Chanticleer Holdings (NASDAQ: HOTR, HOTRW) is trading 11% lower a day after the company commenced the subscription period for its previously announced rights offering of up to one million units priced at $13.50 per unit – for expected gross proceeds of $13.5 million. Each unit consists of one share of redeemable Series 1 Preferred Stock and one Series 1 Warrant to purchase 10 shares of HOTR common stock. The subscription period expires December 29, 2016, at 5 p.m. HOTR says it will use the proceeds to retire certain debt obligations, and to provide funds for store-related growth and for general working capital.
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About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer (HOTR), owns, operates and franchises fast casual and full service restaurant brands, including American Burger Company, BGR: The Burger Joint, Little Big Burger, Just Fresh and Hooters. For more information visit www.chanticleerholdings.com
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