Today shortly after the opening bell, Chanticleer Holdings, a business operator expanding the Hooters casual dining restaurant brand in international markets, announced that its common stock is now listed on The NASDAQ Capital Market under the symbol “HOTR”. Chanticleer Holding’s common stock will no longer trade on the OTC QB.
The company also announced the pricing of an underwritten public offering of 2,444,450 units at an offering price of $4.50 per unit, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock.
The units have already begun trading on The NASDAQ Capital Market under the symbol “HOTRU”. The common stock and warrants will not be separately transferable for a minimum of 30 days, unless the representatives of the underwriters determine that an earlier date is acceptable, and no later than 45 days from the date of the prospectus. Each warrant will have an exercise price of $5.00 per share, will be exercisable upon separation of the units, and will expire in five years. When separately transferable, the warrants will trade on The NASDAQ Capital Market under the symbol “HOTRW”.
It is anticipated that the gross proceeds to Chanticleer Holdings from this offering will be approximately $11 million, before deducting underwriting discounts, commissions, and other estimated offering expenses. Investors should also note that Chanticleer Holdings has granted the underwriters a 45-day option to purchase up to 366,667 additional units to cover potential over-allotments.
The final proceeds from the public offering will be used for investment in Hooters international franchises, paying off existing debt, and for general corporate working capital.
For more information on the company, visit www.chanticleerholdings.com
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