According to a Wall Street Journal report, One Group LLC would be merging with Committed Capital Acquisition Corp, a publicly-listed shell company. The move would put the owner of the STK steakhouse chain listed on the stock exchange.
Committed Capital would be putting in USD28.8 million into the merger, added The Journal. The merger coincided with USD15.5 million of investments put in by institutional investors who would become shareholders of the newly-consolidated company. The Journal also said that Committed Capital's backers would also have ownership stakes in the merged company.
The report also said shares of STK would be traded over the counter initially rather than on a bourse, but the cosolidated company was aiming for a listing on the Nasdaq Stock Market.
One Group could not be reached by Reuters for comment regarding the report.
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