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Green Plains (NASDAQ:GPRE) announced significant changes to its Board of Directors, appointing three new independent directors: Steven Furcich, Carl Grassi, and Patrick Sweeney. The appointments will expand the Board to 10 members through the 2025 Annual Meeting, with two tenured directors expected to step down at this year's Annual Meeting.
The company has formed a new Strategic Planning Committee to provide analysis and recommendations on value-creation initiatives. The committee will be co-chaired by a new director and a tenured director, with half of its four members being newly appointed directors.
Green Plains has also entered into a cooperation agreement with long-term shareholder Ancora, which includes provisions for a standstill and voting commitment. The new directors bring expertise in agriculture and commodities, capital allocation, finance, strategic transactions, and long-term planning.
SPB Hospitality has completed the acquisition of J. Alexander's Holdings (NYSE:JAX) for $14.00 per share, totaling approximately $220 million in equity value. This merger received overwhelming approval from J. Alexander's shareholders. SPB aims to enhance its hospitality portfolio with J. Alexander's 47 upscale restaurants, known for high-quality service and ambiance. SPB’s CEO, Jim Mazany, highlighted the strategic importance of this acquisition for creating exceptional dining experiences.
J. Alexander’s Holdings (NYSE: JAX) reported strong Q2 2021 results, with net sales of $68.1 million, nearly 110% of Q2 2019 figures. Cash from operations reached $15.3 million, a significant recovery from a $3.8 million loss in Q2 2020. Same-store sales soared by 135.7% and 156.6% for J. Alexander’s and Stoney River restaurants, respectively. The company announced a $220 million merger with SPB Hospitality, expected to close in Q4 2021. However, challenges in commodity costs and labor availability were noted. JAX holds $22.6 million in cash and total debt of $12.9 million as of July 4, 2021.
SPB Hospitality announced its acquisition of J. Alexander's Holdings Inc. (NYSE:JAX) for $14.00 per share in an all-cash deal, totaling approximately $220 million. This acquisition represents a 14% premium over JAX's closing price on July 1, 2021. The transaction is expected to close in Q4 2021, pending JAX shareholder approval. SPB aims to consolidate its leadership in the hospitality industry by integrating J. Alexander's renowned brands and upscale dining experience, which includes 47 locations across 16 states.
J. Alexander’s Holdings, Inc. (NYSE: JAX) has entered an all-cash merger agreement with SPB Hospitality valued at approximately $220 million. Shareholders will receive $14.00 per share, a 78% premium on the stock price prior to the announcement. The deal is backed by major shareholders and is expected to close early in Q4 2021, pending shareholder and regulatory approvals. J. Alexander’s board believes the transaction serves shareholder interests well, providing liquidity and maintaining brand operations under SPB Hospitality.
J. Alexander's Holdings, Inc. (NYSE: JAX) reported its first-quarter results for 2021, showing significant recovery from the pandemic. March sales nearly reached 100% of March 2019 levels, with April exceeding 105%. Cash flow from operations rose to $4.8 million, while net sales were $57.4 million, up from $57.0 million in Q1 2020. Net income turned positive at $3.4 million compared to a loss of $17.6 million the previous year. The restaurant operating profit margin improved to 15.7%, and the company opened a new location in San Antonio, TX, with strong initial performance.
J. Alexander’s Holdings, Inc. (NYSE: JAX) has launched a new Redlands Grill in San Antonio, located at 17422 Fiesta Texas Drive in La Cantera Heights. This marks the second Redlands Grill in San Antonio and features an 8,350 square foot space with seating for 279 guests. The restaurant emphasizes a contemporary take on classic American cuisine, offering a diverse menu that includes prime rib, steaks, fresh seafood, and premium sandwiches. It operates from 11 a.m. to 9 p.m. on weekdays and 11 a.m. to 10 p.m. on weekends.
J. Alexander's Holdings (NYSE: JAX) reported its fourth quarter and full-year results for fiscal 2020, showing a net loss of $22.47 million compared to a net income of $8.82 million in fiscal 2019. Net sales declined to $183.37 million from $247.27 million, significantly impacted by COVID-19. Cash flow from operations was positive at $7.6 million for Q4. The company recorded an income tax benefit of $8.45 million and plans to open a new Redlands Grill in San Antonio on March 29, 2021. Despite challenges, sales recovery is anticipated as capacity restrictions ease.
J. Alexander’s Holdings, Inc. (JAX) provided a business update amid ongoing pandemic challenges. In Q4 2020, the company faced dining restrictions, achieving sales of 90% and 80% of prior year figures in October and November, respectively. Sales in January 2021 improved, reaching 75% of January 2020 levels, as capacity restrictions eased. As of February 7, 2021, JAX operated at 60% capacity across 46 locations, with weekly off-premise sales averaging $850,000. Cash on hand was $11.5 million. The company is evaluating strategic alternatives while planning new restaurant openings in 2021.
J. Alexander’s Holdings, Inc. (NYSE: JAX) will open a new Redlands Grill in San Antonio on March 29. This upscale restaurant, located in La Cantera Heights, spans 8,350 square feet and will seat 279 guests. The concept focuses on high-quality, made-from-scratch food under the leadership of General Manager Archie Mitchell and Executive Chef Vincente Garcia. The menu features American classics like prime rib, steaks, and seafood, complemented by a full-service bar. This marks JAX's second San Antonio location, with the first operating for 24 years.
