Opes Acquisition: intends to combine with BurgerFi

New York / NY. (oac) Opes Acquisition Corporation and BurgerFi International jointly announced today that they have entered into a non-binding letter of intent (the «LOI») pursuant to which the Company and BurgerFi may enter into a business combination agreement, resulting in BurgerFi becoming a publicly traded company on the Nasdaq stock exchange. Under the terms of the LOI, the Company and BurgerFi would become a combined entity, with BurgerFi’s shareholders rolling over a majority of the equity in the combined public company.

BurgerFi is a fast-casual «better burger» concept with nearly 125 corporate-owned and franchise locations across 23 states domestically and two countries internationally. Delivering an all-natural premium burger, BurgerFi is committed to an elevated and contemporary dining experience that appeals to an informed and growing consumer base—those placing a high-value on quality ingredients, transparency and a desire to avoid antibiotics, steroids, chemicals and additives.

BurgerFi has been at the forefront of sustainability, designing each restaurant with an emphasis on a reduced carbon footprint. In addition, with off-premise sales becoming integral to the restaurant industry, BurgerFi has remained on the cutting edge of innovation by having significantly optimized its takeout and delivery platforms for superior performance and profitability. At-home diners can enjoy a seamless ordering experience offered through multiple platforms, including BurgerFi’s website, mobile app and several leading third-party delivery platforms. Premium, secure and eco-friendly packaging allows customers to enjoy the same dine-in food quality with peace of mind as deliveries travel from the restaurant to the home.

With a mix of franchise and corporate openings projected through 2021, BurgerFi has a strong pipeline for rapid expansion, providing visible growth for the foreseeable future. New immediate-term locations are expected to include developments in BurgerFi’s home state of Florida as well as the Southeast, Mid-Atlantic and Northeast regions where there is high brand awareness.

Ophir Sternberg, Chairman of Opes Acquisition Corporation, said, «BurgerFi represents a tremendous partner for Opes in what we believe will be an attractive public market company given its rapid ascension as a nationally recognized brand in the ‘better burger’ space. BurgerFi’s crave-worthy menu of premium ingredients personifies it as a leader in consumer trends. Enhanced by its technology-driven business model, steadfast commitment to responsible procurement, highly-scalable structure and significant expansion opportunities, BurgerFi is an extremely attractive investment opportunity. We have enjoyed working with BurgerFi’s world-class management team, and we look forward to supporting them in the new growth phase as a public company.»

BurgerFi Founder John Rosatti added, «The Opes team brings the experience and real estate expertise to maximize BurgerFi’s growth potential. Our broad consumer appeal, strategic supply chain partnerships and state-of-the-art commissary, combined with our data-driven and technology-forward approach, puts us in a uniquely scalable position. In addition, BurgerFi is poised to capitalize on the growing base of customers seeking a healthier yet indulgent fast casual experience that speaks to their values of quality and responsibly sourced ingredients. The partnership with Opes will enable us to further strengthen the BurgerFi brand and accelerate our growth as we continue to expand and bring the best burgers to even more consumers around the world.»

The parties intend to execute a definitive agreement by the end of this month, with a closing expected in the third quarter of 2020. No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to the approval of the two companies’ boards, regulatory and shareholder approvals, as well as other customary conditions.

About Opes Acquisition Corporation

Opes Acquisition Corporation is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities.

About BurgerFi

Established in 2011, BurgerFi is among the nation’s fastest-growing better burger concepts with nearly 125 BurgerFi restaurants domestically and internationally. The concept was chef-founded and is committed to serving fresh food of transparent quality. BurgerFi uses 100 percent natural Angus beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi placed in the top 10 on Fast Casual’s Top 100 Movers + Shakers list in 2020, was named «Best Burger Joint» by Consumer Reports and fellow public interest organizations in the 2019 Chain Reaction Study, listed as a «Top Restaurant Brand to Watch» by Nation’s Restaurant News in 2019, included in Inc. Magazine’s Fastest Growing Private Companies List, and ranked on Entrepreneur’s 2017 Franchise 500. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com, ‘Like’ BurgerFi on Facebook or follow @BurgerFi on Instagram and Twitter.