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Bypassing an IPO Weds Strange Bedfellows in Burgers and Biotech

  • Source: Yahoo Finance - - Read: 0



    (Bloomberg) -- A burger chain and cancer drug developer have struck a bargain to trade places amid market tumult, bypassing the IPO process.

    Chanticleer Holdings Inc. and Sonnet BioTherapeutics proposed a partnership to conduct what is known as a reverse merger. This would allow Chanticleer, whose restaurant brands include BGR, Just Fresh and Hooters, to go private, and allow Sonnet to bypass the IPO process, the biotech’s chief financial officer Jay Cross said.

    The deal appears to be mutually beneficial at face value. Chanticleer’s desire to go private after seeing its stock move sideways for years works with Sonnet’s desire to go public, with more control. Sonnet gets capital. Chanticleer receives shares at a 10% discount in return.

    “The $100 million share subscription facility agreemen ...



    Read Full News: https://finance.yahoo.com/news/bypassing-ipo-weds-strange-bedfellows-210012458.html

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