NEW YORK--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (Nasdaq:STKS) today announced that it has entered into a loan agreement with Anson Investments Master Fund LP (“Anson”) for $3 million, through an unsecured promissory note. The unsecured promissory note bears interest at a rate of 10% per annum, payable quarterly commencing September 30, 2016, until its maturity date of August 11, 2021. The funds will be used for development.
Pursuant to the loan agreement, The ONE Group issued a common stock purchase warrant to Anson to purchase 300,000 shares of The ONE Group’s common stock at an exercise price of $2.61 per share.
Further information with respect to the loan, the unsecured promissory note and the warrant will be contained in a Current Report on Form 8-K that The ONE Group intends to file with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About The ONE Group
The ONE Group (Nasdaq:STKS) is a global hospitality company that develops and operates upscale, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both nationally and internationally. The ONE Group’s primary restaurant brand is STK, a modern twist on the American steakhouse concept with locations in major metropolitan cities throughout the U.S. and Europe. STK Rebel, a more accessibly priced STK with a broader menu, is an extension of the STK brand. The ONE Group’s food and beverage hospitality services business, ONE Hospitality, provides the development, management and operations for premier restaurants and turn-key food and beverage services within high-end hotels and casinos. Additional information about The ONE Group can be found at www.togrp.com.
