BurgerFi International, Inc., owner of one of the nation’s leading fast-casual “better burger” dining concepts through the BurgerFi brand, and the high-quality, casual dining pizza brand under the name Anthony’s Coal Fired Pizza & Wings, today announced that the Company has received additional shareholder support in the Company’s efforts to continue its growth and development.

Ophir Sternberg, Executive Chairman of the Board of BurgerFi and Founder & CEO of Lionheart Capital, along with certain senior members of the BurgerFi management team, have increased their respective investment in BurgerFi through the purchase of 1.5 million shares of BurgerFi common stock from an affiliate of L Catterton. Following such purchase, Lionheart, together with its founder, Ophir Sternberg, alongside with the BurgerFi management team, are collectively now the largest shareholders in the Company.

In addition, pursuant to the terms of the Company’s credit agreement, as amended, L Catterton has provided an additional $5.1 million of financing to the Company through a junior secured promissory note with 4% interest accrued to maturity in September 2027. In connection with this investment, the BurgerFi Board of Directors was expanded to seven members and the terms and conditions of the Series A Preferred Stock of the Company, currently held by an affiliate of L Catterton, were amended to allow for the nomination of an additional member of the Board of Directors and certain other protective provisions. As a result, David Heidecorn, Senior Advisor to L Catterton, was appointed as a Director to serve alongside to the existing members of the Board of Directors.

Ophir Sternberg, Executive Chairman of BurgerFi, states, “The willingness of L Catterton, Lionheart Capital and our management team to further invest in BurgerFi is a testament to our potential, and I look forward to working alongside David on our Board. I similarly share their confidence in the opportunities at both BurgerFi and Anthony’s and have consequently increased my own investment in the Company.”