Warrant Redemption Increases Cash Balance by $124 Million; Cashless Exercise Mitigates Dilution and Simplifies Capital StructurePARAMOUNT, Calif., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Tattooed Chef, Inc. (Nasdaq: TTCF, TTCFW) (“Tattooed Chef” or the “Company”), a leader in plant-based foods, today announced that the Company will redeem all of its outstanding publicly held warrants (the “Public Warrants”) that remain unexercised immediately after 5:00 p.m. New York City time on February 16, 2021, the date for redemption fixed by the Company. Under the terms of the warrant agreement governing the public warrants (the “Warrant Agreement”), the Company is entitled to redeem all of the outstanding public warrants if the last sales price of the Company’s common stock is at least $18.00 per share on each of twenty trading days within any thirty-day trading period. This share price performance was achieved as of January 11, 2021. Sam Galletti, Tattooed Chef’s Chief Executive Officer said, “We are pleased to streamline our capital structure and enhance our cash position by eliminating the Public Warrants. We have received $124 million of cash from warrant exercises to date, and now our cash balance is well over $200 million, which provides us greater financial flexibility and opportunities to invest in strategic growth initiatives. In addition, by invoking the cashless exercise alternative in our redemption notice, we have mitigated further dilution to our stockholders. Instead of 20 million shares being added to our Common Stock outstanding, by virtue of the cashless exercise only 15.3 million shares will be added, assuming cashless exercise of all outstanding Public Warrants. We took action on the first day allowed under the terms of the Warrant Agreement and we believe this decision will enhance long-term stockholder value.”In accordance with the Warrant Agreement, the Company's Board of Directors has elected to require that all Public Warrants be exercised on a cashless basis. Accordingly, holders may no longer exercise Public Warrants in exchange for payment in cash of the $11.50 per share exercise price. Instead, a holder exercising a Public Warrant will be deemed to pay the $11.50 exercise price by the surrender of 0.4883 of a share of common stock that such holder would have been entitled to receive upon a cash exercise of each Public Warrant. Accordingly, by virtue of the cashless exercise of the Public Warrants, exercising warrant holders will receive 0.5117 of a share of the Company’s common stock for each Public Warrant surrendered for exercise.Any Public Warrants that remain unexercised immediately after 5:00 p.m. New York City time on February 16, 2021, the redemption date, will be void and no longer exercisable, and the holders of those Public Warrants will be entitled to receive only a redemption price of $0.01 per Public Warrant.At the direction of the Company, Continental Stock Transfer and Trust Company, in its capacity as warrant agent, has mailed a notice of redemption to each of the registered holders of the outstanding Public Warrants.In accordance with the terms of the Public Warrants, the 0.4883 of a share that each exercising warrant holder will surrender by virtue of the cashless exercise (instead of paying the $11.50 per share cash exercise price) was calculated in accordance with the terms of the Warrant Agreement by dividing the $11.50 exercise price, by $23.55, the average of the last sale price of the Company’s common stock over the ten trading days ending on January 11, 2021.If any holder of Public Warrants would, after considering all of such holder’s Public Warrants exercised at one time, be entitled to receive a fractional interest in a share of the Company’s common stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares.Through January 13, 2021, 10,758,215 Public Warrants were exercised for cash, resulting in the Company receiving cash exercise price proceeds of $123,719,473, in the aggregate. As of January 14, 2021, there were 9,241,785 Public Warrants outstanding. Assuming that all of the Public Warrants currently outstanding are exercised on a cashless basis, the Company will have a total of 80,605,939 million shares of common stock issued and outstanding immediately after the redemption date.The shares of common stock underlying the Public Warrants have been registered by the Company under the Securities Act of 1933, as amended, and are covered by a registration statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-249890).Questions concerning redemption and exercise of the Public Warrants can be directed to Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, telephone number (212) 509-4000.No Offer or SolicitationThis press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of the Company’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.About Tattooed ChefTattooed 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 StatementsCertain 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,” “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.CONTACTSINVESTORSRachel Perkins firstname.lastname@example.orgMEDIAtattooedchef@praytellagency.com
College football fans: Did you see Justin Fields last week? For those who don’t follow college football, here’s a quick recap: The college football semifinal games for the 2020 season were played last Friday. In one of the games, Ohio State unexpectedly blew out Clemson behind an amazing showing from their quarterback, Justin Fields, who threw for six touchdowns and 385 yards in what sports analysts are calling a “legendary” and “mythmaking” performance. ESPN broadcaster Chris Fowler said it was the highest-level performance he’s seen in 35 years of covering football.InvestorPlace - Stock Market News, Stock Advice & Trading Tips You get the point. What Fields did last Friday was unprecedented. And now, you’re probably asking yourself … why does any of this matter? Because Fields is vegan. Coming into the 2020 season, Fields switched up his diet to be entirely plant-based. He said in an October interview: “My dad wanted to do it because he was kinda heavy, so I just tried it with him and then it kinda turned into a family thing. First it started off as a 28-day challenge, it was really a cleanse. I just liked how I felt after that and I just kept going on from there. I’m doing it now and I feel great, my body feels great and I feel faster and stronger.” Fields joins a long list of big-time athletes who have switched to vegan diets over the past few years and seen remarkable results. NBA superstar Chris Paul, for example, adopted a plant-based diet in 2019 to help fight back against Father Time (he’s 35 years old, which is ancient by NBA standards). He went on to have one of the most impressive seasons of his career in 2020, which he credits to going plant-based: “Once you realize how different it makes your body feel, you want to keep going with it.” Tennis legend Novak Djokovic has been plant-based for over a decade. Boxing legend Mike Tyson was vegan throughout the 2010s. Women’s soccer star Alex Morgan is vegan. So is Formula One driver Lewis Hamilton, NFL quarterback Cam Newton, pro surfer Tia Blanco, pro rock climber Steph Davis and Olympic gold medalist snowboarder Hannah Teter. In perhaps the most shocking twist, former bodybuilding legend Arnold Schwarzenegger is plant-based now, too. The list goes on and on. The point doesn’t change. Professional athletes, for whom physical performance and health is of the utmost importance, are going plant-based. Maybe the rest of us should start listening … Actually, some of us are. Plant-based food sales have been outpacing animal-based food sales by about 5X for several years now, with that gap only widening every year. Some of us are pivoting to plant-based diets for the same performance and health reasons that Justin Fields made the switch. Some of us are pivoting because doing so helps save the environment, as farm animals produce more carbon emissions in Europe than cars. Some of us a going vegan for animal welfare purposes. Some of us are doing it to be “cool.” There are a great many reasons why consumers are going plant-based, and that’s partly why this trend is so pervasive. It’s not just the tree-huggers, or the animal rights activists, or the super athletes or the trendsetters who are going vegan. It’s all of them. Combined. And together, they are sparking a seismic shift toward plant-based diets that will permanently and significantly impact all of us. Because, you see, plant-based diets are the future. They’re better for you. They’re better for the environment. They’re better for the cows. A switch to plant-based diets is a win-win-win for all involved parties. If so, then why haven’t plant-based diets reached ubiquity yet? Because of shortcomings related to taste, access and cost – but these shortcomings are transient. The underlying technology behind making plant-based meat will continue to advance significantly over the next few years. As it does, plant-based meat will inch closer and closer to tasting and feeling just like animal-based meat. Meanwhile, access to plant-based food is being increasingly democratized as more and more grocery stores and fast-food chains feature plant food items in their stores and on their menus. All of this increased supply and demand will lead to economies of scale, which will unlock significant cost-savings that should be passed down to the consumer, ultimately driving plant food prices lower with time. Folks, the headwinds are passing. The obstacles are being removed. And the runway is clear for takeoff. Plant-based diets will go from niche in 2020, to everywhere by 2030. As they do, plant food stocks will be some of the biggest winners on Wall Street this decade. Hot Stocks to Play the Vegan Megatrend Of course, the most obvious way to play this hypergrowth trend is by buying the face of the plant-based food movement — Beyond Meat (NASDAQ:BYND). I see Beyond Meat stock as the “Tesla of Plant Food” – and Tesla has worked out pretty nicely for investors as the electric vehicle (EV) megatrend has boomed. But, in Beyond Meat’s shadow, are some much more interesting and explosive picks, like Canadian plant-meat maker The Very Good Food Company (OTCMKTS:VRYYF), plant infant nutrition pioneer Else Nutrition (OTCMKTS:BABYF), plant protein platform Burcon NutraScience (OTCMKTS:BUROF), frozen plant foods company Tattooed Chef (NASDAQ:TTCF) and plant creamer maker Laird Superfood (NYSEAMERICAN:LSF). All of those stocks have enormous upside potential over the next 5 to 10 years. So, don’t be afraid to either adopt a more plant-forward diet or to buy some plant food stocks … Both will pay dividends in the long run. On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article. The New Daily 10X Stock Report: Dozens of triple-digit winners, peak gains as high as 926%… 1,326%… and 1,392%. InvestorPlace’s bold new initiative delivers one breakthrough stock recommendation every trading day, targeting gains of 5X… 10X… even 15X and beyond. Now, for a limited time, you can get in for just $19. Click here to find out how. In addition, you can sign up for Luke’s free Hypergrowth Investing newsletter. Click here to sign up now. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets The post 6 Hot Vegan Stocks That Will Make You Go Plant-Based appeared first on InvestorPlace.
Plant-Based Pepperoni and Plant-Based Sausage Items Now Available NationwidePARAMOUNT, Calif., Dec. 08, 2020 (GLOBE NEWSWIRE) -- Tattooed Chef, Inc. (Nasdaq: TTCF, TTCFW) (“Tattooed Chef” or the “Company”), a leader in plant-based foods, announced today it has expanded its product range with meat alternatives, offering an innovative and clean ingredient approach on plant protein with the taste and texture of real meat. Tattooed Chef’s plant-based pepperoni and plant-based sausage crumbles are currently featured in two new innovative items and available in the club channel nationwide. Tattooed Chef’s plant-based pepperoni and plant-based sausage crumbles are gluten-free, made with real food ingredients, mimicking meat in both taste and experience.Tattooed Chef’s Cauliflower Pizza Bowl with Plant-Based Pepperoni has 14g of protein and is a top-rated item at a leading, national club retailer.Tattooed Chef’s Plant-Based Sausage Breakfast Bowl has 23g of protein and is the Company’s first ever breakfast item.The Company expects to launch three additional items featuring meat alternatives in the club channel in 2021.“Being busy doesn't mean you can't eat well. We make plant-based eating much simpler by creating meat alternatives to use for value-added items - it's truly plant-powered without the prep,” said Sarah Galletti, Chief Creative Officer and the “Tattooed Chef”. “These two new bowls have a flexitarian approach, connecting to a large and growing base of consumers who want to add more plant-based foods into their diets. Innovation is core to our company, and it's important that our products resonate with consumers. My method is nostalgic innovation, putting a plant-based twist on classic dishes consumers know and love. It’s very exciting to know we can play in multiple plant-based food categories and are not limited to introducing new items into the market.”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. CONTACTSINVESTORS Rachel Perkins email@example.comMEDIA Devynne Honsa firstname.lastname@example.org 310-616-3049