BurgerFi International (NASDAQ:BFI) stock is taking off on Friday after the fast-casual food company announced a settlement agreement with Lion Point Capital, LP.
This will have BurgerFi International paying $1.35 million to Lion Point Capital, LP. It will also see it issue the company 300,000 shares of Series A Preferred Stock.
This agreement will close out the current litigation between BurgerFi International and Lion Point Capital, LP. That lawsuit included allegations that BurgerFi International failed to timely register Lion Point Capital, LP’s, violating a registration rights agreement.
David Heidecorn, chairman of the board at BurgerFi International, said the following about the settlement news.
“We are pleased to be putting this litigation matter with Lion Point firmly behind us. Our intention is to continue to explore strategic alternatives that we believe would be in the best interests of the Company and its stakeholders, as previously disclosed.”
BFI Stock Movement Today
Today’s settlement news brings with it heavy trading of BFI shares. That has more than 14 million shares changing hands as of this writing. This is well above its daily average trading volume of about 564,000 shares.
BFI stock is up 71.4% as of Friday morning.
There are plenty more stock market stories worth reading about below!
We have all of the hottest stock market news available on Friday! Among that is what has shares of Windtree Therapeutics (NASDAQ:WINT) stock up, the biggest pre-market stock movers and more. All of this news is ready at the links below!
More Stock Market News for Friday
- Why Is Windtree Therapeutics (WINT) Stock Up 116% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- Trade of the Day: Zai Lab (ZLAB) Stock Is a Possible Hidden Gem
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
