Company sells convertible preferred stock to Small Island Investments
By Devika Patel
Knoxville, Tenn., Oct. 1 - Good Times Restaurants Inc. settled a $1.5 million tranche of a $2 million offering of 8% series C convertible preferred stock with Small Island Investments Ltd. on Sept. 28, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on June 13.
The company is selling 473,934 preferreds at $4.22 apiece. It sold 355,451 preferreds in the first tranche.
Each preferred is convertible into two common shares for a conversion price equal to $2.11, which is identical to the June 12 closing price.
Settlement of the second tranche is expected Oct. 12.
Golden, Colo.-based Good Times develops, owns, operates and franchises hamburger-oriented drive-through restaurants under the Good Times Burgers & Frozen Custard name.
| Issuer: | Good Times Restaurants Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $2 million
|
| Shares: | 473,934
|
| Price: | $4.22
|
| Dividends: | 8%
|
| Conversion ratio: | Into two common shares
|
| Conversion price: | $2.11
|
| Warrants: | No
|
| Investor: | Small Island Investments Ltd.
|
| Pricing date: | June 13
|
| Settlement dates: | Sept. 28 (for $1.5 million), Oct. 12
|
| Stock symbol: | Nasdaq: GTIM
|
| Stock price: | $2.11 at close June 12
|
| Market capitalization: | $3.42 million
|
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