BurgerFi International Inc. ( BFI ) shares are moving higher on Friday following the company’s announcement of a legal settlement agreement with Lion Point Capital.

What’s Going On: BurgerFi ( BFI ) shares are experiencing a significant surge after the company agreed to pay Lion Point $1,350,000 and issue 300,000 shares of preferred stock. This settlement resolves the lawsuit filed by Lion Point on August 26 2022, which alleged that BurgerFi ( BFI ) had violated their agreement by failing to register its shares in a timely manner. The settlement, which avoids further litigation costs and risks, does not include any admission of fault by either party.

David Heidecorn, Chairman of the Board of BurgerFi ( BFI ), expressed relief at resolving the matter and emphasized the company’s focus on exploring strategic alternatives for the benefit of its stakeholders.

BFI Price Action: BurgerFi ( BFI ) shares were up by 128% at 49 cents according to Benzinga Pro.

See Also:

Tech Giants Potentially Seek Partnership With Ray Ban Maker After Smart Glasses Collaboration