Chanticleer Holdings Announces Results of Shareholder Vote

All Proposals at Special Meeting of Shareholders Successfully Approved and Merger Scheduled to Close on or about March 31, 2020

CHARLOTTE, N.C., March 19, 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 results of its special meeting of shareholders.

On March 18, 2020, Chanticleer Holdings, Inc. (“Chanticleer”) held a special meeting of shareholders (the “Special Meeting”) at which all proposals voted on at the Special Meeting were approved by the shareholders of Chanticleer. 

Mike Pruitt, Chanticleer Holdings CEO stated, “We are pleased that our shareholders have approved all of the proposals included in our recent proxy statement. Importantly, shareholder approval now allows for both us and Sonnet BioTherapeutics, Inc. to move forward with the closing of our proposed merger transaction and the spin-off of Chanticleer’s restaurant business. As we stated in our recent press release, the record date for the share distribution related to the spin-off of the restaurant business has been established as March 26, 2020. The spin-off and merger are expected to close on or around March 31, 2020, subject to satisfaction of certain closing conditions. 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.”

Sonnet BioTherapeutics President and CEO, Pankaj Mohan, Ph.D. commented, “The merger transaction, once closed, is expected to clear the way for Sonnet to accelerate the advancement of our pipeline and clinical programs.  We are excited about the potential for our proprietary immunotherapy platform to generate lifesaving therapeutics for cancer patients around the world.”    

The results of each of the proposals voted upon at the Special Meeting are set forth in a Current Report on Form 8-K filed by Chanticleer with the Securities and Exchange Commission on or about March 19, 2020.

Information about the Proposed Merger and Where to Find It

In connection with the proposed Merger, Chanticleer and Sonnet filed relevant materials with the Securities and Exchange Commission, or the SEC, including a registration statement on Form S-4 that contains a prospectus and a proxy statement. 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.