09:05 AM EDT, 07/01/2024 (MT Newswires) -- TH International ( THCH ) said Monday that it has secured funding of up to $65 million from its founding shareholders -- Cartesian Capital Group and Restaurant Brands International (QSR).

TH said that about $50 million of the aggregate funding are three-year convertible notes, which convert into newly issued preferred shares of TH International ( THCH ) that are convertible into ordinary shares. Cartesian Capital was issued $20 million, while Restaurant Brands will be issued up to $30 million, Restaurant Brands said in a separate statement.

Restaurant Brands said it has also acquired Popeyes China from TH International ( THCH ) for $15 million on a cash-free debt-free basis.

Shares of TH International ( THCH ) were up 9% and those of Restaurant Brands were up more than 2% in recent Monday premarket activity.

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