Muscle Maker announced that its shareholders have voted to approve the terms of the Services Agreement between its wholly owned subsidiary, and AGGIA, pursuant to which Sadot retained AGGIA to perform the day-to-day operations of Sadot. The Agreement provides for issuance of stock to AGGIA upon achieving certain net income along with other consideration. As per the approved terms, AGGIA only earns shares of the Company’s common stock if net income is generated by Sadot. The shares of common stock are calculated by dividing the net income generated for an applicable quarter by a premium share price of $1.5625 per share. AGGIA may earn up to 14,424,275 shares of common stock, which would require Sadot generating $22,537,929 in net income. Upon AGGIA earning the maximum amount of shares of common stock, if net income is generated, it shall be accrued as debt.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on GRIL:
- Muscle Maker retains Integrous Communications as IR advisor
- Muscle Maker crosses $200M milestone in first 3 months with new subsidiary
- Muscle Maker Inc. (Nasdaq: GRIL) Crosses $200 Million Revenue Milestone in First 3 months of Operation of New Subsidiary, Sadot LLC
- Muscle Maker Inc. Appoints Two New Members to Its Board of Directors
- Muscle Maker appoints Hannah Oh, Ray Shankar to board of directors
