On Friday August 12, 2016, the ONE Group Hospitality, Inc. (NASDAQ: STKS) disclosed that it had issued an unsecured 5-year promissory note to Anson Investments Master Fund LP, the consideration for which is $3 million to be used for development. Interest on the note is payable quarterly at an annual rate of 10 percent, with the first payment due on September 30, 2016. The maturity date of the note is August 11, 2021.
Under the terms of the loan agreement, the ONE Group Hospitality, Inc. has issued a warrant that gives Anson Investments Master Fund LP the right, but not the obligation, to purchase 300,000 shares of the ONE Group’s common stock at an exercise price of $2.61 per share. The ONE Group Hospitality, Inc. will, in due course, file a Current Report on Form 8-K with the Securities and Exchange Commission that provides details of the loan agreement, the unsecured promissory note and the warrant.
The ONE Group is a hospitality company that currently operates restaurants in Canada, Italy, Spain, Great Britain and the U.S. The company also provides hospitality management services for hotels, casinos and other upscale venues, both nationally and internationally. The ONE Group’s leading brand is STK, under which it currently operates 19 restaurants across Europe and North America. The company also markets a subsidiary brand, STK Rebel.
The quarter ended June 30, 2016, marked the ONE Group’s ninth consecutive quarter of double-digit revenue growth. Building on these results, the company recently announced the opening of a second STK restaurant in Miami.
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