Subsequent events |
12 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent events |
Subsequent events:
On January 19, 2016, the Company commenced a rights offering (the “Rights Offering”) of non-transferable subscription rights to holders of record of its common stock as of January 15, 2016 to purchase up to 1,454,545 shares of the Company’s common stock. The Company granted holders of its common stock non-transferable subscription rights to purchase one share of the Company’s common stock at a subscription price of $2.75 per share. Each holder received one subscription right for each 17.16861 shares of common stock owned on January 15, 2016. Each subscription right entitled its holder to purchase one share of the Company's common stock at the subscription price. The Rights Offering which closed on February 9, 2016 generated approximately $4 million in gross proceeds for the Company. The Company issued a total of 1,454,545 shares of common stock at $2.75 per share, including 632,582 shares issued to holders upon exercise of their basic subscription rights. The Company received net proceeds of approximately $3.8 million following the deduction of expenses. The Company expects to utilize the net proceeds of the Rights Offering to primarily fund the planned development of the Company’s future STK restaurants.
On January 21, 2016 the Company entered into a lease agreement to open an STK in Seaport Square Development in Boston, Massachusetts. The Company expects that the restaurant will open in 2017.
On February 27, 2016, the Company’s 5,750,000 Public Warrants expired. Each Public Warrant entitled the holder to purchase one share of the Company's common stock at an exercise price of $5.00 per share. The Company's Public Warrants traded on the OTCQB under the symbol “STKSW.” As a result of the expiration of the Public Warrants, an aggregate of 1,437,500 shares of common stock were forfeited by the Company’s initial stockholders that held shares prior to the Company’s initial public offering and such shares were cancelled. Accordingly, there are a total of 24,989,560 shares of common stock outstanding after giving effect to the forfeitures.
|