Los Angeles, CA -- (SBWIRE) -- 03/31/2014 -- Okra Restaurant Group, Inc. Amends Form D Filing with The US Securities and Exchange Commission under the JOBS Act To Include Rule 506(c)
Okra Restaurant Group, Inc. ( the "company") (OKRA) announced today it's filing of an amended Form D with the SEC under the new rule 506(C), to include under the new rule, General Solicitation of its securities to accredited investors of it's newly designated Series A Term Preferred Shares (the "preferred stock") in a confidential private placement memorandum offering.
The amendment allows (the company) an indefinite amount of securities offered and indefinite time to offer securities to accredited investors.
Okra Restaurant Group, Inc. intends to partner with Thomas A. Safran & Associates, The City and County of Los Angeles and Local Community Redevelopment Coalitions to complete the Historical Dunbar Hotel project by installing its first southern style fast casual restaurant concept, Red Yam Southern Grille and Bakery inside the retail space of the multi-million dollar renovation of the Dunbar Village, the brainchild of former Los Angeles City Councilwoman Jan Perry.
As required by the JOBS Act, the new legislation modifies the long-standing limits on issuers of securities in private transactions that prevented such issuers from engaging in the general solicitation regarding those securities. The beneficiaries of the new Reg D legislation will be small, closely held, capital-starved companies that are trying to access growth capital as well as private funding. The new rule offers an alternative to issuers who wish to reach a broader audience, while issuers still have the ability to still do it the old fashion way and keep things private.
About Okra Restaurant Group, Inc.
Okra Restaurant Group, Inc. is a private closely-held restaurant and hospitality company. It currently seeks to achieve it's investment objective of maximizing total return by investing in upscale moderate priced QSR restaurants, primarily investing in the fast casual sandwich/BBQ segment with strategically placed outlets, (RedYam Southern Grille & Bakery) in main stream markets or markets ripe for redevelopment and growth.
--Securities can only be sold to "accredited investors" for which natural persons who are investors who meet certain minimum annual income and net worth thresholds;
--Investing in securities involves risk and investors should be able to bear the loss of their investment;
Okra Restaurant Group, Inc.