Oct 11, 2019

Hooters serves up pharma deal

Dan Primack, author of Pro Rata

Photo: Raymond Boyd/Getty Images

Sonnet BioTherapeutics, a Princeton, N.J.-based cancer drug developer, agreed to go public via a reverse merger with Chanticleer Holdings (Nasdaq: BURG), a Charlotte-based owner and operator of Hooters restaurants and various burger chains.

Why it matters: Reverse mergers often involve odd bedfellows, but this takes it to a new level.

By the numbers: Chanticleer peaked at $35 per share in 2015, but was trading below $1 per share before the merger announcement. It plans to spin off its restaurant assets into a separate company owned by current shareholders, with Sonnet paying $6 million for a 96% stake in the public listing that will be re-tickered SONN.

The bottom line: "Chanticleer has suffered amid a broader decline in fast-casual dining. Hooters, once known for its scantily clad female waitstaff, has increasingly seemed out of date," writes Bloomberg.

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Hans Nichols, author of Sneak Peek
14 mins ago - Politics & Policy

Scoop: Republican super PAC raised $92 million in September

Senate Majority Leader Mitch McConnell. Photo: The Washington Post/Getty Images

The Senate Leadership Fund, a super PAC associated with Senate Majority Leader Mitch McConnell, raised more than twice as much this September as it did two years ago, according to a FEC filing that will go live Tuesday night.

By the numbers: The SLF raised $92 million in September, spent $105 million, and ended the month with $113 million cash on hand, as Republicans work to maintain their majority on Nov. 3.

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Erica Pandey, author of @Work
14 mins ago - Economy & Business

The evolution of HR

Illustration: Aïda Amer/Axios

Before the onset of the coronavirus pandemic, human resources jobs were on the automation chopping block. Now they're essential.

The big picture: HR departments across the world have pulled off the incredible feat of turning companies from in-person to remote overnight, and as the pandemic continues to determine the future of work, HR has been elevated from a back-office function to a C-suite conversation.

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Sara Fischer, author of Media Trends
23 mins ago - Technology

Netflix stock sinks after Q3 subscriber miss

Illustration:Rebecca Zisser/Axios

Netflix's stock was down more than 5% in after-hours trading Tuesday after the tech giant reported that it missed expectations on global subscriber growth for the quarter.

Why it matters: Netflix experienced explosive growth during the first half of the year. It wasn't expected to match that growth this quarter, when lockdowns lifted and after new competitive services had launched, but analysts were still expecting it to meet expectations of at least 3.3 million net new global subscribers.

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