Tattooed Chef Completes Redemption of Public Warrants and Announces Preliminary Revenue Results for Fiscal 2020
February 22 2021 - 4:05PM
Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the
“Company”), a leader in plant-based foods, today announced that
9,108,935 publicly held warrants (the “Public Warrants”) were
exercised on a cashless basis as of 5:00 p.m. Eastern Time on
February 16, 2021, the date for redemption fixed by the Company. As
a result of the cashless exercise mechanism, 4,447,892 of the
9,108,935 shares underlying the Public Warrants were surrendered in
payment of the warrant exercise price, and 4,661,043 shares were
issued. The warrants have ceased to trade on Nasdaq and the Company
now has a total of 81,448,726 shares of common stock issued and
outstanding.
As announced on January 14, 2021, 10,758,215 Public Warrants
were previously exercised for cash, resulting in the Company
receiving cash exercise price proceeds of $123,719,473, in the
aggregate. The Company’s total cash balance is now approximately
$200 million.
Sam Galletti, Tattooed Chef’s Chief Executive
Officer said, “We are pleased to have further strengthened our
balance sheet while simplifying our capital structure and limiting
dilution by invoking the cashless exercise provision for a portion
of the Public Warrants. With $200 million of cash on-hand, we have
the ability to invest in strategic growth initiatives to accelerate
our growth and enhance long-term stockholder value.”
Preliminary Revenue Results
Tattooed Chef today announced preliminary revenue of
approximately $39.5 million for the fourth quarter of 2020 and $149
million for fiscal year 2020, representing 47% growth and 76%
growth compared to the respective prior year periods. In addition,
revenue of Tattooed Chef branded product was approximately $24
million for the fourth quarter of 2020 representing the highest
quarterly branded revenue in Company history and reflects an
increase of 253% compared to $9.5 million in the prior year period.
For fiscal year 2020, revenue of Tattooed Chef branded product was
approximately $85 million, an increase of 448% compared to $18.9
million in fiscal year 2019.
The Company expects to report fourth quarter and fiscal 2020
financial results after market close on Wednesday, March 10,
2021.
About Tattooed Chef
Tattooed Chef is a leading plant-based food company offering a
broad portfolio of innovative and sustainably sourced plant-based
foods. Tattooed Chef’s signature products include ready-to-cook
bowls, zucchini spirals, riced cauliflower, acai and smoothie
bowls, and cauliflower pizza crusts, which are available in the
frozen food sections of leading national retail food stores across
the United States as well as on Tattooed Chef’s e-commerce site.
Understanding consumer lifestyle and food trends, a commitment to
innovation, and self-manufacturing allows Tattooed Chef to
continuously introduce new products. Tattooed Chef provides
approachable, great tasting and chef-created products to the
growing group of plant-based consumers as well as the mainstream
marketplace. For more information, please visit
www.tattooedchef.com.
Forward Looking Statements
Certain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this release, the words
“estimates,” “preliminary,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” ”contemplates,” “predicts,”
“believes,” “seeks,” “may,” “will,” “would,” “should,” “future,”
“growth,” “long-term,” “propose,” “trend,” “assuming,”
“accelerate,” “continues,” “opportunities,” “potential,” “target,”
“next” and variations of these words or similar expressions (or the
negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside Tattooed Chef's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
that may affect actual results or outcomes include: uncertainty
surrounding the ultimate success of Tattooed Chef’s e-commerce
platform; the need to prove Tattooed Chef’s ability to build brand
awareness and continue to launch innovative products; the outcome
of any legal proceedings that may be instituted against Tattooed
Chef; competition and the ability of the business to grow and
manage growth profitably; the ability to meet Nasdaq’s listing
requirements; costs related to our recent business combination;
anticipated increased costs associated with our transition to a
public company; and other risks and uncertainties indicated from
time to time in the definitive proxy statement filed with the
Securities and Exchange Commission (the “SEC”) in connection with
our recent business combination, including those under “Risk
Factors” therein, and other factors identified in past and future
filings with the SEC, available at www.sec.gov. Some of these risks
and uncertainties may be amplified by the COVID-19 outbreak.
Tattooed Chef undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
CONTACTS
INVESTORS
Rachel Perkinsrachel@ulshir.com
MEDIA
tattooedchef@praytellagency.com
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