The restaurant industry may have gone through one of the biggest downturns in its history during the coronavirus pandemic but things are slowly but surely getting back to normal as people have started eating out again. There are many innovative companies in which space which are doing highly interesting work and one of those is GRILLIT (OTCMKTS:GRLT).
Trading Data
On Friday, GRLT stock surged 33.33% to $0.0008 with more than 250.13 million shares, compared to its average volume of 13.49 million shares. The stock moved within a range of $0.0008 – 0.0013 after opening trading at $0.0010.
About GRILLIT Inc
The company is involved in the creation, development, and funding of restaurant brands which may still be at an early stage of development. That is a strategy that allows GRILLIT to enter a business early and reap maximum rewards when it eventually grows. In addition to that, it is also necessary to point out that GRILLIT is specifically interested in acquiring those businesses which may be owned by baby boomers that may be looking to cash in and make an exit.
The company seeks to be an entity that helps in the creation of successful restaurant brands and also helps in the development of technologies that may provide vital support to the industry in general.
GRILLIT Announces Legally Binding Term Sheet To Acquire Global A Brands Inc.
This past Friday, the GRILLIT stock was in the middle of a strong rally and had managed to deliver gains of as much as 33% following a major new announcement from the company. The company announced on the day that it had managed to ink a binding term sheet with regards to the acquisition of Global A Brands Inc. The transaction is going to be worth as much as $36 million and the entirety of it is going to be completed in the form of GRILLIT stock.
However, it should also be noted that GRILLIT is also going to be involved in raising fresh capital to the tune of as much as $1.5 million prior to the closing of the transaction. In addition to that, it is also interesting to note that GRILLIT is also going to convert as much as $2014000 of its debt into equity and hence, it would bring about a dramatic decrease of 63.94% in its total debt from the debt that it had back on March 31, 2022.
Key Quote
CEO of Global A Brands Manny Lopez stated “We are excited by both the progress of our portfolio over the last twelve months and being able to idenitly a liquidity point for our shareholders by merging with Grillit. We believe there are number of complimentary synergies between the both companies and the repective management teams. Consolidaing with a listed Company also gives the group the ability to acquire further revenues generating businesses and easier access to capital market to drive our investment and growth within our portfolio”.
Technical Data
GRLT stock is trading above the 20-Day and 50-Day Moving averages of $0.0007 and $0.0007 respectively. However, the stock is trading below the 200-Day moving average of $0.0011.
