Operations

BurgerFi going public?

June 8, 2020

BurgerFi International is on its way to becoming a publicly traded company on the NASDAQ stock exchange. The better-burger chain, which has 125 locations in 23 states, has entered into a non-binding letter of intent with Opes Acquisition Corp, a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. The partnership would result in the brands becoming a combined entity, with BurgerFi's shareholders rolling over a majority of the equity in the combined public company, according to a company press release.

With a mix of franchise and corporate openings projected through 2021, BurgerFi has a strong pipeline for rapid expansion, providing visible growth for the foreseeable future. New immediate-term locations are expected to include
developments in BurgerFi's home state of Florida as well as the Southeast, Mid-Atlantic and Northeast regions, according to Ophir Sternberg, chairman of Opes Acquisition Corporation.

"Enhanced by its' technology-driven business model, steadfast commitment to responsible procurement, highly scalable structure and significant expansion opportunities, BurgerFi is an extremely attractive investment opportunity," he said in the release. "We have enjoyed working with BurgerFi's world-class management team, and we look forward to supporting them in the new growth phase as a public company.”

The companies will execute a definitive agreement by the end of this month, with a closing expected in the third quarter of 2020. No assurances can be made, however, that the parties will successfully negotiate and enter into a definitive agreement, the release said.

Burgerfi was named No. 9 to this year's list of Fast Casual Top 100 Movers and Shakers.