Bricktown Brewery files for IPO, then backs off plans
Ownership for the popular Oklahoma City restaurant Bricktown Brewery filed paperwork with the U.S. Securities and Exchange Commission to become a publicly traded company, but has since temporarily halted the proceedings.
Bricktown Brewery CEO Buck Warfield said the company, which has 14 restaurants in five states, “pushed pause” on its plans this week due to volatility in the market.
The company updated its regulatory filing on Monday with plans to go public. The document did not list a date for the initial public offering, but the Nasdaq website this week listed the brewery's expected IPO as scheduled for Wednesday.
Warfield did not provide an estimated timeframe for when the company would move forward with its plans.
Monday's preliminary prospectus includes details of proposed shares, share values and company plans for use of capital obtained in a public offering.
The documents state the company would sell 1,875,000 shares valued between an estimated $7 and $9. The company estimated net proceeds would be nearly $13.2 million if sold at $8 per share.
The prospectus also states the company applied to have its common stock listed on the NASDAQ under the symbol, “BEER.”
Bricktown Brewery would use the proceeds to acquire one of its licensed locations, repay related party notes, repay a promissory note held by a non-affiliated individual, invest in or acquire companies that are synergistic with or complementary to our business, and for working capital and other general corporate purposes, according to the prospectus.
Some risks included in the prospectus include the challenge of changes in economic conditions, opening new restaurants in existing markets could negatively impact sales at existing restaurants and a non-sustainable increase in demand for micro-brewed beers.
Bricktown Brewery was started in 1992 in the Oklahoma City district of the same name. In recent years, Warfield and his partners expanded the restaurant footprint into Tulsa and other cities within the Oklahoma City metro area, as well as into Kansas, Arkansas and Texas.
The company opened its newest location, in its fifth state, in Springfield, Missouri, last fall.