Good Times Restaurants Inc. Closes $5.5 Million Public Offering
Times Restaurants Inc. (NASDAQ: GTIM), a regional quick service
restaurant chain focused on fresh, high quality, all natural products,
today announced that it has completed a public offering of 2,200,000
Good Times Restaurants Inc. (NASDAQ: GTIM), a regional quick service restaurant chain focused on fresh, high quality, all natural products, today announced that it has completed a public offering of 2,200,000 shares of common stock at a price per share of $2.50, together with warrants to purchase 2,530,000 shares of common stock at $2.75 per share (“A Warrants”) and additional warrants to purchase 1,265,000 shares of common stock at $2.50 per share (“B Warrants”) for gross proceeds to the company of $5,504,950, which includes the partial exercise of the underwriters’ over-allotment option with respect to 330,000 A Warrants and 165,000 B Warrants. The Company’s common stock is listed on the Nasdaq Capital Market under the symbol "GTIM". Good Times intends to use the net proceeds from the offering for the development of new Bad Daddy’s Burger Bar restaurants associated with the Company’s previously announced Bad Daddy’s joint venture transaction, restaurant remodeling of its Good Times Burgers & Frozen Custard restaurants, Bad Daddy’s franchise development entity capitalization and general working capital. President & CEO Boyd Hoback said, “We are excited to accelerate our growth with the proceeds of this offering and look forward to further equity capital through the eventual exercise of the warrants. We have no debt on our balance sheet, our core business has significant sales and earnings momentum and we have an exciting new concept in Bad Daddy’s that we intend to grow through new company owned and franchised restaurants.” Maxim Group LLC acted as the sole book running manager in the offering. A registration statement relating to the common stock and warrants was declared effective by the Securities and Exchange Commission on August 15, 2013. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This offering was made by means of prospectus, copies of which may be obtained from Maxim Group LLC at 405 Lexington Ave, New York, New York 10174, (800)-724-0761.