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AMERGENT HOSPITALITY GROUP, INC.

(AMHG)
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AMERGENT HOSPITALITY GROUP, INC : Entry into a Material Definitive Agreement (form 8-K)

10/14/2021 | 02:03pm EST

ITEM 1.01 Entry into a Material Definitive Agreement.

On October 8, 2021, Amergent Hospitality Group Inc., a Delaware corporation ("Amergent"), through its wholly owned UK subsidiary, Chanticleer UK Group Limited ("Seller") sold West End Wings Limited (UK), Seller's Hooters restaurant located in Nottingham, England, to Hard Four Consultancy Limited (UK) ("Buyer") for the purchase price of £600,000 (approximately $816,960 US). The purchase and sale agreement ("Agreement") contains customary representations and warranties of the parties. Of the aggregate purchase price, £150,000 (approximately $204,240 US) is being held in escrow pending agreement or determination of the financial position of West End Wings Limited at closing.

The Buyer agreed to handle all matters required in respect of the existing franchise relating to the restaurant and to cover all of its costs related thereto. Rescission is not available as a remedy for any breach of the Agreement and Buyer agreed not to claim that remedy. Seller's liability for undisclosed claims arising prior to the closing is subject to certain limitations. For example, claims must exceed certain thresholds to trigger Seller's liability and Seller is not liable for claim amounts covered by insurance or claims that are remediable without further cost.

The foregoing summary of the transaction does not purport to be complete and is qualified in its entirety by reference to the Agreement, which document will be attached as an exhibit to Amergent's quarterly report on Form 10-Q for the period ending September 30, 2021.

2.01 Completion of Acquisition or Disposition of Assets.

The disclosures set forth in Item 1.01 are incorporated herein.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 18,8 M - -
Net income 2020 -20,0 M - -
Net Debt 2020 20,5 M - -
P/E ratio 2020 -0,34x
Yield 2020 -
Capitalization 6,28 M 6,28 M -
EV / Sales 2019 -
EV / Sales 2020 1,47x
Nbr of Employees 281
Free-Float 93,7%
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Managers and Directors
Michael D. Pruitt Chairman & Chief Executive Officer
Frederick L. Glick President & Director
Stephen J. Hoelscher Chief Financial Officer
Neil G. Kiefer Independent Director
Keith J. Johnson Independent Director
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