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Chanticleer Holdings extends $16 million rights offering through Friday

The decision allows for additional time to accept shareholder orders and account for delays in processing

Little Big Burger
The company's portfolio of restaurants includes Little Big Burger, BGR, American Burger Co, Just Fresh and eight Hooters locations

Chanticleer Holdings Inc (NASDAQ:BURG) is extending its ongoing $16 million rights offering through the close of Friday’s trading session, the company announced Tuesday morning.

The decision allows for additional time to accept shareholder orders and account for delays in processing. On Jun 17, the restaurant operator announced an offering of up to $16 million worth of shares available for $1 per share.

Its shares were flattish midday Tuesday at $1.

READ: Chanticleer Holdings to raise up to $16 million as it aims to expand restaurant brand footprint

"We are very pleased with the support from our existing shareholders and we'd like to thank the many investors who've participated and supported our company,” CEO Mike Pruitt said. “Given the interest in the offering and requests for additional time over the last few trading days, we have chosen to extend it through June 28, 2019 to allow additional time to complete the processing of subscriptions from shareholders of record."

The Charlotte-based company plans to use the funds for future acquisitions and general corporate purposes. Its portfolio of restaurants includes Little Big Burger, BGR, American Burger Co, Just Fresh and eight Hooters locations.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Chanticleer Holdings

Price: 0.672 USD

NASDAQ:BURG
Market: NASDAQ
Market Cap: $6.89 m
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