Business
Sadot LLC Achieves $9.9 Million Net Income Threshold, Triggers Nomination of Final Three Board Positions
Sadot LLC Contributed Total of $418 Million in RevenueFORT WORTH, TX / ACCESSWIRE / June 8, 2023 / Muscle Maker, Inc. (MMI), the "Company" (NASDAQ:GRIL),
About this update from Sadot Group Inc.
[{"type":"text","content":"Sadot LLC Contributed Total of $418 Million in RevenueFORT WORTH, TX / ACCESSWIRE / June 8, 2023 / Muscle Maker, Inc. (MMI), the \"Company\" (NASDAQ:GRIL), today announced its Sadot LLC subsidiary has crossed the key net income milestone of $9.9 Million allowing the nomination of the final three new board of director members.As disclosed in an 8K filing on November 18, 2022, MMI and its wholly-owned subsidiary, Sadot LLC, entered into a service agreement whereby Sadot engaged Aggia LLC FZ to perform services related to the purchase of and sale of physical food commodities. Upon Sadot generating certain net income targets, Aggia has the right to nominate up to eight directors and would be issued shares of common stock. Based on successfully meeting previous income targets, Aggia has already appointed five Directors to the MMI board. By crossing the $9.9 million threshold, Aggia has the right to nominate three final candidates to the MMI board of directors. Once the three nominations are approved, Aggia will have appointed all eight board members as per the service agreement, bringing the current size of the MMI board of directors to 15. The complete Aggia agreements can be viewed in our 8K filing posted on November 18, 2022.MMI CEO, Michael Roper, said \"We are in the final stages of approving the three new nominees and look forward to announcing their joining the MMI board of directors shortly. Investors should keep in mind that the addition of these new Board members is a reflection of Sadot's growing profitability. We are excited to be adding new Board members who can bring a wealth of knowledge and experience to support our new global food supply chain strategy, Sadot LLC and MMI overall.\"MMI recently announced Sadot LLC May revenue of over $58.9 million and a cumulative revenue number of over $418 million since Sadot LLC's inception in November 2022. The Company continues its transformation from a consumer-focused restaurant company into a global food supply chain organization.The preliminary, unaudited financial results included in this press release are based on information available as of May 31, 2023, and management's initial review of operations and financial results as of such date. They remain subject to change based on the completion of the Company's customary quarterly financial closing and review procedures and ar...