- Noodles (NASDAQ:NDLS +11.8%) announces a $31.5M private placement of class A common stock to Mill Road Capital II.
- Under the terms of the arrangement, Mill Road receives 8.873M shares at a price per share of $3.55.
- The company says the investment will help it strengthen its balance sheet and fund strategic initiatives.
- Noodles no longer intends to pursue a public offering of its class A shares.
- The transaction is expected to close in early April.
- “We are excited to announce this investment by Mill Road Capital, which has a strong record of investments in consumer brands, including in the restaurant industry,” says interim CEO Dave Boennighausen.
- Source: Press Release