Form 8-K Amergent Hospitality For: Oct 08
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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ITEM 1.01 Entry into a Material Definitive Agreement.
On October 8, 2021, Amergent Hospitality Group Inc., a Delaware corporation (“Amergent”), through its wholly owned UK subsidiary, Chanticleer UK Group Limited (“Seller”) sold West End Wings Limited (UK), Seller’s Hooters restaurant located in Nottingham, England, to Hard Four Consultancy Limited (UK) (“Buyer”) for the purchase price of £600,000 (approximately $816,960 US). The purchase and sale agreement (“Agreement”) contains customary representations and warranties of the parties. Of the aggregate purchase price, £150,000 (approximately $204,240 US) is being held in escrow pending agreement or determination of the financial position of West End Wings Limited at closing.
The Buyer agreed to handle all matters required in respect of the existing franchise relating to the restaurant and to cover all of its costs related thereto. Rescission is not available as a remedy for any breach of the Agreement and Buyer agreed not to claim that remedy. Seller’s liability for undisclosed claims arising prior to the closing is subject to certain limitations. For example, claims must exceed certain thresholds to trigger Seller’s liability and Seller is not liable for claim amounts covered by insurance or claims that are remediable without further cost.
The foregoing summary of the transaction does not purport to be complete and is qualified in its entirety by reference to the Agreement, which document will be attached as an exhibit to Amergent’s quarterly report on Form 10-Q for the period ending September 30, 2021.
2.01 Completion of Acquisition or Disposition of Assets.
The disclosures set forth in Item 1.01 are incorporated herein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 14, 2021
| Amergent Hospitality Group Inc. | ||
| By: | /s/ Michael D. Pruitt | |
| Michael D. Pruitt | ||
| Chief Executive Officer | ||
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