Franchise Group, Inc. Announces Redemption of 7.50% Series A Cumulative Perpetual Preferred Stock

DELAWARE, Ohio, July 19, 2023 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) today announced that it has issued a notice of redemption (the “Redemption”) for all outstanding shares of its 7.50% Series A Cumulative Perpetual Preferred Stock (CUSIP: 35180X204) (the “Preferred Stock”). The Company is redeeming the Preferred Stock in connection with the Company’s previously announced merger (the “Merger”) and pursuant to Parent’s (as defined below) request in accordance with the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”), dated as of May 10, 2023, entered into by and among the Company, Freedom VCM, Inc., a Delaware corporation (“Parent”), and Freedom VCM Subco, Inc., a Delaware corporation and wholly owned subsidiary of Parent. The Redemption is contingent upon the Company’s successful completion the Merger and, in the event the Merger does not occur and the Merger Agreement is terminated in accordance with its terms, the notice of redemption will be deemed rescinded and the Redemption will not occur.