Good Times Restaurants Announces Preliminary Results of Tender Offer
September 13 2021 - 8:00AM
Business Wire
Good Times Restaurants Inc. (Nasdaq: GTIM) (the “Company”),
operator of Bad Daddy’s Burger Bar and Good Times Burgers &
Frozen Custard, today announced the preliminary results of its cash
tender offer to purchase up to 1,413,000 shares of its common stock
at a price per share of $4.60. The tender offer expired at 11:59
p.m., New York City time, on September 10, 2021.
In accordance with the terms and conditions of the tender offer
and based on the preliminary count by Broadridge Corporate Issuer
Solutions, Inc., the depositary for the tender offer, the Company
expects to accept for payment, at a purchase price of $4.60 per
share, a total of 333,241 shares properly tendered and not properly
withdrawn before the expiration date, at an aggregate cost of
approximately $1,532,908, excluding fees and expenses relating to
the tender offer. The shares expected to be purchased represent
approximately 2.6% of the Company’s common stock issued and
outstanding as of September 13, 2021.
The number of shares expected to be purchased in the tender
offer and the total purchase price are based on the assumption that
all shares tendered through notice of guaranteed delivery will be
delivered within the prescribed two trading day settlement period.
The final number of shares to be purchased and the final total
purchase price will be announced following the expiration of the
guaranteed delivery period and the completion by the depositary of
the confirmation process. Payment for the shares accepted for
purchase pursuant to the tender offer, and the return of all other
shares tendered and not purchased, if any, will occur promptly
thereafter.
Shareholders who have questions or would like additional
information about the tender offer may contact the information
agent for the tender offer, Alliance Advisors, LLC, at (855)
742-8271, Email: reorg@allianceadvisors.com.
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. owns, operates, franchises and licenses 40 Bad Daddy’s Burger
Bar restaurants through its wholly owned subsidiaries. Bad Daddy’s
Burger Bar is a full-service “small box” restaurant concept
featuring a chef-driven menu of gourmet signature burgers, chopped
salads, appetizers and sandwiches with a full bar and a focus on a
selection of local and craft beers in a high-energy atmosphere that
appeals to a broad consumer base. Additionally, Good Times
Restaurants Inc. operates and franchises a regional quick-service
drive-thru restaurant chain consisting of 32 Good Times Burgers
& Frozen Custard restaurants located primarily in Colorado.
Forward-Looking Information
Certain statements and information included in this press
release constitute "forward-looking statements." Such
forward-looking statements include statements that look forward in
time or express management’s beliefs, expectations or hopes. In
particular, such statements include, without limitation, our belief
regarding the results of the tender offer and the timing of
payments pursuant to the tender offer and the return of tendered
but unpurchased shares. These statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results to be materially different from any future results,
performance or achievements expressed or implied in such
forward-looking statements.
These risks include potential changes to the depositary’s
preliminary calculations and the timing thereof, the failure of
shares tendered through guaranteed delivery to be delivered within
the required time frame, as well as risks impacting our business in
general, such as the disruption to our business from the novel
coronavirus (COVID-19) pandemic and the impact of the pandemic on
our results of operations, financial condition and prospects, which
may vary depending on the duration and extent of the pandemic and
the impact of federal, state and local governmental actions and
customer behavior in response to the pandemic, the impact and
duration of staffing constraints at our restaurants, the uncertain
nature of current restaurant development plans and the ability to
implement those plans and integrate new restaurants, delays in
developing and opening new restaurants because of weather, local
permitting or other reasons, increased competition, cost increases
or shortages in raw food products, and other matters discussed
under the Risk Factors section of Good Times’ Annual Report on Form
10-K for the fiscal year ended September 29, 2020 filed with the
SEC, and other filings with the SEC. Good Times disclaims any
obligation or duty to update or modify these forward-looking
statements.
Category: Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20210913005142/en/
Ryan M. Zink, President and Chief Executive Officer (303)
384-1411 Christi Pennington (303) 384-1440
Good Times Restaurants (NASDAQ:GTIM)
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