Muscle Maker, Inc. (GRIL), a company owning, operating, and franchising Muscle Maker Grill and Healthy Joe’s restaurants, has gained an increase of 6.25% in aftermarket trading session. Consequently, GRIL stock is trading at $1.19 at the time of the writing. The new 12-month price estimate of the stock presented by some websites has served as a stimulant for this surge. On Friday, GRIL closed the day at $1.12 after declining 2.61% in regular trading hours. Let’s discuss some recent developments related to GRIL stock.
GRIL Definitive Agreement
On Thursday, GRIL announced that it had entered into a definitive agreement with US institutional investors for a private placement of 6,772,000 shares of common stock with the warrants to purchase 6,772,000 shares of common stock. Besides, the agreement also deals with 4,058,305 pre-funded warrants. Each pre-funded warrant was excisable for one share of common stock, together with Common Warrants to purchase up to 4,058,305 shares of common stock. The Private Placement was expected to close on or about November 22, 2021.
Q3 2021 Financial Results
On 15th November, GRIL released the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company had $3.61 million in terms of cash on 30th September 2021. The total revenue generated by the company during the period was $3.35 million against $1.15 million for the same period of 2020. The total costs and expenses for the period were $4.98 million against $1.88 million for the same period of 2020. The net loss bore by the company during the quarter was $0.43 million against $0.66 million for the same quarter of 2020. The net loss per basic and diluted share for the quarter was $0.02 against $0.09 for the same quarter of 2020.
Executive Commentary
Spanos Stephen Andrew, Director of GRIL, while commenting on the results said that the company has depicted a tremendous performance during the quarter. For him, the healthy-inspired restaurant concept delivers a highly differentiated customer experience. He hoped that the company would be able to mimic, and even further improve, the performance it has depicted during the quarter.
Future Outlook for GRIL Stock
A closer look a statistics reveals that GRIL stock has not experienced much volatility during the last few months. Analysts believe that the GRIL is in a good position to leave a mark on the market in near future. Hence, potential investors should keep a close eye on fluctuations in GRIL stock.