J. Alexander’s Holdings, Inc. Received Letter from Ancora Advisors, LLC
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NASHVILLE, Tenn.--(BUSINESS WIRE)--J. Alexander’s Holdings, Inc. (NYSE: JAX) (the Company), owner and operator of J. Alexander’s, Redlands Grill, and Stoney River Steakhouse and Grill, today announced that it has received a letter from Ancora Advisors, LLC (Ancora), holder of approximately 1,261,810 shares of the Company’s common stock, or approximately 8.6% of the outstanding shares. The letter contains a purported nonbinding proposal to purchase the outstanding shares of the Company’s common stock for $11.75 in cash for each share, subject to a number of conditions set forth in the letter. The letter is publicly available in Amendment No. 3 to Ancora’s Schedule 13D filed April 8, 2019, with the Securities and Exchange Commission, file number 005-89109.
The Company’s Board of Directors, in consultation with its advisors, will carefully review, evaluate and respond to Ancora’s letter.
About J. Alexander’s Holdings, Inc.
J. Alexander’s Holdings, Inc. is a collection of restaurants that focus on providing high quality food, outstanding professional service and an attractive ambiance. The Company presently operates 46 restaurants in 16 states. The Company has its headquarters in Nashville, TN.
This press release issued by J. Alexander’s Holdings, Inc. contains forward‐looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding our expectations, intentions or strategies regarding the future. Because such statements are based on expectations as to future events and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including those risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 30, 2018, and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward‐looking statements, whether as a result of new information, future events or otherwise.
J. Alexander’s Holdings, Inc.
Mark A. Parkey
Chief Financial Officer