(Note: This is a NASDAQ uplisting – a public offering (NOT an IPO) of up to 2.08 million units at $5.76 to raise $12 million. Each unit consists of a share of common stock and a warrant to buy a share of common stock. The stock already trades on the TSX Venture Exchange under the symbol “ODD” and on the OTCQB Market under the symbol “ODDAF.” Odd Burger has applied to list its stock and warrants on the NASDAQ under the proposed symbol “ODDB” for the stock and the proposed symbol “ODDBW” for the warrants, according to the prospectus. The company intends to effect a reverse stock split on a 1-for-40 ratio.)
Odd Burger Corporation is a food technology company that owns, operates and franchises a chain of vegan fast-food restaurants, and manufactures and distributes a line of proprietary plant-based protein and dairy alternatives under the brand Preposterous Foods. (Incorporated in Canada)
Odd Burger restaurants operate as smart kitchens, which use state-of-the art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain along with healthier ingredients, Odd Burger’s mission is to revolutionize the fast-food industry by creating guilt-free fast food.
Odd Burger is part of a relatively new and expanding industry, generally referred to as the plant-based (or vegan) fast food market. Our industry lies at the intersection of the plant-based food market, a rapidly growing, innovative, technology-driven field, and the traditional fast food market, which is a very large, well established industry that has continued to experience yearly growth. The plant-based food market is expected to grow at a compound annual growth rate of approximately 18.1% from 2022 to 2027, with the market expected to grow from US$40 billion in 2022 to US$91 billion by 2027 (Research and Markets, Nov. 2022). The global fast food market is expected to grow at a compound annual growth rate of 6.05%, with the market projected to grow from US$862 billion in 2020 to US$1.46 trillion by 2028 (Fortune Business Insights, Mar, 2022). The plant-based fast food market is expected to grow at a compound annual growth rate of 11.6% from 2022 to 2026 and reach a US$18 billion market by 2026. (Reporterlink.com, Nov, 2022).
**Note: Total revenue and net loss figures are in U.S. dollars (converted from Canadian dollars) for the year ended Sept. 30, 2022.
(Note: Odd Burger trimmed the size of its unit public offering to 2.08 million units (2,083,333 units) – down from 2.11 million units under the original terms – and slightly increased the assumed IPO price to $5.76 from $5.74 – to raise $12.0 million – or about $210,000 less than under its original terms – according to an S-1/A filing dated March 31, 2023.)