Muscle Maker shares are rocking after the company announced on Friday the acquisition of franchise-owned restaurant in Manhattan.
Shares of Muscle Maker, Inc. (GRIL) is soaring with a high volume on the opening of the market on Monday, days after the company announced that it has taken over its previously franchise-owned locations in the Chelsea neighborhood of Manhattan.
Muscle Maker Stock has kicked off the trading session today on a higher side as it remains the highest traded stock, at the time of press. GRIL stock is leading the market will the heaviest trading volume of 26 million, right above the second-place stock, Snap, Inc. (SNAP).
GRIL shares opened this week’s session at $1.53 before the stock soared 60% during the premarket today and continues to rise in the open market as the day goes on. As we write this at 10:22 A.M EDT, GRIL Stock was trading with a bullish momentum as high as $2.62 up by 72%, which is its highest share price since September 8.
Muscle Maker stock is rallying after the company reported on Friday evening that it has acquired its previously franchise-owned locations in Manhattan, New York. The restaurant is located at 70 7th Ave Between 14th and 15th in the Chelsea neighborhood. The location is currently under construction and the company is adding an outdoor seating area, in order to practice social distancing following the COVID-19 protocols.
The company reported that in 2019, the Chelsea restaurant recorded more than $1.1 billion in sales.
This acquisition provides Muscle Maker with an opportunity to enhance its business and launch new test products to a larger audience. The Chief of Officer of Muscle Maker Grill, Michael Roper commented they are looking forward to this new corporate location under their belt, especially one of their highest volume locations in a very fast-paced market.
“We already have brand awareness in the market and we’re looking forward to taking things to the next level by launching additional concepts and beer and wine.”
Muscle Maker Grill, which is a subsidiary of Muscle Maker is looking forward to this new location and they are working on growing their corporately owned location portfolio including potentially larger acquisitions and individual locations.
The new restaurant will offer to dine in, take out, delivery, online ordering via mobile app. The brand intends to serve healthier brands of wine and beer in the upcoming days. Moreover, the restaurant will also serve as a ghost kitchen to additional brands under the company.
Muscle Maker, Inc. is continuing to grow its network through the addition of non-traditional locations on college campuses, military bases, and delivery only ghost kitchens. Any acquisition will be accretive to the top-line sales and corresponding profitability of the brand.