TH International Secures $65 Million Funding from Restaurant Brands International, Cartesian Capital

MT Newswires Live07-01

TH International (THCH) said Monday that it has secured funding of up to $65 million from its founding shareholders -- Cartesian Capital Group and Restaurant Brands International (QSR).

TH said that about $50 million of the aggregate funding are three-year convertible notes, which convert into newly issued preferred shares of TH International that are convertible into ordinary shares. Cartesian Capital was issued $20 million, while Restaurant Brands will be issued up to $30 million, Restaurant Brands said in a separate statement.

Restaurant Brands said it has also acquired Popeyes China from TH International for $15 million on a cash-free debt-free basis.

Shares of TH International were up 9% and those of Restaurant Brands were up more than 2% in recent Monday premarket activity.

Price: 0.8154, Change: +0.07, Percent Change: +8.95

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