Big Three Restaurants Plans for $10 Million Acquisition and $30 Million Public Offering (BTHR)

After holding steady for over one month, the stock of Big Three Restaurants (OTC: BTHR) soared in today’s trading session, as the company announced its banking agreements for a total of $40 million in financing plans. Opening at a share price of $0.05, Big Three Restaurants quickly went on to hit an intraday high of nearly double that price when it reached $0.095 by 10:00 a.m. Big Three Restaurants eventually traded at $0.71 per share at the closing bell, posting a gain of over 69%.

Today, August 8, 2012, Big Three Restaurants announced it has signed two investment banking agreements with a leading New York-based investment banking firm to assist in sourcing capital.

In the first agreement, Big Three Restaurants has retained the investment banking firm as its exclusive placement agent and financial advisor in connection with acquisition financing of up to $10 million. The second agreement anticipates a public offering of $30 million on a firm commitment basis. The planned offering is subject to the Big Three Restaurants’ successful acquisition of additional restaurant properties.

Big Three Restaurants has a total loss of 40.8% despite today’s incredible breakout. The stock tanked significantly in May and June, and reached the annual low of $0.042 per share on July 6, 2012. Big Three Restaurants had been holding steady since that point.

Stockpromoters.com lists eight promotions for Big Three Restaurants, three of which are from today. Hot Stock Profits was compensated $3000 for promoting the stock today. On Twitter, @MAKINGIT11, @PennyDreamers, and many others enthusiastically tweeted about the huge breakout for Big Three Restaurants today. @pennystock24 mentioned that Penny Trader COM promoted Big Three Restaurants today.

Despite today’s attention-grabbing headlines, Big Three Restaurants has not issued a press release in months. The only news about the company from earlier this year are some financial filings.

Big Three Restaurants was formerly known as Bella Pretella’s Holdings. It operates in three lines of business. The company distributes a range of pasta sauces, a pizza sauce and salsas under its label of Bella Pretella’s. It operates a pizza and sandwich sports bar in Tampa, Florida, with the name of Bobby V’s Original Westshore Pizza. It also operates a pizza and sandwich sports bar franchising business, which awards franchises for the operation of Bobby V’s Original Westshore Pizza restaurants.

On September 2, 2011, the company acquired Bobby V’s Original Westshore Pizza and Bobby V’s Franchising Enterprises.

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Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.