Tattooed Chef Completes Redemption of Public Warrants and Announces Preliminary Revenue Results for Fiscal 2020
Cash Balance Now Approximately $200 Million
Preliminary Revenue of $149 Million for Fiscal 2020
Company to Report Fourth Quarter and Fiscal 2020 Financial Results on March 10, 2021
PARAMOUNT, Calif., Feb. 22, 2021 (GLOBE NEWSWIRE) -- Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the “Company”), a leader in plant-based foods, today announced that 9,108,935 publicly held warrants (the “Public Warrants”) were exercised on a cashless basis as of 5:00 p.m. Eastern Time on February 16, 2021, the date for redemption fixed by the Company. As a result of the cashless exercise mechanism, 4,447,892 of the 9,108,935 shares underlying the Public Warrants were surrendered in payment of the warrant exercise price, and 4,661,043 shares were issued. The warrants have ceased to trade on Nasdaq and the Company now has a total of 81,448,726 shares of common stock issued and outstanding.
As announced on January 14, 2021, 10,758,215 Public Warrants were previously exercised for cash, resulting in the Company receiving cash exercise price proceeds of $123,719,473, in the aggregate. The Company’s total cash balance is now approximately $200 million.
Sam Galletti, Tattooed Chef’s Chief Executive Officer said, “We are pleased to have further strengthened our balance sheet while simplifying our capital structure and limiting dilution by invoking the cashless exercise provision for a portion of the Public Warrants. With $200 million of cash on-hand, we have the ability to invest in strategic growth initiatives to accelerate our growth and enhance long-term stockholder value.”
Preliminary Revenue Results
Tattooed Chef today announced preliminary revenue of approximately $39.5 million for the fourth quarter of 2020 and $149 million for fiscal year 2020, representing 47% growth and 76% growth compared to the respective prior year periods. In addition, revenue of Tattooed Chef branded product was approximately $24 million for the fourth quarter of 2020 representing the highest quarterly branded revenue in Company history and reflects an increase of 253% compared to $9.5 million in the prior year period. For fiscal year 2020, revenue of Tattooed Chef branded product was approximately $85 million, an increase of 448% compared to $18.9 million in fiscal year 2019.