Amergent Hospitality Group Inc. Comments Removal from OTC Markets

Rhea-AI Summary

Amergent Hospitality Group Inc. comments on the removal of its shares from quotation on the OTC Markets due to not meeting reporting obligations.

Positive

• Amergent is evaluating options to provide liquidity to its stockholders and achieve business objectives.

Negative

• Amergent's shares are now on the Expert Market tier, where securities may only be quoted on an Unsolicited (customer order) basis. Expert Market shares are illiquid.

CHARLOTTE, NC / ACCESSWIRE / July 20, 2023 / Amergent Hospitality Group Inc. ("Amergent" or the "Company"), owner, operator and franchisor of multiple nationally recognized restaurants, today commented on the status of removal of its shares from quotation on the OTC Markets.

Amergent was notified on July 19, 2023, that such removal was due to not meeting its reporting obligations under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Amergent's Annual Report on Form 10-K was filed untimely on July 17, 2023, and its Quarterly Report on Form 10-Q for the period ending March 31, 2023 is currently delinquent.

The Company's shares are now on the Expert Market tier, where securities may only be quoted on an Unsolicited (customer order) basis. Expert Market shares are illiquid.

Amergent is evaluating the best options to provide liquidity to its stockholders and achieve business objectives.

About Amergent Hospitality Group Inc.

Headquartered in Charlotte, NC, Amergent owns, operates, and franchises fast, casual, and full-service restaurant brands, including American Burger Company, BGR: The Burger Joint, BT's Burger Joint, Pie Squared Pizza, Little Big Burger , Boudreaux's Cajun Kitchen, the Owl's Nest and Jantzen Beach Wings, a gaming venue. At the completion of its acquisition of Boudreaux's, it now has 40 plus stores. For more information, please visit: www.amergenthg.com

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,including statements of certain members of Company's management quoted herein. All statements pertaining to Amergent's expectations regarding future financial and/or operating results and potential for our growth in this press release constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as "will," "accretive," "develop," "further," "plans," "potential," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties discussed in the Amergent's Annual Report on Form 10-K for the year ended December 31, 2022, along with subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Amergent disclaims any obligation to update these forward-looking statements except as required by applicable law.

Amergent Hospitality Group Inc.

Investor Contact:
IR@amergenthg.com

SOURCE: Amergent Hospitality Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/769427/Amergent-Hospitality-Group-Inc-Comments-Removal-from-OTC-Markets

Why were Amergent's shares removed from quotation on the OTC Markets?

Amergent's shares were removed due to not meeting reporting obligations under the Exchange Act.

What is the current status of Amergent's reporting obligations?

Amergent's Annual Report on Form 10-K was filed untimely and its Quarterly Report on Form 10-Q is currently delinquent.

What is the Expert Market tier?

The Expert Market tier is where securities may only be quoted on an Unsolicited (customer order) basis.

Are Expert Market shares liquid?

No, Expert Market shares are illiquid.

What is Amergent doing to address the situation?

Amergent is evaluating options to provide liquidity to its stockholders and achieve business objectives.