Chanticleer Holdings said its shareholders have approved a 2-for-1 forward split of the company’s common stock, a move that will result in shareholders receiving one additional share for every share owned on the record date.
The split became effective Wednesday, at which time the stock’s symbol went from “CCLR” to “CCLRD.” The “D” will remain on the end of the symbol for 20 business days, after which the symbol will revert to its original form.
“This forward split is yet another step ahead in our evolution as a company,” CEO Mike Pruitt said in a statement. “By initiating this split, we believe we will be able to attract a broader investor base, which includes institutional investors, as well as improve trading liquidity.”
As a result of the split, the company will have about 2.5 million shares issued and outstanding.
Chanticleer is part of a consortium that purchased Hooters of America, which includes 120 Hooters restaurants and 41 Texas Wings, from the estate of Robert Brooks.
Chanticleer Holdings was formed in 2005 as a business development company and converted to an operating holding company in 2008.