company engaged in the ownership and operation of casual and fast food restaurants. From May 21, 2021, BBQ Holdings owned four brands with 137 “brick and mortar” locations in 31 states and three countries, including 47 company-owned restaurants and 90 franchise-operated restaurants. In addition to these locations, the company opened eight company-owned Famous Dave’s ghost kitchens operating out of its Granite City locations, and 16 Famous Dave’s franchise ghost kitchens operating from the kitchen of another restaurant or restaurant. ‘a shared kitchen space. As BBQ Holdings continues to diversify its ownership in the restaurant community, it was founded on the premise of combining the “art and science” of barbecue to serve the best of the best to barbecue enthusiasts around the world. BBQ Holdings, through partnerships, has extended Travis Clark award-winning line of barbecue sauces, rubs and seasonings in the retail market. In addition to a wide variety of barbecue favorites served at their barbecue restaurants, BBQ Holdings’ newest addition, Granite City Food and Brewery, features award-winning craft beer and a menu prepared from scratch, led by a chef. , offering contemporary American cuisine.
SOURCE BBQ Holdings, Inc.