Offering of 6.9 million common shares was conducted by Dougherty & Co.
By Devika Patel
Knoxville, Tenn., May 6- Diversified Restaurant Holdings, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $4.5 million greenshoe in full, lifting total proceeds to $34.5 million. The deal priced for $30 million with the $4.5 million greenshoe on April 17.
The company sold 6.9 million common shares at $5.00 apiece. The price per share is identical to the April 16 closing share price. Of the shares, 900,000 were part of the fully exercised greenshoe.
Dougherty & Co. LLC was the bookrunning manager and lead underwriter.
The owner, operator and franchisor of the full-service restaurants Bagger Dave's Legendary Burger Tavern and Buffalo Wild Wings is based in Southfield, Mich.
| Issuer: | Diversified Restaurant Holdings, Inc.
|
| Issue: | Common shares
|
| Amount: | $34.5 million (including $4.5 million greenshoe)
|
| Shares: | 6.9 million
|
| Price: | $5.00
|
| Warrants: | No
|
| Bookrunner: | Dougherty & Co. LLC
|
| Co-manager: | Feltl and Co., Inc.
|
| Pricing date: | April 17
|
| Settlement date: | May 6
|
| Stock symbol: | Nasdaq: BAGR
|
| Stock price: | $5.00 at close on April 16
|
| Market capitalization: | $169.12 million
|
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