Friday, May 20, 2022

Bowlero (BOWL)
Cleans Up Capital Structure

Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Warrants off the books. The company announced that all of its outstanding warrants have been either redeemed or exercised. As of March 31, the company had a total of roughly 14.5 million outstanding warrants, a combination of public and privately held. The company also announced the repurchase of 0.46 million shares since the last quarter-end for roughly $4.3 million.

Cashless Exercise. The company received roughly $23,000 in connection with the exercise of some of the publicly held warrants. However, the vast majority of the warrants were exercised on a cashless basis. In total, the company issued approximately 4.26 million shares for the exercise of the remaining warrants.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.