LAKE FOREST, Calif.--(BUSINESS WIRE)--
Del Taco Restaurants, Inc. (Nasdaq:TACO)(Nasdaq:TACOW) (the “Company,”
“we” or “our”) today announced the results of its previously announced
offer to exchange (“Offer to Exchange”) 0.2780 shares of the Company’s
common stock (“Shares”) for each outstanding Company warrant exercisable
for Shares at an exercise price of $11.50 per Share (the “Warrants”)
(approximately one Share for every 3.6 Warrants tendered). The Offer to
Exchange expired at 11:59 p.m., Eastern time, on August 8, 2016. Based
on information provided by Continental Stock Transfer & Trust Company,
the depositary for the Offer to Exchange, a total of 5,516,243 Warrants
were properly tendered and not properly withdrawn prior to the
expiration of the exchange offer, including 254,258 Warrants that were
tendered through notice of guaranteed delivery. The Company accepted for
exchange all such Warrants and will issue an aggregate of approximately
1,533,520 Shares in exchange for the Warrants tendered, representing
approximately 4% of the Shares outstanding after such issuance. Delivery
of the Shares to be issued in exchange for the Warrants will be made
promptly.
After completion of the Offer to Exchange, 6,646,574 Warrants remain
outstanding. The Warrants will expire on June 30, 2020, unless sooner
exercised or redeemed by the Company in accordance with the terms of the
Warrants.
Morrow Sodali acted as the Information Agent for the Offer to Exchange.
For questions and information, please call the Information Agent
toll-free at (855) 291-6792 (banks and brokerage firms, please call
(203) 658-9400).
About Del Taco Restaurants, Inc.
Founded in 1964 in Southern California, Del Taco (NASDAQ:TACO) is the
nation’s second largest Mexican Quick Service Restaurant chain. Known
for serving Mexican and American favorites prepared fresh in every
restaurants’ working kitchen, Del Taco’s menu items taste better because
they are made with fresh ingredients like cheddar cheese grated from
40-lb blocks, hand chopped pico de gallo, fresh sliced avocado, slow
cooked beans made from scratch, and fresh-grilled marinated chicken and
carne asada steak. In June 2016, Del Taco reinvigorated its UnFreshing
Believable® marketing campaign to further communicate its commitment to
serve guests everything that they love, including choosing not to choose
between tacos and fries, fresh prep and fair price, or great tasting
food and the convenience of a drive thru. With nearly 550 restaurants in
16 states, Del Taco serves more than three million guests each week. For
more information, follow Del Taco on Twitter, Facebook and Instagram or
visit www.deltaco.com.
Forward-Looking Statements
In addition to historical information, this release may contain a number
of “forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
without limitation, information concerning completion of the Offer to
Exchange, the Company’s possible or assumed future results of
operations, business strategies, competitive position, industry
environment, potential growth opportunities and the effects of
regulation. These statements are based on the Company’s management’s
current expectations and beliefs, as well as a number of assumptions
concerning future events. When used in this press release, the words
“estimates,” “projected,” “expects,” “anticipates,” “forecasts,”
“plans,” “intends,” “believes,” “seeks,” “target,” “may,” “will,”
“should,” “future,” “propose,” “preliminary,” “guidance” and variations
of these words or similar expressions (or the negative versions of such
words or expressions) are intended to identify forward-looking
statements. Such forward-looking statements are subject to known and
unknown risks, uncertainties, assumptions and other important factors,
many of which are outside the Company’s management’s control that could
cause actual results to differ materially from the results discussed in
the forward-looking statements. These risks include, without limitation,
consumer demand, our inability to successfully open company-owned or
franchised restaurants or establish new markets, competition in our
markets, our inability to grow and manage growth profitably, adverse
changes in food and supply costs, our inability to access additional
capital, changes in applicable laws or regulations, food safety and
foodborne illness concerns, our inability to manage existing and to
obtain additional franchisees, our inability to attract and retain
qualified personnel, our inability to profitably expand into new
markets, changes in, or the discontinuation of, the Company’s stock and
Warrant repurchase program, and the possibility that we may be adversely
affected by other economic, business, and/or competitive factors.
Additional risks and uncertainties are identified and discussed in the
Company’s reports filed with the SEC and available at the SEC’s website
at www.sec.gov
and the Company’s website at www.deltaco.com.
Forward-looking statements included in this release speak only as of the
date of this release. The Company undertakes no obligation to update its
forward-looking statements to reflect events or circumstances after the
date of this release or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160809005825/en/
Source: Del Taco Restaurants, Inc.