Chanticleer Holdings Announces Record Date for Spin-Off of Restaurant Operations

Stock Dividend Distribution Date to be March 30, 2020, to stockholders on March 26, 2020

CHARLOTTE, N.C., March 16, 2020 (GLOBE NEWSWIRE) -- Chanticleer Holdings, Inc. (NASDAQ:BURG) (“Chanticleer” or the “Company”), owner, operator, and franchisor of multiple nationally recognized restaurant brands, today announced the record date for the spin-off of its restaurant business, in connection with the proposed merger with Sonnet BioTherapeutics, Inc.

The record date has now been established as March 26, 2020. The share distribution date is expected to be on March 30, 2020. All shareholders of record at the close of business on March 26, 2020 shall be eligible to receive shares of the spin-off on a pro-rata basis. The spin-off ratio is yet to be determined.

Additional Information about the Proposed Merger and Where to Find It

In connection with the proposed merger between Sonnet and Chanticleer Holdings, Inc. (“Chanticleer”), Chanticleer has filed relevant materials with the Securities and Exchange Commission, or the SEC, including a registration statement on Form S-4 that has been filed and contained a proxy statement/prospectus/information statement, and which registration statement was declared effective on February 11, 2020. A definitive proxy statement/prospectus/information statement was filed on February 11, 2020 and was mailed to stockholders on February 14, 2020. INVESTORS AND SECURITY HOLDERS OF CHANTICLEER AND SONNET ARE URGED TO READ THESE MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CHANTICLEER, SONNET AND THE PROPOSED MERGER. The proxy statement, prospectus and other relevant materials (when they become available), and any other documents filed by Chanticleer with the SEC, may be obtained free of charge at the SEC website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Chanticleer by directing a written request to: Chanticleer Holdings, c/o Michael D. Pruitt, Chief Executive Officer, 7621 Little Avenue, Suite 414, Charlotte, NC 28226. Investors and security holders are urged to read the proxy statement, prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed merger.