Quarterly report pursuant to Section 13 or 15(d)

Merger with Chanticleer

Merger with Chanticleer
9 Months Ended
Jun. 30, 2021
Merger With Chanticleer  
Merger with Chanticleer

3.    Merger with Chanticleer


Sonnet merged with Chanticleer Holdings on April 1, 2020. The Merger was accounted for as a reverse recapitalization with Sonnet as the accounting acquirer. Legacy Chanticleer shareholders were issued 547,639 shares of common stock. Merger consideration paid by Sonnet to Chanticleer Holdings included $6.0 million of cash and issuance of warrants to the spin-off entity. Sonnet reflected the $6.0 million cash paid to the spin-off entity as a decrease to additional paid-in capital.