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BurgerFi International Inc. (NASDAQ:BFI) shares are moving higher on Friday following the company’s announcement of a legal settlement agreement with Lion Point Capital.
What’s Going On: BurgerFi shares are experiencing a significant surge after the company agreed to pay Lion Point $1,350,000 and issue 300,000 shares of preferred stock. This settlement resolves the lawsuit filed by Lion Point on August 26 2022, which alleged that BurgerFi had violated their agreement by failing to register its shares in a timely manner. The settlement, which avoids further litigation costs and risks, does not include any admission of fault by either party.
David Heidecorn, Chairman of the Board of BurgerFi, expressed relief at resolving the matter and emphasized the company’s focus on exploring strategic alternatives for the benefit of its stakeholders.
BFI Price Action: BurgerFi shares were up by 128% at 49 cents according to Benzinga Pro.
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Posted In: BFI
