Muscle Maker, Inc. announced that it priced on February 12 its initial public offering of 1,540,000 shares of common stock at a price to the public of $5 per share. In addition, the company granted the underwriter a 45-day option to purchase up to an additional 231,000 shares of common stock at the initial public offering price.

The total proceeds paid to the Company in the initial public offering or upon exercise of the underwriter’s option will be reduced by underwriting discounts and commissions and other costs arising in the offering. The shares are expected to begin trading on the Nasdaq Capital Market on February 13, 2020 under the ticker symbol “GRIL.” The offering is expected to close on February 18, subject to the satisfaction of customary closing conditions.

Alexander Capital, L.P. served as underwriter for the offering.

The offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering, when available, may be obtained from Alexander Capital L.P., 17 State Street, New York, New York 10014.

Muscle Maker Grill was founded in 1995 in Colonia, New Jersey. There are 39 locations, which is down from 53 two years ago. The company also said same-store sales declined 12 percent in the year’s first three quarters.