Diversified Restaurant Holdings, Inc., the largest franchisee for Buffalo Wild Wings and creator and operator of Bagger Dave's Burger Tavern, announced the spinoff and distribution of shares of Bagger Dave’s for shareholders of record on December 19. The date of the distribution was December 25.
Each DRH stockholder will receive one share of Bagger Dave’s common stock for every share of DRH common stock held on the record date. No action is required by DRH stockholders to receive their Bagger Dave’s shares in the distribution. Shares of Bagger Dave’s will begin trading on the OTC Bulletin Board upon approval by Financial Industry Regulatory Authority (“FINRA”).
David G. Burke, President and CEO, says, “This is a significant milestone for DRH and a clean start for Bagger Dave's. We believe focusing resources on each business independently should create more opportunities for strengthened operational performance.”
Following the spinoff, DRH common stock will continue to be listed on The NASDAQ Capital Market under the symbol "SAUC." Bagger Dave’s common stock will be listed on the over-the-counter market under the symbol "BAGR."
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