Real Good Food Company Co., Ltd.
Emblem Finance provides significant additional liquidity to drive business restructuring to support continued growth
CHERRY HILL, N.J., September 26, 2024 (GLOBE NEWSWIRE) — The Real Good Food Company, Inc. (NASDAQ: RGF) (“Real Good Foods” or the “Company”) and a company that leads wellness. The food company today amended its existing financing with PMC Financial Services Group, LLC (“PMC”) and entered into a new $60 million term financing agreement with Emblem Investments Fund I, LP (“Emblem”). announced. The Company will use $8 million of the proceeds to repay existing PMC financings and $52 million for general corporate purposes and transaction fees.
These transactions support the expansion of our manufacturing capabilities and advance several corporate initiatives that position us for profitable long-term growth. In addition, as part of the agreement, the Company will issue to Emblem 19.99% of its outstanding shares in the form of Class C units of its subsidiary Real Good Food LLC, which are exchangeable for shares of the Company’s common stock, and the Company’s partnership with the Company. further shows. Focus on long-term value creation.
Tim Zimmer, CEO of Real Good Foods, said: “We are excited to announce these transformative transactions, which will provide us with significant liquidity and enable us to make significant investments in our supply chain and strategic initiatives. ” This will better position our supply chain to meet the strong demand for our products and better serve our customers, establishing the foundation for profitable long-term growth. These transactions demonstrate the confidence our lenders have in this business and its long-term potential. ”
About the emblem
Emblem is a Boston-based private equity firm that makes catalytic investments in market-leading businesses. Emblem focuses on flexible missions, long-term approaches, and collaboration with partners.
About Real Good Food Company
Real Good Foods, Inc. (NASDAQ: RGF) is a leading health and wellness frozen and refrigerated food company, offering better ways to enjoy your favorite foods. Our mission is to create delicious, nutritious foods that are low in sugar, low in carbohydrates, and high in protein to provide “real food that’s safe to eat.” The Real Good Foods family of products includes breakfast, lunch, dinner and snacks and is available at his more than 16,000 stores nationwide, with additional direct-to-consumer options.
For more information, please visit our website at realgoodfoods.com or join us on social media @realgoodfoods. We maintain the largest following in the frozen food industry today.
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Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release. This includes a statement regarding the timing of the filing of our subsequent periodic reports and any amendments to our prior periodic reports, as well as a statement regarding our plans to request a hearing on any challenge to our delisting. decisions by Nasdaq and the Company’s plans to request various extension periods to restore compliance with listing rules; We “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “anticipate,” “anticipate,” or “forecast.” We have attempted to identify forward-looking statements by the use of words such as “will” and “anticipate”. “Should,” “would,” “would” and similar expressions, or the negation of these expressions.
Forward-looking statements represent management’s current expectations and projections regarding trends affecting our business and industry and are based on information available at the time such statements are made. We do not make forward-looking statements unless we believe there is a reasonable basis for them, but we cannot guarantee their accuracy or completeness. Forward-looking statements involve a number of known and unknown risks and uncertainties, as well as the possibility that actual results, performance or achievements may be predicted, assumed or implied by the forward-looking statements. , and other factors that may cause results to differ materially. Some of the risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include those in our subsequent periodic reports and prior amendments. and the risk that the filing of restated financial statements may be delayed further. periodic reports, the discovery of additional information regarding errors identified in the Company’s previously issued consolidated financial statements, the extent of anticipated restatements of previously issued financial statements as a result of the errors, and the independence of management and the Company. A firm determination by a registered public accountant of material weaknesses identified in internal control over revised financial reporting, a panel’s decision following the Company’s appeal of a delisting decision, and the Company’s various decisions following the submission of a hearing request to restore compliance. the panel’s decision whether to grant an extension of time; the Company’s ability to regain compliance with the Listing Rules and other continuing listing standards; and its Annual Report on Form 10-K for the year ended December 31, 2022; and other risk factors described in the section entitled “Risk Factors” of this document that we file or file with the SEC from time to time. These forward-looking statements speak only as of the date of this press release. Except as required by law, we undertake no obligation to publicly update any revisions to these forward-looking statements to reflect the effects of events or circumstances that may occur after the date of this press release. We are not responsible for
Investor information contact information
Lucas A. Zimmerman
President
MZ Group – MZ North America
(949) 259-4987
RGF@mzgroup.us
www.mzgroup.us
