Diversified Restaurant Holdings Inc. has spun off its Bagger Dave’s Burger Tavern concept into a separate company. Shares of Bagger Dave’s will begin trading on the OTC Bulletin Board upon approval by Financial Industry Regulatory Authority.
Each DRH stockholder on record as of Dec. 19, 2016, received one share of Bagger Dave’s common stock for every share of DRH common stock held on the record date. The date of the distribution was Dec. 25, 2016. No action is required by DRH stockholders to receive their Bagger Dave’s shares in the distribution, per a company release announcing the transaction.
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.”
DRH is also a franchisee of Buffalo Wild Wings, operating 64 of the chicken wing themed restaurants.