Chanticleer Holdings, Inc. (NasdaqCM:BURG) announced the spin-off of Restaurant operations to the shareholders of Chanticleer Holdings, Inc. on October 8, 2019. The deal was approved by Board of Chanticleer Holdings on October 8, 2019. As of March 24, 2020, all stockholders of record as of the close of business on March 26, 2020 that hold shares in Chanticleer Holdings, Inc. are eligible for one share of the spin-off entity, Amergent Hospitality Group, Inc. for each share of Chanticleer Holdings, Inc. owned at that time. Amergent Hospitality Group, Inc. is a newly formed entity owned by Chanticleer Holdings, Inc. stockholders independent of Sonnet BioTherapeutics, Inc. All assets and liabilities and equity of Restaurant operations will be distributing to the current stockholders of Chanticleer. The spin-off entity will also receive a five year warrant to purchase approximately 2% of the number of shares issued and outstanding of the Chanticleer at the time of completion of the merger with SONNET BioTherapeutics, Inc. at a purchase price of $0.01 per share. Restaurant operations will become independent listed company and will be owned by the current Chanticleer stockholders. The spin-off entity intends to apply for trading of its shares of its common stock on the OTC Markets OTCQB Exchange. Although the spin-off entity intends to eventually apply for listing of its shares on the Nasdaq Stock Market. In a related transaction. SONNET BioTherapeutics, Inc. entered into a definitive merger agreement to acquire Chanticleer Holdings, Inc. (NasdaqCM:BURG) in a reverse merger transaction on October 10, 2019. Record date for transaction is March 26, 2020. The share distribution date is expected to be on March 30, 2020. Amergent Hospitality Group, Inc. will be managed day-to-day by current team of career restaurant professionals, led by Fred Glick. As of March 19, 2020, the transaction is expected to close on or around March 31, 2020. Ruba Qashu of Libertas Law Group is acting as legal counsel and K&L Gates LLP is acting as special tax counsel to Chanticleer.