CHARLOTTE, N.C., June 10, 2019 (GLOBE NEWSWIRE) -- Chanticleer Holdings, Inc. (NASDAQ:BURG), owner, operator, and franchisor of multiple nationally recognized restaurant brands today announced that it intends to offer up to $16,000,000 of shares of its common stock in a rights offering at $1 a share to its shareholders of record and certain warrant holders. Under the proposed rights offering, Chanticleer will distribute to its shareholders of record and certain warrant holders, at no charge, three non-transferable subscription rights for each share of common stock held or deemed to be held on the record date. Each right will entitle the holder to purchase one share of Chanticleer’s common stock at $1 per share.

The Company anticipates holding a conference call to discuss the proposed acquisition upon the SEC declaring its S1 effective. The rights offering is anticipated to close on June 24, 2019.

The record date for the rights offering was June 7, 2019. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the completed offering. Details of the rights offering are set out in the S-1 registration statement filed with the SEC, which is available on the SEC’s web site at http://www.sec.gov.

Chanticleer is conducting the rights offering to raise capital that it intends to use for strategic acquisitions and general corporate purposes, which may include funding the Company's growth plan, working capital and capital expenditures and funding operations until the Company becomes cash flow positive from operations (excluding capital expenditures). Management has identified and is exploring a potential acquisition pursuant to a non-binding letter of intent. If negotiations are successful and the transaction is completed, management would anticipate allocating approximately $7 million of the proceeds of this rights offering to complete the acquisition. There can be no assurances that the acquisition will be completed.

About Chanticleer Holdings, Inc.

Headquartered in Charlotte, NC, Chanticleer Holdings owns, operates, and franchises fast, casual, and full-service restaurant brands, including American Burger Company, BGR – Burgers Grilled Right, Little Big Burger, Just Fresh, and Hooters. For more information, please visit: www.chanticleerholdings.com.