If you had just $37 in your pocket when you landed in Tampa, Florida, odds are you would be a resident at one of Hillsborough County’s facilities with “three hots and a cot.” Not so likely for the newest Chairman of Soupman Inc. (SOUP) who took his passion from art to food and turned the ambition into a co-foundership of Outback Steakhouse. With the Inc. Magazine’s 1994 Entrepreneur of the Year, Tim Gannon, now at the head of the table, SOUP Stock and the vision long investors have are on track to a delicious future together.
Gannon created the “Bloomin’ Onion” — How much more convincing do you need?
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SOUP Stock Chart
Market Cap: 17.19M
Close: 0.60, no change
Dollar Volume: $3,000
52 Week High: 1.25
52 Week Low: 0.45
Average Trade Size: 2,500
Issued and Outstanding: 28,653,906
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In August, Soupman CEO, Arnold Casale, signed off on a an amendment to the Forbearance Agreement, dated May 20, 2011, with Penny Fern Hart relating to approximately $1.5 million of secured debt guaranteed by the Company’s subsidiary, The Original Soupman, Inc.. The deal called for:
(i) all prior defaults by us under the Forbearance Agreement to be waived;
(ii) the forbearance period is extended until August 31, 2013; and
(iii) payments of interest only in respect of Ms. Hart’s debt will commence to begin starting November 1, 2012.
In consideration, Hart received 550,000 restricted shares of SOUP stock which may not be assigned, sold or pledged for a period of six (6) months. By the time she is able to lift the restrictions, SOUP may already be trading on the Nasdaq.
Referring back to when newly appointed Chairman, Tim Gannon, first joined on with Soupman, his agreement had an interesting bonus structure (see here) which clearly indicated the Company’s intention to uplist the stock to the Nasdaq. Now that the products are out of the frozen food section, on shelves next to Campbell’s and Progresso, and has the voices of Shaquille “Shaq” O’Neal, Reggie “Mr. October” Jackson and Jason Alexander, aka George Costanza from Seinfeld, supporting the expansion and PR, when are you buying some SOUP?
About SOUP Stock
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