big johnny hell
6 months ago
hello all, i saw this on their web site, does anyone have any other information as a share holder.
PLANTED VENTURES
LLC deliberately acquired the Tattooed Chef brand and we are now relaunching it into the market. This decision transcends mere business; it’s about honoring our heritage and the profound mark of the Tattooed Chef brand. To achieve this, we’ve also acquired a facility in Italy where we’ve always sourced vegetables, allowing us to maintain control over innovation, quality, and product availability. In this new phase, our dedication to excellence and innovation continues as we craft plant-based options that inspire joy and connections. Join us in redefining positive impact, one delicious meal at a time.
big johnny hell
1 year ago
is this a life line or just more nails in the coffin
Item 1.01 Entry into a Material Definitive Agreement
As previously disclosed, on July 2, 2023 (the “Petition Date”), Tattooed Chef, Inc. (the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) filed a voluntary petition (the “Chapter 11 Cases”) under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Central District of California (the “Bankruptcy Court”). The Company Parties’ Chapter 11 proceedings are jointly administered under the caption “In re: Ittella International, LLC, et al.”, Case Number 2:23-bk-14154-SK (the “Chapter 11 Cases”). The Company Parties continue to operate their business in the ordinary course and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.
On July 6, 2023, at a hearing before the Bankruptcy Court, the Bankruptcy Court entered an interim order (the “Interim DIP Order”) approving the DIP Facility (as defined below) on an interim basis, providing the Company Parties with additional capital to continue to operate during the pendency of the Chapter 11 Cases.
On July 11, 2023, the Company Parties and UMB entered into a Senior Secured Super-Priority Priming Debtor-In-Possession Loan and Security Agreement (the “DIP Credit Agreement”), which provides for a $6,000,000 senior secured super-priority debtor-in-possession credit facility (the “DIP Facility”) consisting of (i) new money revolving loans in an aggregate amount of up to $3,000,000, and (ii) roll-up loans (where prepetition secured obligations to UMB are converted into post-petition secured obligations under the DIP Facility) in an aggregate amount of $3,000,000 (collectively, the “DIP Loans”). UMB’s obligations to fund the DIP Loans are contingent upon the satisfaction of certain conditions set forth in the DIP Credit Agreement, including, without limitation, the entry of the Interim DIP order and final orders by the Bankruptcy Court approving the DIP Facility and its terms (the “DIP Orders”). The proceeds of all or a portion of the DIP Facility may be used by the Company Parties in accordance with the budget provided for therein, including, without limitation, to (i) pay the administrative costs of the Chapter 11 Cases and the DIP Facility and (ii) for general working capital purposes, in all cases on the terms, and subject to the conditions, set forth in the DIP Credit Agreement, the DIP Orders, and other applicable orders of the Bankruptcy Court.
Pursuant to the terms of the DIP Credit Agreement, interest will accrue on the principal balance of the DIP Loans at a rate per annum equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York, adjusted daily, plus 5%, provided that in no event will the interest rate be less than 5% per annum. The Company Parties are also obligated to pay UMB a $60,000 fee in consideration of the DIP Facility, which is payable in full on the Maturity Date (as defined below). The DIP Facility includes conditions precedent, representations and warranties, affirmative and negative covenants and events of default customary for financings of this type and size. The occurrence of any event of default will cause the principal balance of the DIP Loans to accrue interest at a rate per annum equal to 2% above the non-default interest rate. Unless accelerated as a result of an event of default, all obligations under the DIP Facility shall mature and be due and payable in full on September 30, 2023 (the “Maturity Date”).
Subject to entry of the DIP Orders, the Company Parties’ obligations under the DIP Credit Agreement will be (i) secured by, among other things, (a) first priority, priming security interests in substantially all of the Company Parties’ assets, subject only to certain carve outs and permitted exceptions, as set forth in the DIP Credit Agreement and DIP Orders, and (b) a Deed of Trust Assignment of Rents and Leases, Security Agreement and Fixture Filing among UMB and certain of the Company Parties covering the Company’s New Mexico facilities, and (ii) granted super-priority administrative claim status in the Chapter 11 Cases, subject only to certain carve outs, as set forth in the DIP Credit Agreement and DIP Orders. The foregoing description of the DIP Credit Agreement and DIP Facility does not purport to be complete and is qualified in its entirety by reference to the DIP Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Televet
3 years ago
Tattooed Chef promotes insider to Chief Operating Officer, former COO to transition to CFO
Nov. 30, 2021 4:17 PM ETTattooed Chef, Inc. (TTCF)By: Lucas Heilman, SA News Editor
Tattooed Chef (NASDAQ:TTCF) announces the promotion of Gaspare Guarrasi to Chief Operating Officer. Guarrasi will replace Stephanie Dieckmann who will transition to the role of CFO.
During his time at Tattooed Chef, Gasper has proven to be a seasoned leader with a deep understanding of our business and the inherent complexities of scaling and operating a high growth business,” said Tattooed Chef CEO Sam Galletti.
Prior to joining Tattooed Chef, Guarrasi served as the CEO of Frog Environmental and Stormwater Systems from 2007 to 2020 and before that was the founder of Certi-Fresh Foods, a food manufacturing company specializing in seafood and meats.
Tattooed Chef shares are rated Very Bearish by Seeking Alpha's Quant Rating due to low valuation and profitability marks.
Televet
3 years ago
TATTOOED CHEF ANNOUNCES NEW CHIEF OPERATING OFFICER
Nov 30, 2021 |
PARAMOUNT, Calif., Nov. 30, 2021 (GLOBE NEWSWIRE) -- Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the “Company”), a leader in plant based foods, today announced that Gaspare (“Gasper”) Guarrasi has been named its new Chief Operating Officer, effective November 29, 2021. As Chief Operating Officer, Mr. Guarrasi will be responsible for the Company’s global operations and production. Mr. Guarrasi will report to Sam Galletti, President and Chief Executive Officer. The Company’s current Chief Operating Officer, Stephanie Dieckmann, will remain with the Company as Chief Financial Officer.
“I am very pleased to promote Gasper to Chief Operating Officer. During his time at Tattooed Chef, Gasper has proven to be a seasoned leader with a deep understanding of our business and the inherent complexities of scaling and operating a high growth business,” said Sam Galletti, President and CEO of Tattooed Chef. “His expertise and experience will be invaluable to Tattooed Chef’s growth going forward and will allow Stephanie to focus more on her role as CFO.”
Mr. Guarrasi has more than 30 years of experience in operations, manufacturing, and supply chain management. Prior to joining Tattooed Chef as Director of Operations in August 2021, Mr. Guarrasi served as the Chief Executive Officer of Frog Environmental and Stormwater Systems from 2007 to 2020. From 1994 to 2006, Mr. Guarrasi was the Founder, President, Chief Financial Officer and Chief Operations Officer of Certi-Fresh Foods, a food manufacturing company specializing in seafood, meats, and specialty breaded products and meals. From 1993 to 1994, he held a senior financial position at Randall Farms and, from 1988 to 1993, he served as Chief Financial Officer and Chief Operating Officer of Galletti Brothers Foods. Mr. Guarrasi began his career at PriceWaterhouseCoopers. Mr. Guarrasi received his B.S. in Accounting from California State University at Long Beach.
Televet
3 years ago
Tattooed Chef, Inc. (NASDAQ: TTCF) CEO Sam Galletti: “Tattooed Chef Positioned to be Generational Brand in Plant-Based Foods”
“Our momentum continued in the second quarter of 2021. Second-quarter revenue increased 46% to $50.7 million compared to the second quarter last year, driven by our Tattooed Chef branded products...In 2021, we are reiterating our revenue guidance of $235 million to $242 million…”
“...Plant-based food is here to stay, every category in the supermarket will be disrupted by a plant-based alternative and Tattooed Chef is positioned to be the disruptor…We plan to extend the Tattooed Chef reach not only within grocery, but to a whole new level of convenience in refrigerated and ambient products to an untapped market of retailers such as airports, convenience stores, and more... With fully vertically integrated production, diversified product lines, and the ability to win multiple areas of the grocery stores, not only frozen but refrigerated and ambient too, Tattooed Chef is positioned for long-term success…we firmly believe Tattooed Chef has the power to be a generational brand and a leader in plant-based food for years to come."
Tattooed Chef, Inc. (NASDAQ: TTCF) Earnings Highlights: https://bit.ly/3jXWJkP
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