Good Times Restaurants Inc. Closes $5.5 Million Public Offering
GOLDEN, Colo. -- August 21, 2013
Good Times Restaurants Inc. (NASDAQ: GTIM), a regional quick service
restaurant chain focused on fresh, high quality, all natural products, today
announced that it has completed a public offering of 2,200,000 shares of
common stock at a price per share of $2.50, together with warrants to purchase
2,530,000 shares of common stock at $2.75 per share (“A Warrants”) and
additional warrants to purchase 1,265,000 shares of common stock at $2.50 per
share (“B Warrants”) for gross proceeds to the company of $5,504,950, which
includes the partial exercise of the underwriters’ over-allotment option with
respect to 330,000 A Warrants and 165,000 B Warrants. The Company’s common
stock is listed on the Nasdaq Capital Market under the symbol "GTIM".
Good Times intends to use the net proceeds from the offering for the
development of new Bad Daddy’s Burger Bar restaurants associated with the
Company’s previously announced Bad Daddy’s joint venture transaction,
restaurant remodeling of its Good Times Burgers & Frozen Custard restaurants,
Bad Daddy’s franchise development entity capitalization and general working
capital. President & CEO Boyd Hoback said, “We are excited to accelerate our
growth with the proceeds of this offering and look forward to further equity
capital through the eventual exercise of the warrants. We have no debt on our
balance sheet, our core business has significant sales and earnings momentum
and we have an exciting new concept in Bad Daddy’s that we intend to grow
through new company owned and franchised restaurants.”
Maxim Group LLC acted as the sole book running manager in the offering.
A registration statement relating to the common stock and warrants was
declared effective by the Securities and Exchange Commission on August 15,
2013. This press release shall not constitute an offer to sell nor the
solicitation of an offer to buy any securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or
This offering was made by means of prospectus, copies of which may be obtained
from Maxim Group LLC at 405 Lexington Ave, New York, New York 10174,
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) is a regional chain of quick service
restaurants located primarily in Colorado providing a menu of high quality all
natural hamburgers, 100% all natural chicken tenderloins, fresh frozen
custard, fresh cut fries, fresh lemonades and other unique offerings. Good
Times currently operates and franchises 39 restaurants.
Bad Daddy’s Burger Bar is a full service, upscale, “small box” restaurant
concept featuring a chef driven menu of gourmet signature burgers, chopped
salads, appetizers and sandwiches with a full bar and a focus on a selection
of craft microbrew beers in a high energy, family friendly atmosphere. Bad
Daddy’s has received both local and national accolades for the quality and
originality of its food and was most recently named a top 25 burger in the
U.S. by USA Today.
Forward Looking Statements
This press release contains forward looking statements within the meaning of
federal securities laws. The words “intend,” “may,” “believe,” “will,”
“should,” “anticipate,” “expect,” “seek” and similar expressions are intended
to identify forward looking statements. These statements involve known and
unknown risks, which may cause Good Times’ actual results to differ materially
from results expressed or implied by the forward looking statements. These
risks include such factors as the uncertain nature of current restaurant
development plans and the ability to implement those plans, delays in
developing and opening new restaurants because of weather, local permitting or
other reasons, increased competition, cost increases or shortages in raw food
products, and other matters discussed under the “Risk Factors” section of Good
Times’ Registration Statement filed with the SEC and as amended through August
15, 2013. Although Good Times may from time to time voluntarily update its
forward looking statements, it disclaims any commitment to do so except as
required by securities laws.
Good Times Restaurants Inc.
Boyd E. Hoback, 303-384-1411
President and CEO
Christi Pennington, 303-384-1440
Booke & Co.
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