Spicy Pickle Completes Financing Transactions

Fast Casual:

Spicy Pickle Franchising Inc., the operator and franchisor of the Spicy Pickle and Bread Garden Urban Café brands, has completed two financing transactions, the company has announced.

The first transaction was a private placement whereby the company will issue approximately 16 million shares of its common stock and warrants to purchase an additional 8 million shares for gross proceeds of $2.1 million.

The second transaction redeemed approximately 94 shares of the outstanding Preferred Series A shares for $800,000 in cash and converted the remaining preferred shares into common stock.