STK steakhouse chain to go public via merger: WSJ
(Reuters) - The owner of STK steakhouse chain, One Group LLC, is merging with a blank-check company in a deal that will take the chain public, the Wall Street Journal reported, citing people familiar with the matter.
One Group LLC is merging with Committed Capital Acquisition Corp CCAC.PK, a listed shell company that is putting about $28.8 million into the merger, the Journal said.
The merger is happening concurrently with investments of $15.5 million from institutional investors, who will become shareholders in the public company, as will Committed Capital's backers, the people told the paper.
The investments value STK at $5 a share, according to the WSJ. The company will have a market value of about $120 million, or about $150 million if warrants are exercised by other investors. (link.reuters.com/jup83v)
STK's shares will initially be traded over the counter, rather than on one of the big stock exchanges, though the company is aiming to list on the Nasdaq Stock Market, the Journal said.
The restaurant, which markets itself as a steakhouse for women, offers small, medium and large cuts of meat, according to the company website.
One Group could not immediately be reached for comment by Reuters outside of business hours.
(Reporting by Sakthi Prasad in Bangalore; Editing by Supriya Kurane)
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