factual

How many shares of Benihana common stock were outstanding as of December 31, 2023?

Benihana Franchise · 2024 FDD

Answer from 2024 FDD Document

| | Dilutive effect of stock options, warrants and restricted share units | | 731,427 | | 1,471,282 | | Diluted weighted average shares outstanding | | 32,287,864 | | 33,871,797 | | | | | | | | Net income available to common stockholders per share | $ | 0.15 | $ | 0.42 | | - Basic | | | | | | Net income available to common stockholders per share | $ | 0.15 | $ | 0.40 | | - Diluted | | | | | | | | | | |

For the years ended December 31, 2023 and 2022, stock options, warrants and restricted share units totaling 0.5 million and less than 0.1 million, respectively, were determined to be anti-dilutive and were therefore excluded from the calculation of diluted earnings per share.

Note 10 – Stockholders' Equity

Common Stock

The Company is authorized by its amended and restated certificate of incorporation to issue up to 75.0 million shares of common stock, par value $0.0001 per share. As of December 31, 2023 and 2022, there are 31.3 million and 31.7 million shares of common stock outstanding, respectively.

Stock Purchase Program

In September 2022, the Company's Board of Directors authorized a repurchase program of up to $10.0 million of outstanding common stock. In May 2023, the Company's Board of Directors authorized an additional $5.0 million to this program. During the years ended December 31, 2023, and

Source: Item 22 — CONTRACTS (FDD pages 73–74)

What This Means (2024 FDD)

According to Benihana's 2024 Franchise Disclosure Document, as of December 31, 2023, there were 31.3 million shares of Benihana common stock outstanding. The company is authorized to issue up to 75.0 million shares of common stock with a par value of $0.0001 per share.

In September 2022, Benihana's Board of Directors authorized a repurchase program of up to $10.0 million of outstanding common stock. This program was supplemented with an additional $5.0 million in May 2023. During the year ending December 31, 2023, Benihana purchased 1.2 million shares for an aggregate consideration of $7.9 million. The repurchase program was completed as of December 31, 2023.

Additionally, during 2023, warrants to purchase 125,000 shares of common stock at an exercise price of $1.63 per share were exercised. As of December 31, 2023, there were no warrants outstanding. The company did not issue any dividends related to its common stock in either 2023 or 2022.

Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.