News

Good Times closes $5.5M public offering

August 22, 2013

Good Times Restaurants Inc. has completed a public offering of $5.5 million and is listed on the Nasdaq under the symbol "GTIM."

The closing includes 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 and additional warrants to purchase 1,265,000 shares of common stock at $2.50 per share for gross proceeds to the company of $5,504,950.

Good Times intends to use the net proceeds from the offering for the development of new Bad Daddy's Burger Bar restaurants, restaurant remodeling of its Good Times Burgers & Frozen Custard restaurants, Bad Daddy's franchise development entity capitalization and general working capital.

"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," said CEO Boyd Hoback.

Maxim Group LLC acted as the sole book running manager in the offering.

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