Business
Muscle Maker, Inc. Announces Results of Shareholder Vote
Approves Terms of the Services Agreement between Sadot LLC Subsidiary and AGGIA LLC FZFORT WORTH, TX / ACCESSWIRE / March 1, 2023 / Muscle Maker, Inc.
About this update from Sadot Group Inc.
[{"type":"text","content":"Approves Terms of the Services Agreement between Sadot LLC Subsidiary and AGGIA LLC FZFORT WORTH, TX / ACCESSWIRE / March 1, 2023 / Muscle Maker, Inc. (NASDAQ:GRIL), (the \"Company\"), today announced that its shareholders have voted to approve the terms of the Services Agreement between its wholly owned subsidiary, Sadot LLC (\"Sadot\"), and AGGIA LLC FZ (\"AGGIA\"), pursuant to which Sadot retained AGGIA to perform the day-to-day operations of Sadot. The Agreement provides for issuance of stock to AGGIA upon achieving certain net income along with other consideration. \"We are extremely pleased to have achieved shareholder approval for the Services Agreement between Sadot and AGGIA and related items,\" stated Michael Roper, CEO of the Company. \"Todays results mark the beginning of a new era in our planned growth cycle. The AGGIA team brings deep expertise to our new business segment, including sustainable farming, agricultural commodity shipping and trading and distribution. Sadot's performance to date of over $200 Million in revenue in the first three months of operation is proof positive of the benefits of executing the strategic relationship and addition to our businesses.\"As per the approved terms, AGGIA only earns shares of the Company's common stock if net income is generated by Sadot. The shares of common stock are calculated by dividing the net income generated for an applicable quarter by a premium share price of $1.5625 per share. AGGIA may earn up to 14,424,275 shares of common stock, which would require Sadot generating $22,537,929 in net income. Upon AGGIA earning the maximum amount of shares of common stock, if net income is generated, it shall be accrued as debt.On November 18th, Muscle Maker, Inc. filed a Form 8-K with the Securities and Exchange Commission and issued a corresponding press release announcing Sadot as its new subsidiary and the material agreement entered between Sadot and AGGIA.About Muscle Maker, Inc.Muscle Maker, Inc. is the parent company of \"healthier for you\" brands delivering high-quality healthy food options to consumers through traditional and non-traditional locations such as military bases, universities, delivery and by direct-to-consumer ready-made meal prep options. Brands include Muscle Maker Grill Restaurants, Pokemoto Hawaiian Poke and SuperFit Foods meal prep. The menus highl...