secwatch.observer — SEC 8-K summary
======================================

Issuer:     ONE Group Hospitality, Inc. (STKS)
CIK:        0001399520
Form:       8-K/A
Filed at:   2024-07-17T23:59:59+00:00
Accession:  0001558370-24-009865
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

One Group completes Benihana acquisition for $365M cash; Benihana FY2024 revenue $530M, net income $53.5M
--------------------------------------------------------------------------------

- Acquisition of Safflower Holdings Corp. (Benihana/RA Sushi) for $365M cash closed May 1, 2024; prior Form 8-K now amended with financials.
- Benihana's audited FY2024 (53 weeks) revenue $530.1M vs $517.1M in FY2023; net income $53.5M vs $2.3M, boosted by $57.9M deferred tax benefit.
- Benihana income from operations $31.0M in FY2024 vs $35.4M in FY2023; impairment charges $8.9M, interest expense $35.4M.
- Benihana had $214.4M long-term debt, $27.5M cash, total assets $516.3M as of March 31, 2024; operated 88 company-owned and 12 franchised restaurants.
- Unaudited pro forma combined financials for One Group and Benihana as of March 31, 2024 and year ended Dec 31, 2023 filed as Exhibit 99.2.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1399520/000155837024009865/0001558370-24-009865-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1399520/000155837024009865/stks-20240501x8ka.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-009865

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer