Chanticleer Holdings Announces 1-for-26 Reverse Stock Split - Seite 2

The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 14.2 million to approximately 0.55 million (prior to the merger).

On March 18, 2020, the holders of a majority of the Company’s outstanding shares of common stock approved the reverse stock split and gave the Company’s board of directors discretionary authority to select a ratio for the split ranging from 1-for-2 to 1-for-40. The board of directors approved the reverse stock split at a ratio of 1-for-26 on March 26, 2020.

As previously disclosed, the Company’s existing restaurant business, including its assets and liabilities, will be spun-off immediately prior to the close of the merger into a newly created corporate entity.  This new entity will be named Amergent Hospitality Group (“Amergent”) and will be wholly owned by Chanticleer’s shareholders owning common stock of record as of the close of business on Thursday, March 26, 2020, the record date for the spin-off.

Securities Transfer Corporation is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.

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

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the closing of the merger. All statements pertaining to Chanticleer Holdings, Inc.’s expectations regarding future financial and/or operating results, potential for our tests and services and future revenues or growth in this press release constitute forward-looking statements.  Any statements that are not historical fact (including, but not limited to, statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties discussed in the Chanticleer Holdings, Inc. Form 10-K for the year ended December 31, 2019, along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Chanticleer Holdings, Inc. disclaims any obligation to update these forward-looking statements.

Chanticleer Holdings Investor Contact:

Jason Assad
678-570-6791
[e-mail]

Sonnet BioTherapeutics 

Alan Lada
617-221-8006
[e-mail]