Shareholders receive one right for 17.16861 shares held as of Jan. 15
By Devika Patel
Knoxville, Tenn., Jan. 14 – One Group Hospitality Inc. said it set the terms of its rights offering. The deal was announced on Jan. 5.
The rights are exercisable at $2.75 apiece, an 8.33% discount to the closing share price of $3.00 on Jan. 13.
Investors will receive one subscription right for each 17.16861 common shares held as of 5 p.m. ET on the record date of Jan. 15. Any rights not exercised in the offering may be bought by other investors through an oversubscription right.
The offering will expire at 5 p.m. ET on Feb. 5.
Chairman of the board of directors Michael Serruya and chief executive officer and director Jonathan Segal have informed the company that they intend to participate.
Proceeds will be used for development of future restaurants.
The hospitality company is based in New York.
| Issuer: | One Group Hospitality Inc.
|
| Issue: | Common stock
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| Price: | $2.75
|
| Warrants: | No
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| Investors: | Michael Serruya and Jonathan Segal
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| Announcement date: | Jan. 5
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| Pricing date: | Jan. 14
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| Record date: | Jan. 15
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| Expiration date: | Feb. 5
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| Stock symbol: | Nasdaq: STKS
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| Stock price: | $3.00 at close Jan. 13
|
| Market capitalization: | $79.41 million
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