BurgerFi Resolves Lawsuit, Plans Strategic Expansion

BurgerFi International Settles Litigation with Lion Point Capital

The owner of Anthony's Coal Fired Pizza & Wings and BurgerFi brand, BurgerFi International, Inc. (NASDAQ: BFI, BFIIW), revealed a sizable settlement with Lion Point Capital, LP. This agreement settles all outstanding claims brought by Lion Point against BurgerFi since the litigation started.

BurgerFi will pay Lion Point $1,350,000 in installments per terms of the settlement. BurgerFi will also issue Lion Point 300,000 Series A Preferred Stock. This settlement covers the August 26, 2022, lawsuit Lion Point filed with the Supreme Court of New York. According to the lawsuit, BurgerFi broke their agreement on registration rights by failing to register Lion Point's shares within the agreed-upon schedule.

BurgerFi and Lion Point had long conversations in order to address the allegations without owning any responsibility or guilt. Both sides sought to save the time, money, and dangers involved in protracted litigation. This legal conflict ends with the July 23, 2024, finalized settlement agreement.

BurgerFi's Chairman of the Board, David Heidecorn, expressed relief and satisfaction at settling the lawsuit. He underlined the company's concentration on investigating strategic options that would help BurgerFi and its associates. With this solution, BurgerFi can focus on its main business and expansion prospects.

About BurgerFi International

Leading multi-brand restaurant company BurgerFi International, Inc. develops, markets, and purchases fast-casual and premium-casual dining ideas all around the globe. Operating corporate-owned stores and franchises, the company provides a varied dining experience.

Anthony’s Coal-Fired Pizza and Wings

With 60 stores—59 corporate-owned sites and one dual-brand franchise location—Anthony's Coal Fired Pizza & Wings is a premium brand of pizza and wings. Renowned for its fresh, never-frozen foods, Anthony's is built around a 900-degree coal-fired oven. The menu calls for handcrafted sandwiches and salads, coal-fired chicken wings, well-done pizza, and homemade meatballs. Among the many honors Anthony's has received are "Top 3 Best Major Pizza Chains" by Mashed in 2021 and "The Best Pizza Chain in America" by USA Today's Great American Bites.

Pizza lovers especially enjoy the restaurant because of its distinctive cooking technique and dedication to quality. Anthony's pizzas and wings taste differently from other pizza restaurants because of the coal-fired oven. Industry recognition and a devoted customer base have come from the brand's commitment to using premium ingredients and traditional cooking methods.

BurgerFi

With 102 restaurants—75 franchised and 27 corporate-owned—BurgerFi is among the top fast-casual "better burger" ideas in the country. BurgerFi, started by a chef, is dedicated to providing all-natural, fresh food at every one of its outlets. There is 100% American Angus Beef on the menu, devoid of growth hormones, antibiotics, steroids, chemicals, or additives. BurgerFi also has frozen custard shakes, hand-cut sides, all-natural chicken, and premium Wagyu Beef Blend Burgers.

BurgerFi has been honored many times. At the SOBE Wine and Food Festival in 2023, it was crowned "The Very Best Burger." Its BBQ Rodeo Burger helped it also get "Best Fast Food Burger" in USA Today's 10 Best 2023 Readers' Choice Awards. BurgerFi also won the third consecutive year's "Best Fast Casual Restaurant" in USA Today's 10 Best 2023 Readers' Choice Awards. BurgerFi was named a breakout brand in QSR Magazine in 2020, and Fast Casual voted it the #1 brand of the year in 2021. BurgerFi has been given an "A Grade Angus Beef" rating by Consumer Reports for three straight years.

BurgerFi's dedication to excellence transcends only its cuisine. Using recycled materials in their restaurant design and packaging, the company is committed to sustainability and environmentally friendly methods. BurgerFi has distinguished itself in the cutthroat fast-casual dining scene by stressing quality, sustainability, and customer satisfaction.

Strategic Focus and Future Plans

BurgerFi is positioned to concentrate on strategic development and expansion, given the litigation underfoot. The business wants to update its menu, investigate fresh market prospects, and raise customer satisfaction. The leadership of BurgerFi is dedicated to preserving the brand's high standards and promoting invention.

One of BurgerFi's strategic goals is to increase its presence via newly acquired corporate-owned and franchised sites. To launch fresh products and campaigns, the company is also looking at alliances and cooperation. BurgerFi wants to boost shareholder value and achieve sustainable development by using its industry knowledge and great brand reputation.

All things considered, BurgerFi International enters a fresh chapter with the settlement with Lion Point Capital. The solution lets the business concentrate on its main advantages and seize strategic possibilities. BurgerFi is positioned for long-term success in the cutthroat restaurant business with a dedication to quality, creativity, and customer satisfaction.

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