Key Developments For Kona Grill, Inc.
Kona Grill, Inc. (KONA.O) (Consolidated Issue listed on NASDAQ Global Market)
Kona Grill, Inc. Appoints Marc A. Buehler As CEO And President-Form 8-K
Kona Grill, Inc. reported in its Form 8-K that on November 2, 2009, the Board of Directors appointed Marc A. Buehler to serve as the Company's Chief Executive Officer (CEO) and President.
Kona Grill, Inc. Issues Q4 2009 Restaurant Sales Guidance; Issues Q4 2009 Earnings Guidance In Line With Analysts' Estimates
Kona Grill, Inc. announced that for the fourth quarter of 2009, it expects restaurant sales to be in the range of $20-$21 million and a net loss to be in the range of ($1.0)-($1.5) million, or ($0.11) to ($0.16) per diluted share (EPS). According to Reuters Estimates, analysts are expecting the Company to report EPS of $(0.12), net profit of $(1.1) million for the same period.
Kona Grill, Inc. Issues Q3 2009 Restaurant Sales Guidance; Issues Q3 2009 EPS Guidance In Line With Analysts' Estimates
Kona Grill, Inc. announced that for third quarter of 2009, it expects restaurant sales of $20.0-$21.0 million and a net loss of ($0.6)-($1.1)million, or ($0.07)-($0.12) per diluted share based upon 9.1 million weighted average shares post rights offering. According to Reuters Estimates, analysts were expecting the Company to report earnings per share of (0.08) for the same period.
Kona Grill, Inc. Announces Closing of Offering Period of Rights Offering
Kona Grill, Inc. announced that as of June 5, 2009 at 5:00 p.m. Eastern Daylight Savings Time, the offering period of the Company's previously announced offering of non-transferable subscription rights to purchase up to 2,608,125 shares of common stock had closed. Pursuant to the rights offering, each holder of record of the Company's common stock as of April 17, 2009 received one non-transferable subscription right for every 2.5 shares of common stock owned by such holder. As of the closing of the offering period, the Company had been informed that approximately 2.13 million shares of common stock, or 81.5% of the total number of shares offered pursuant to the rights offering, had been subscribed for pursuant to the exercise of basic subscription rights. The Company expects to receive gross proceeds of approximately $2.87 million from the exercise of basic subscription rights. Pending confirmation of exercise of all oversubscription rights by purchasers of the Company's promissory notes issued in March 2009, the Company expects to receive aggregate gross proceeds from the offering of approximately $3.5 million.
Chairman, President, and Chief Executive Officer of Kona Grill, Inc. Resigns
Kona Grill, Inc. announced that Mr. Marcus Jundt, the Company's Chairman, President, and Chief Executive Officer, resigned as an officer and as a director of the Company, effective immediately. The Company also announced that Mark Bartholomay, the Company's Chief Operating Officer, will now also serve as interim President and Chief Executive Officer, until a permanent successor to Mr. Jundt has been identified and appointed. The Company's Nominating Committee has commenced a search for qualified candidates.
