Chanticleer Completes Two for One Forward Split
CHARLOTTE, N.C., March 23, 2011 /PRNewswire/ -- Chanticleer Holdings, Inc. (OTC Bulletin Board: CCLR ), announced today, that at the Special Meeting held on March 18, 2011, the Company's shareholders approved a 2 for 1 forward split of the Chanticleer's common stock. Shareholders will receive one (1) additional share for every one (1) share owned on the record date.
The forward stock split became effective at the market open on March 23, 2011, at which time the stock became "CCLRD." As a result of the forward split the Company's stock symbol ("CCLR") will have a D affixed as the 5th character for a period of 20 business days, after which time the symbol will revert back to the original symbol.
Mike Pruitt, the Company's Chairman and Chief Executive Officer, stated, "This forward split is yet another step ahead in our evolution as a company. Chanticleer's capitalization, post split, better reflects management's confidence and optimism over our growth opportunities. By initiating this split, we believe we will be able to attract a broader investor base, which includes institutional investors, as well as improve trading liquidity."
As a result of the split, the company will have approximately 2,551,918 shares issued and outstanding. The number of shares of common stock subject to outstanding options and warrants issued by the company will also be increased proportionately. No fractional shares will be issued in connection with the split due to the forward split ratio. Shareholders need not take any other action with respect to the forward split at this time. Certificates representing the new shares will be issued by the transfer agent in the ordinary course as certificates representing the pre-forward split shares are surrendered going forward.
About Chanticleer Holdings, Inc.
Chanticleer Holdings is engaged in asset management and consulting -- two of the most prominent and exciting growth markets in the financial services arena -- through its wholly-owned operating subsidiaries. Chanticleer Advisors invests in privately held or publicly-traded small or micro-cap, value-based opportunities through its private, managed pool of capital. Avenel Ventures provides business management and consulting services at the board and management. Additionally, the Company is part of a consortium that purchased Hooters of America, which is comprised of 120 Hooters restaurants and 41 Texas Wings, from the estate of Robert H. Brooks.
Headquartered in Charlotte, NC, Chanticleer Holdings, Inc. was formed in 2005 as a business development company and converted to an operating holding company in 2008. For further information, please visit www.chanticleerholdings.com
Cautionary Statement Regarding Forward Looking Information
Statements in this press release regarding the company's business that are not historical facts are "forward-looking statements" that may involve material risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. For a full discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the company's Annual Report on Form 10-K for the most recently ended fiscal year, as well as the company's Quarterly Report on Form 10-Q for the most recently ended fiscal quarter.
Contact:
Todd Fromer/Sharron Silvers
KCSA Strategic Communications
P: 212-682-6300
Released March 23, 2011