Diversified Restaurant Holdings Announces Closing on Underwriters' Over-Allotment Option in Connection With Follow-On Equity Of
May 06 2013 - 5:55AM
Diversified Restaurant Holdings, Inc. (Nasdaq:BAGR) ("DRH" or the
"Company"), the creator, developer, and operator of the unique,
full-service, ultra-casual restaurant and bar Bagger Dave's
Legendary Burger Tavern® ("Bagger Dave's") and one of the largest
franchisees for Buffalo Wild Wings® ("BWW"), announced today the
exercise in full and closing on the underwriters' over-allotment
option for 900,000 shares of its common stock in connection with
its follow-on equity offering, at a price to the public of $5.00
per share. The gross proceeds to DRH from the over-allotment were
$4.5 million, before deducting underwriting discounts and
commissions and other offering expenses. Total gross proceeds
of the follow-on equity offering, a total of 6.9 million shares
including the over-allotment, were $34.5 million, before deducting
underwriting discounts and commissions and other offering expenses.
Dougherty & Company LLC served as sole bookrunner and lead
underwriter for the offering. Feltl and Company, Inc. acted
as co-manager for the offering.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission ("SEC"). The SEC
declared the registration statement effective on April 17, 2013.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
The offering was made only by means of a prospectus filed with
the SEC. A copy of the prospectus related to the offering can be
obtained from the SEC's website at www.sec.gov, from Dougherty
& Company LLC at pmachmeier@doughertymarkets.com, or from Feltl
and Company, Inc. at spbitzan@feltl.com.
About Diversified Restaurant Holdings
Diversified Restaurant Holdings, Inc. ("DRH" or the "Company")
is the creator, developer, and operator of the unique,
full-service, ultra-casual restaurant concept, Bagger Dave's
Legendary Burger Tavern® ("Bagger Dave's") and one
of the largest Buffalo Wild Wings® ("BWW")
franchisees. Between the two concepts, the Company currently
operates 45 corporate-owned restaurants in Michigan, Florida,
Illinois, and Indiana, and one franchised Bagger Dave's in
Missouri, for a total of 46 restaurants. The Company routinely
posts news and other important information on its website at
www.diversifiedrestaurantholdings.com.
Bagger Dave's offers a full-service, family-friendly restaurant
and bar with a casual, comfortable atmosphere. The menu features
freshly-made burgers, accompanied by more than 30 toppings from
which to choose, along with fresh-cut fries, hand-dipped
milkshakes, and a selection of craft beer and wine. Signature items
include Sloppy Dave's BBQ®, Train Wreck Burger®, and Bagger Dave's
Amazingly Delicious Turkey Black Bean Chili®. The Bagger
Dave's concept emphasizes local flair by showcasing historical
photos of the city in which each restaurant resides and features an
electric train that runs above the dining room and bar
areas. Currently, there are 11 corporate-owned locations and
one franchised location. For more information, visit
www.baggerdaves.com.
DRH operates 34 BWW restaurants: 16 in Michigan, 10 in Florida,
4 in Illinois and 4 in Indiana. The Company has opened 20 new
BWW restaurants in fulfillment of its 32-restaurant Area
Development Agreement ("ADA") with franchisor Buffalo Wild Wings,
Inc. (Nasdaq:BWLD). The remaining 12 restaurants under the ADA
agreement, along with an additional franchise agreement in Indiana,
suggest that the Company will operate 47 BWW restaurants by
2017.
Safe Harbor Statement
The information made available in this news release contains
forward-looking statements which reflect DRH's current view of
future events, results of operations, cash flows, performance,
business prospects and opportunities. Wherever used, the words
"anticipate," "believe," "expect," "intend," "plan," "project,"
"will continue," "will likely result," "may," and similar
expressions identify forward-looking statements as such term is
defined in the Securities Exchange Act of 1934. Any such
forward-looking statements are subject to risks and uncertainties
and the Company's actual growth, results of operations, financial
condition, cash flows, performance, business prospects and
opportunities could differ materially from historical results or
current expectations. Some of these risks include, without
limitation, the impact of economic and industry conditions,
competition, food and drug safety issues, store expansion and
remodeling, labor relations issues, costs of providing employee
benefits, regulatory matters, legal and administrative proceedings,
information technology, security, severe weather, natural
disasters, accounting matters, other risk factors relating to our
business or industry and other risks detailed from time to time in
the Securities and Exchange Commission filings of DRH.
Forward-looking statements contained herein speak only as of the
date made and, thus, DRH undertakes no obligation to update or
publicly announce the revision of any of the forward-looking
statements contained herein to reflect new information, future
events, developments or changed circumstances or for any other
reason.
CONTACT: Investor Contact:
Craig P. Mychajluk
Kei Advisors LLC
Phone: 716.843.3832
Email: cmychajluk@keiadvisors.com
Company Contact:
David G. Burke
Chief Financial Officer
Phone: 248.223.9160
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