J. Alexander’s Holdings, Inc. (NYSE: JAX) today announced results of the Special Meeting of Shareholders, held on January 30, 2018 and adjourned and reconvened on February 1, 2018 at 2:00 pm central at the Loews Vanderbilt Hotel in Nashville, Tennessee, to vote on the proposed acquisition of 99 Restaurants, LLC (“99 Restaurants”). J. Alexander’s received the requisite number of votes to approve Proposal 1 (shareholder approval of the merger agreement), Proposal 3a (shareholder approval of the reclassification charter amendment), Proposal 3b (shareholder approval of the authorized shares amendment) and Proposal 5 (shareholder approval of the adjournment proposal), but did not receive the requisite number of votes to approve Proposal 2 (disinterested shareholder approval). Therefore, J. Alexander's expects that the merger agreement will be terminated. The vote is subject to certification by the Independent Inspector of Election.

Lonnie J. Stout, President and Chief Executive Officer of J. Alexander's, said: "We appreciate the level of shareholder engagement that we experienced in connection with the proposed transaction. Approximately 90% of the outstanding shares were voted by our shareholders. In particular, we are grateful for the support we received, including from some of our largest shareholders. Further, the safeguards that our board put in place with respect to the transactions, and the requirement of the separate vote of the disinterested shareholders, served their intended purpose, allowing the disinterested shareholders to have the final decision."

Stout continued: “While we are disappointed that shareholders did not approve this transaction, we are confident in our overall strategy, our strong culture and our ability to deliver value to shareholders. Looking forward, we remain focused on growing our business, strengthening our competitive position and enhancing our current restaurant concepts.

“We are also enthusiastic about executing on our organic growth strategies within our current concepts, including an additional J. Alexander’s restaurant that will open in King of Prussia, Pennsylvania, and a new Stoney River restaurant in Troy, Michigan, both of which will open later this year.”

J. Alexander's also announced its preliminary unaudited sales results for the fiscal year and quarter ended December 31, 2017. For the J. Alexander’s Restaurant/Grills restaurants, preliminary results are as follows: average weekly same store sales increased by 2.3% to $117,200 for the quarter ended December 31, 2017 and increased by 3.0% to $114,500 for the fiscal year ended December 31, 2017. For the Stoney River Steakhouse and Grill restaurants, preliminary results are as follows: average weekly same store sales increased by 7.3% to $85,100 for the quarter ended December 31, 2017 and increased by 3.8% to $74,700 for the fiscal year ended December 31, 2017. For the quarter ended December 31, 2017, J. Alexander’s unaudited preliminary net sales are $61,338,000, up 7.0% from the $57,323,000 reported for the quarter ended January 1, 2017. For the fiscal year ended December 31, 2017, J. Alexander’s unaudited preliminary net sales are $233,255,000, up 6.2% from the $219,582,000 reported for the fiscal year ended January 1, 2017.