Los Angeles, March 01, 2018 (GLOBE NEWSWIRE) --
Giggles N’ Hugs, Inc. (OTCQB: GIGL) (the “Company”) announced today that the subscription period for its rights offering has begun and ends at 5:00 p.m. ET on Friday, March 30, 2018.
Calendar for the Rights Offering is as follows:
Thursday, March 1, 2018 Subscription Period Begins
Friday, March 30, 2018 Subscription Period ends at 5:00 PM Eastern Time
Shareholders who have received two (2) non-transferable subscription rights for every one share of common stock owned on February 27, 2018, the Record Date for the rights offering, may participate in the rights offering. Each subscription right entitles the holder to purchase one unit for $0.03 via the basic subscription right and additional units via the over-subscription privilege. Each unit consists of one share of GIGL common stock and 0.70 of a five-year warrant. Each whole warrant will be exercisable for one share of GIGL common stock for $0.06 per Warrant. Holders who fully exercise their basic subscription right will be entitled to purchase additional units via the over-subscription privilege (should any of the offering remain unsubscribed at the expiration of the Subscription Period).
The rights offering will be made pursuant to the Company’s effective registration statement on Form S-1 (Reg. No. 333-220302) on file with the U.S. Securities and Exchange Commission (the “SEC”). The offering can be made only by a final prospectus. Investors should consider investment objectives, risks, charges, and expenses carefully before investing. The prospectus included in the registration statement contains this and additional information about the Company and the rights offering, and rights holders should carefully read the prospectus before exercising their rights and investing. The prospectus may be found by clicking on the following link: https://www.sec.gov/Archives/edgar/data/1381435/000149315218002746/form424b2.htm
Requests for copies of the prospectus may be directed to Mackenzie Partners at (800) 322-2885 or rightsoffer@mackenziepartners.com.
“We have worked long and hard over the past year on this offering and look forward to allowing our shareholders to increase their ownership in the company,” stated Joey Parsi, founder of Giggles N’ Hugs. “Although I am the largest shareholder, I am also a firm believer in the long-term potential of Giggles N’ Hugs, and plan to participate and will increase my ownership by purchasing additional units in the rights offering.”
“We have established a unique concept in the market, we now have an incredible management team in place with exciting opportunities that lie ahead”. Parsi concluded, "We are very excited about the future, and with the expected funding, we think our best days lie ahead. Thank you for your continued support.”
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The completion of the rights offering remains subject to the satisfaction of certain conditions, and Giggles N’ Hugs reserves the right to terminate the rights offering at any time prior to the expiration date of the rights offering.
About Giggles N’ Hugs
Giggles N' Hugs is the first and only restaurant that brings together high-end, organic food with active, cutting-edge play and entertainment for children. Every Giggles N' Hugs location offers an upscale, family-friendly atmosphere with a dedicated play area that children 10 and younger absolutely love. We feature high-quality menus made from fresh and local foods, nightly entertainment such as magic shows, concerts, puppet shows and face painting, and hugely popular party packages for families that want to do something special.
Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"). Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.