Quarterly report pursuant to Section 13 or 15(d)

Merger with Chanticleer

Merger with Chanticleer
9 Months Ended
Jun. 30, 2020
Merger With Chanticleer  
Merger with Chanticleer
  (3) Merger with Chanticleer


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