ITEM 1.01 Entry into a Material Definitive Agreement.

On October 8, 2021, Amergent Hospitality Group Inc., a Delaware corporation
(“Amergent”), through its wholly owned UK subsidiary, Chanticleer UK Group
Limited
(“Seller”) sold West End Wings Limited (UK), Seller’s Hooters restaurant
located in Nottingham, England, to Hard Four Consultancy Limited (UK) (“Buyer”)
for the purchase price of £600,000 (approximately $816,960 US). The purchase and
sale agreement (“Agreement”) contains customary representations and warranties
of the parties. Of the aggregate purchase price, £150,000 (approximately
$204,240 US) is being held in escrow pending agreement or determination of the
financial position of West End Wings Limited at closing.

The Buyer agreed to handle all matters required in respect of the existing
franchise relating to the restaurant and to cover all of its costs related
thereto. Rescission is not available as a remedy for any breach of the Agreement
and Buyer agreed not to claim that remedy. Seller’s liability for undisclosed
claims arising prior to the closing is subject to certain limitations. For
example, claims must exceed certain thresholds to trigger Seller’s liability and
Seller is not liable for claim amounts covered by insurance or claims that are
remediable without further cost.

The foregoing summary of the transaction does not purport to be complete and is
qualified in its entirety by reference to the Agreement, which document will be
attached as an exhibit to Amergent’s quarterly report on Form 10-Q for the
period ending September 30, 2021.

2.01 Completion of Acquisition or Disposition of Assets.

The disclosures set forth in Item 1.01 are incorporated herein.

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