Marketing

Muscle Maker advances private placement strategy

Photo by istock.com

April 7, 2021

Muscle Maker Inc. has made a deal for a private placement with a single investor to buy up to 1.25 million shares of stock and approximately 2.87 million pre-funded warrants, each capable of being used as one share, according to a news release. Each share and warrants are being sold as a combined offering for $2.43, according to a press release.

Each share and warrant are being sold jointly for a combined offering price of $2.43, while each pre-funded warrant and its accompanying warrant are being offered at a combined cost of $2.42, the release said.

"We are very pleased that we are able to take the first steps in moving forward with the private placement," CEO Michael Roper said in the release, "This funding, when closed, will allow Muscle Maker to continue to execute our non-traditional location growth strategy as well as provide the ability to identify and acquire additional concepts that complement our business model like the recently announced acquisition of Superfit Foods."

The agreement closing date is expected to be on or around April 9, subject to the satisfaction of customary closing conditions and regulatory approvals, including the approval of the Nasdaq Capital Market.