8-K
ONE Group Hospitality, Inc. (STKS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 3, 2021
THE ONE GROUP HOSPITALITY, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-37379 | 14-1961545 | ||
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| (State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
| of incorporation) | | | | Identification No.) |
1624 Market Street, Suite 311
Denver, Colorado 80202
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (646) 624-2400
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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| ◻ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ◻ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ◻ | Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ◻ | Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which<br>registered |
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| Common Stock | STKS | Nasdaq |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ◻
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Item 2.02 Results of Operations and Financial Condition
On June 3, 2021, The ONE Group Hospitality, Inc. (the “Company”) issued a press release and provided a business update on quarter-to-date sales through May 31, 2021. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 8.01 Other Events
The Company will participate at three investor conferences in June.
| ● | On Thursday, June 3, 2021, the Company will hold investor meetings at the 41st Annual Virtual Piper Sandler Consumer Marketplace Conference; |
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| ● | On Tuesday, June 8, 2021, the Company will hold investor meetings at Stifel’s Virtual Cross Sector Insight Conference; and, |
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| ● | On Tuesday, June 22, 2021, the Company will host investor meetings and present at the Jefferies Virtual Consumer Conference. The presentation will begin at 9:10 am ET and can be accessed from the Investor Relations tab of The ONE Group’s website at www.togrp.com under “News / Events”. |
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A copy of an updated investor presentation has been made available on the Company’s Website at https://ir.togrp.com/presentations.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1Press release dated June 3, 2021.
EXHIBIT INDEX
(d) Exhibits
| 99.1 | Press release dated June 3, 2021. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Dated: June 3, 2021 | THE ONE GROUP HOSPITALITY, INC. | |
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| | By: | /s/ Tyler Loy |
| | Name: | Tyler Loy |
| | Title: | Chief Financial Officer |
Exhibit 99.1
The ONE Group Hospitality, Inc. Provides Business Update
Denver, CO – (BUSINESS WIRE) – June 3, 2021 - The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) provides a business update in advance of the Company’s participation at three investor conferences.
As of May 31^st^, quarter-to-date comparable sales* in 2021 compared to 2019 increased 35.2% on a consolidated basis, 49.2% for STK and 22.0% for Kona Grill. All of the Company’s domestic restaurants are operating with indoor dining rooms. On average, the Company’s domestic indoor dining capacity for May 2021 was 82%. All of the Company’s non-seasonal international venues are open, and STK Ibiza will open for the summer vacation season in June.
Participation at investor conferences include:
| ● | On Thursday, June 3, 2021, the Company will hold investor meetings at the 41st Annual Virtual Piper Sandler Consumer Marketplace Conference; |
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| ● | On Tuesday, June 8, 2021, the Company will hold investor meetings at Stifel’s Virtual Cross Sector Insight Conference; and |
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| ● | On Tuesday, June 22, 2021, the Company will host investor meetings and present at the Jefferies Virtual Consumer Conference. The presentation will begin at 9:10 am ET and can be accessed from the Investor Relations tab of The ONE Group’s website at www.togrp.com under “News / Events”. |
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*Comparable sales represent total U.S. food and beverage sales at owned and managed units opened for at least a full 18-month period. This measure includes total revenue from our owned and managed locations. Two-year comparable sales relates to the comparison of comparable sales for the period of 4/1/2021 through 5/31/2021 to the period of 4/1/2019 through 5/31/2019 . The Company monitors sales growth at its established restaurant base in addition to growth that results from restaurant acquisitions; the Company has presented two-year comparable sales to illustrate how sales at its restaurant base before the COVID-19 pandemic compare to sales as COVID-19 restrictions have eased and the Company has begun to recover lost sales.
Additional Information
| Second Quarter to Date through May 31, 2021 | |||
|---|---|---|---|
| Comparable Sales* vs. 2019 | Comparable Sales* vs. 2020 | Average Weekly Sales Volume | |
| STK | 49.2% | 1596.8% | $283,100 |
| Kona Grill | 22.0% | 283.7% | $102,200 |
| Consolidated | 35.2% | 578.1% | $165,800 |
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) is a global hospitality company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally. The ONE Group’s focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:
| ● | STK, a modern twist on the American steakhouse concept with 21 restaurants in major metropolitan cities in the U.S., Europe and the Middle East, featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere; and, |
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| ● | Kona Grill, a polished casual, bar-centric grill concept with 24 restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere. |
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| ● | ONE Hospitality, The ONE Group’s food and beverage hospitality services business, develops, manages and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating 12 venues in the U.S. and Europe. |
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Additional information about The ONE Group can be found at www.togrp.com.
Contact:
Investors:
ICR
Michelle Michalski or Raphael Gross
(646) 277-1224
Media:
ICR
Kate Ottavio Kent
(203) 682-8276