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Union Square Hospitality Group (USHG) announced that Chip Wade will become CEO effective September 6, 2022, succeeding founder Danny Meyer, who remains Executive Chairman. Since joining in 2019, Wade has implemented a long-term growth plan, achieving surpassing pre-pandemic performance levels. USHG recently launched the acclaimed restaurant Ci Siamo and doubled its Daily Provisions brand footprint. Wade aims to drive growth through improved cultural, operational, and financial performance.
Panera Brands Inc., the owner of Panera Bread, Caribou Coffee, and Einstein Bros. Bagels, announced it will not extend its investment agreement with USHG Acquisition Corp. (NYSE:HUGS) due to unfavorable capital market conditions. The agreement, which lapsed on June 30, 2022, stemmed from a mutual understanding that an IPO is not imminent. Panera plans to continue preparing for a potential public listing should market conditions improve. CEO Niren Chaudhary expressed respect for HUGS and affirmed confidence in Panera's future.
USHG Acquisition Corp. (NYSE:HUGS) has announced it will not extend its agreement with Panera Brands Inc. to participate in its upcoming IPO due to unfavorable capital market conditions. Danny Meyer, Chairman of HUGS, expressed disappointment over the market timing but emphasized a commitment to seek a new partnership aligned with their values. The company aims to leverage its extensive network to find a market-leading business that prioritizes employee welfare and stakeholder success.
Panera Brands, housing Panera Bread, Caribou Coffee, and Einstein Bros. Bagels, is set to pursue a traditional IPO in partnership with USHG Acquisition Corp. (NYSE:HUGS). As part of the agreement, Danny Meyer will invest in Panera Brands and will become its Lead Independent Director post-IPO. HUGS shareholders will directly own shares in Panera post-IPO, with JAB agreeing to offset any redemptions in HUGS shares with a corresponding investment in Panera. The transaction awaits the completion of Panera's IPO and shareholder approvals.
USHG Acquisition Corp. announced the commencement of separate trading for its Class A common stock and warrants starting April 19, 2021. The shares will trade on NYSE under the tickers HUGS for Class A common stock and HUGSW for warrants, while units that are not separated will continue to trade under HUGSU. This decision is part of the Company’s ongoing efforts to enhance liquidity for its investors. Goldman Sachs & Co. LLC and Piper Sandler & Co. served as joint book-running managers during the initial public offering.
USHG Acquisition Corp. has priced its initial public offering (IPO) of 25,000,000 units at $10.00 each, expected to trade under the ticker 'HUGSU' starting February 25, 2021. Each unit consists of one Class A common stock share and one-third of a redeemable warrant. The offering closes on March 1, 2021, subject to customary conditions. Goldman Sachs and Piper Sandler are joint book-running managers. The Company may offer an additional 3,750,000 units for over-allotments. USHG focuses on mergers and acquisitions within culture-driven businesses.
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