News

Pie Five parent wraps up rights offering

September 15, 2017

Pie Five parent company Rave Restaurant Group Inc. has completed its shareholder rights offering. Shareholders exercised subscription rights to purchase all 3,571,429 shares of common stock at the subscription price of $1.40 per share, a news release said. The gross offering proceeds come to $5 million for the company, a news release said. 

Shareholders exercised basic subscriptions for approximately $1.8 million of shares of common stock and oversubscriptions for the remaining approximately $3.2 million of share of common stock. The release said that approximately $2.1 million in funds from excess oversubscriptions will go back to subscribing shareholders.

The rights offering proceeds will go to repay indebtedness, fund continued restaurant development activity and provide working capital for general corporate purposes.