Business
Muscle Maker, Inc. Posts Shareholder Update
Company Details Key Highlights of Recently Announced Agreement with AGGIA LLC FZ Fort Worth, Texas, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Muscle Maker, Inc.
About this update from Sadot Group Inc.
[{"type":"text","content":"Company Details Key Highlights of Recently Announced Agreement with AGGIA LLC FZ Fort Worth, Texas, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Muscle Maker, Inc. (Nasdaq: GRIL), the parent company of Muscle Maker Grill restaurants, Pokemoto Hawaiian Poke, SuperFit Foods meal prep and its newest subsidiary, Sadot LLC, today announced the posting of a shareholder update recording and corresponding transcript. The update reviews the recently announced agreement with AGGIA, including frequently asked questions and key highlights of the agreement, such as: Diversification of the CompanyPotential financial impact on the CompanyPay for performance structure based strictly on AGGIA generating net income for SadotAGGIA earns shares, based on net income generated, at a premium per share price of $1.5625AGGIA can earn up to 14,424,275 shares of common stock equating to generating $22,537,929 of net incomeAGGIA rights to nominate new board members based on net income thresholdsMuscle Maker continues to focus on current strategy of growth through franchisingCertain provisions of the Agreement requires shareholder approval Michael Roper, Muscle Maker’s CEO, commented “we announced the AGGIA agreement on November 18th. Based on questions received, we felt it best to put together a more comprehensive review for our shareholders. We have provided both a pre-recorded message and transcript which are posted on our website for everyone to access.” Roper continued, “this is a unique opportunity for Muscle Maker. We get to partner with industry experts in international commodity, merchandising and shipping who have been successful in the past building significant agricultural businesses. The agreement is based on a pay-for-performance structure. AGGIA only earns shares of common stock based on our new subsidiary, Sadot LLC, generating net income. Shares earned are calculated at a premium of $1.5625 per share. We were attracted to this structure as it is performance driven, providing for compensation only if net income is generated.” Roper continued, “another unique component about this opportunity is while we build the more diversified company, the current Muscle Maker team will be able to remain focused on the franchising and growth strategy and continue to grow the Pokemoto franchise business model. Nothing changes regarding our current growth strategy focu...