Diversified spins off Bagger Dave's
Diversified Restaurant Holdings — the largest franchisee for Buffalo Wild Wings and creator and operator of Bagger Dave's Burger Tavern — announced this week that it has spun off its Bagger Dave's concept and recently distributed shares of the brand to shareholders of record on Dec. 19, according to a news release. The distribution date on those shares was Dec. 25.
Each DRH stockholder received one share of Bagger Dave’s common stock for every share of DRH common stock held on the record date. Upon regulatory approval, Bagger Dave's shares will begin trading on the OTC Bulletin Board, according to the company.
"This is a significant milestone for DRH and a clean start for Bagger Dave's," David G. Burke, CEO and president of DRH, said in a news release. "We believe focusing resources on each business independently should create more opportunities for strengthened operational performance."
DRH common stock is still listed on the NASDAQ Capital Market under the symbol SAUC. Bagger Dave’s common stock will be listed on the over-the-counter market under the symbol "BAGR."