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Crumbs Bake Shop (CRMB) went public through a blank-check company IPO in May 2011. Since then, the company has missed targets, burned through cash, diluted shareholders through a secondary offering, and most recently, entered into a binding term sheet to sell convertible notes to Michael Serruya, the co-founder and co-owner of Yogen Früz.

Per one of Crumbs' early investor presentations, Crumbs was founded in 2003 by husband and wife Mia and Jason Bauer in New York City. As the shop became popular and the business expanded, revenue grew from $542k in 2003 to $31.1mm in 2010 before the IPO. However, problems began when a blank check company "57th Street General Acquisition Corp" began the merger process...

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