Business
Muscle Maker Inc’s New Subsidiary, Sadot LLC, Posts $54.19 Million Revenue in First 30 Days of Operation
New Agreement with AGGIA Increases Year-To-Date Revenue 725% to $62.86 Million AGGIA to Earn Shares at Premium Price of $1.5625 Per Share Based on Net Income
About this update from Sadot Group Inc.
[{"type":"text","content":"New Agreement with AGGIA Increases Year-To-Date Revenue 725% to $62.86 Million AGGIA to Earn Shares at Premium Price of $1.5625 Per Share Based on Net Income Generated Fort Worth, Texas, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Muscle Maker, Inc. (Nasdaq: GRIL), today announced its new wholly owned subsidiary, Sadot LLC (“Sadot”), generated $54.19 million in revenue for the month of November, its first month of operation and management by AGGIA LLC FZ (“AGGIA”). For the month of November, Sadot completed 26 commodity shipping transactions in seven different countries consisting of various commodities such as food oils, white wheat and soybean meal. Michael Roper, CEO of Muscle Maker, stated “it has been our belief that the AGGIA agreement could be a game changer for Muscle Maker. To put the $54.19 million into perspective, the total company revenue through Q3, 2022 was $8.67 million. The $54.19 million revenue Sadot generated for November alone pushes the total company revenue for the entire year to date upwards of 725% in just one month, raising our year-to-date revenue to $62.86 million.” On November 18th, Muscle Maker filed a Form 8K with the Securities and Exchange Commission and issued a corresponding press release announcing a new subsidiary, Sadot, and a material agreement between Sadot and AGGIA. AGGIA will manage the day-to-day operations of Sadot, focusing on shipping, trading, sourcing, farming and production of physical commodities. The agreement could eventually lead to a change in the makeup of the Muscle Maker board of directors and result in a significant issuance of common stock to AGGIA. This is a pay for performance agreement where AGGIA can earn shares of Muscle Maker common stock based solely on net income generated. Shares earned are calculated using net income generated divided by a premium share price of $1.5625 per share. AGGIA could earn up to 14,424,275 shares of common stock by generating $22,537,929 of net income into Sadot. Roper continued, “a unique aspect of this agreement with AGGIA is that it is pay-for-performance based. AGGIA only earns shares of common stock if they generate net income into our wholly owned subsidiary, Sadot. We are confident AGGIA has the experience and expertise to implement the Sadot strategy, and we believe $54.19 million in revenue in one month is a positive start. While AGGIA ...