BurgerFi: to Consider Strategic Alternatives

Fort Lauderdale / FL. (bfi) BurgerFi International Inc., owner of the BurgerFi brand (BF), and the Anthony’s Coal Fired Pizza + Wings brand (ACF), announced several key initiatives with the goal of enhancing the Company’s prospects and ensuring stable Management as the Company goes through the process of reviewing strategic alternatives. The Board of Directors of BurgerFi has formed a special committee of Directors and retained Kroll Securities LLC as its exclusive financial advisor to support an ongoing evaluation of strategic alternatives.

«We are committed to considering all potential strategic alternatives. While we are confident in the Company’s current operating strategy, we are mindful of the Company’s current liquidity challenges and are committed to exploring strategic alternatives that we believe would be in the best interests of the Company and its stakeholders,» said David Heidecorn, a member of the Board of Directors who was recently appointed Chairman of the Board. Heidecorn, a Senior Advisor to and former Partner of L Catterton, was designated as the successor to Ophir Sternberg, who resigned all positions with the Company on May 23, 2024, including as Executive Chairman of the Board, effective immediately.

There can be no assurance, however, that the strategic review process will result in an outcome favorable to the Company or its stakeholders. The Company does not currently intend to comment further on this strategic review process and will make further announcements in accordance with its ongoing disclosure obligations and pursuant to applicable laws and regulations.

The Company has entered into a Forbearance Agreement and Seventeenth Amendment to its existing credit facilities with TREW Capital Management Private Credit 2 LLC, pursuant to which the secured parties under the credit facilities agreed to forbear from exercising their rights under the credit documents until at least July 31, 2024. In addition, L Catterton and TREW have each agreed to lend up to USD 2 million (USD 4 million collectively) to assist the Company during this strategic review process.

To demonstrate a commitment to the Company and senior management, the Company has entered into separate retention agreements with its CEO, Carl Bachmann, and CFO, Christopher E. Jones, with a goal of ensuring steady leadership as the Company proceeds with the strategic review process.

About: BurgerFi International Inc. is a leading multi-brand restaurant company that develops, markets, and acquires fast-casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises. BurgerFi International Inc. is the owner and franchisor of the two following brands with a combined 162 locations.

Anthony’s is a premium pizza and wing brand with 60 restaurants (59 corporate-owned casual restaurant locations and one dual brand franchise location), as of April 01, 2024. Known for serving fresh, never frozen and quality ingredients, Anthony’s is centered around a 900-degree coal-fired oven with menu offerings including «well-done» pizza, coal-fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads.

BurgerFi is among the nation’s fast-casual better burger concepts with 102 BurgerFi restaurants (75 franchised and 27 corporate-owned) as of April 01, 2024. BurgerFi is chef-founded and committed to serving fresh, all-natural and quality food at all locations, online and via first-party and third-party deliveries. BurgerFi uses 100 percent American Angus Beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi’s menu also includes high-quality Wagyu Beef Blend Burgers, All-Natural Chicken offerings, Hand-Cut Sides, and Frozen Custard Shakes.