Franchise Group (FRG) Announces Full Exercise of Underwriters' Option to Purchase 630K Share at $23.25/Sh

Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) announced today the underwriters of its previously announced underwritten public offering have exercised in full their option to purchase an additional 630,000 shares of common stock at the public offering price of $23.25 per share, resulting in approximately $13.8 million of additional net proceeds, after underwriting discounts and offering expenses. The exercise of the option is expected to close on August 3, 2020, subject to customary closing conditions.

After giving effect to the full exercise of the option, the total number of shares of common stock sold by the Company in the offering increased to 4,830,000 shares and the estimated net proceeds after underwriting discounts and offering expenses are approximately $106 million. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

B. Riley FBR, Inc. served as the lead book-running manager in the offering. Stephens Inc. also served as a book-running manager in the offering. Barrington Research Associates, Inc., CJS Securities, Inc. and National Securities Corporation served as co-managers in the offering.

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