Ark Restaurants Repurchases 250,000 Shares of Common Stock From Stockholder
Ark Restaurants Corp. (NASDAQ: ARKR) announced today that it has closed on its transaction with the Estate of Irving Hershkowitz to purchase 250,000 shares of the Company's common stock from the seller at a price of $12.50 per share, or a total of $3,125,000, on December 9, 2011. Upon the closing of the purchase, the Company paid the seller $1.0 million in cash and issued an unsecured promissory note to the seller for $2,125,000. The note bears interest at 0.19% per annum, and is payable in 24 equal monthly installments of $88,541 each, commencing on December 1, 2012.
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