Publicly traded Opes Acquisition Corp said its proposed purchase of BurgerFi International LLC has been approved by its shareholders and that the Miami-based firm, which was established as a blank check company to acquire other companies, will be renamed BurgeFi International Inc. and trade on the Nasdaq stock market as BFI starting Dec. 17.
Warrants for the company will trade under the ticker BFIW.
The transaction is valued at around $100 million, Opes said.
This is the last stage in the merger, which was announced in June.
BurgerFi, based in North Palm Beach, Fla., has a total of 125 company-owned and franchised restaurants. It is a fast-casual “better burger” concept that prides itself on its burgers made from Angus beef that hasn’t been treated with hormones or antibiotics, its certified humane chicken that also hasn’t been treated with antibiotics (no chickens are treated with hormones), its house-made fries and its frozen custard.
The merger was approved by 99.7% of Opes stockholders.
“We are very pleased to receive such strong support from our stockholders and look forward to completing our business combination with BurgerFi,” said Ophir Sternberg, chairman & CEO of Opes. “We believe that BurgerFi has a unique value proposition with ample room for growth that will prove to be an attractive public company and provide tremendous stockholder value going forward.”
According to Nation’s Restaurant News’ Top 200 research, BurgerFi’s U.S. systemwide sales were $143.6 million for the 2019 fiscal year ended in December, up 6.1% from $135.3 million in the preceding year.
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