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The company is merging with Sonnet BioTherapeutics, a privately-held clinical stage biopharmaceutical company.
As part of the deal, Chanticleer will spin-off its restaurant holdings, including American Burger Company, BGR – Burgers Grilled Right, Little Big Burger, Just Fresh and Hooters into a separate publically traded company.
The news sent Chanticleer shares soaring almost 40 percent.
|BURG||CHANTICLEER HOLDINGS INC.||0.76||+0.00||+0.01%|
Shareholders of Sonnet will become the majority owners of the combined company which will take the Sonnet name.
The new company will focus on advancing Sonnet’s pipeline of oncology candidates and the strategic expansion of Sonnet’s technology platform into other human diseases.