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style="vertical-align:top;width:24.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_4_11_2022_To_4_11_2022_CQBwYxU5iEu4_PIGgmth_g" name="dei:TradingSymbol" id="Tc_M6sadB8VvEmxohPLThJF5Q_2_1"><b style="font-size:9pt;font-weight:bold;">BBQ</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:37.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_4_11_2022_To_4_11_2022_CQBwYxU5iEu4_PIGgmth_g" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_hfylANRO8kOyE2_ZsosTBw_2_2"><b style="font-size:9pt;font-weight:bold;">The Nasdaq Global Market</b></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Indicated by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2&#160;of this chapter). </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:7pt;margin:0pt;"><span style="font-size:7pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:9pt;">Emerging growth company&#160;</span><ix:nonNumeric contextRef="Duration_4_11_2022_To_4_11_2022_CQBwYxU5iEu4_PIGgmth_g" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_84fmhfqyGEiLa0MfI1oGSg"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:7pt;margin:0pt;"><span style="font-size:7pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;<span style="font-family:'Segoe UI Symbol';">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:7pt;margin:0pt;"><span style="font-size:7pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="display:none;font-family:'\007b49\007ebf';font-size:12pt;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Page 1 of 4</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-size:1pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Item 1.01. &#160;</b></span><b style="font-weight:bold;">Entry Into Material Definitive Agreements.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:10.8pt;text-indent:36pt;background:#ffffff;margin:0pt;">On November 23, 2021, the Company, entered into a credit agreement (the &#8220;Credit Agreement&#8221;) with JPMorgan Chase Bank, N.A. The Credit Agreement had a five-year term and provided for up to a $5.0 million revolving line of credit and a $15.0 million term loan. On April 11, 2022 (the &#8220;First Amendment Date&#8221;), the Company amended the Credit Agreement (the &#8220;Amended Credit Agreement&#8221;), increasing the revolving line of credit to $25.0 million and the term loan to $25.0 million. As of April 11, 2022, the current balance of the term loan is $25.0 million and there are no outstanding cash draws on the line of credit.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:10.8pt;text-indent:36pt;background:#ffffff;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:10.8pt;text-indent:36pt;background:#ffffff;margin:0pt;">The Amended Credit Agreement has a five-year term starting on the First Amendment Date. Proceeds of borrowings shall be used for accretive capital allocation and for working capital purposes. Specifically, a portion of the increased borrowings was used to fund the acquisition of Barrio Queen that closed on April 11, 2022. The Company&#8217;s obligations under the Amended Credit Agreement are secured by substantially all of its assets, excluding real property. Subject to certain conditions, borrowings under the Amended Credit Agreement bear interest in the range of 1.75% to 2.25% per annum plus SOFR. If SOFR becomes unavailable, the replacement rate will be determined pursuant to the terms of the Amended Credit Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:10.8pt;background:#ffffff;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:10.8pt;text-indent:36pt;background:#ffffff;margin:0pt;"><span style="white-space:pre-wrap;">The Amended Credit Agreement contains customary representations, warranties and affirmative and negative covenants.  Financial covenants include a rent adjusted leverage ratio, a fixed charge coverage ratio, and an annual capital expenditure limitation. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:14pt;text-indent:36pt;margin:0pt;"><span style="background:#ffffff;">The foregoing description of the Amended Credit Agreement is qualified in its entirety by reference to the agreement, a copy of which is filed as an Exhibit&#160;to this Form 8-K and is incorporated herein by reference.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:14pt 0pt 0pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Item 2.01.</b></span><b style="font-weight:bold;">Completion of Acquisition or Disposition of Assets.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:14pt 0pt 0pt 0pt;">As previously announced, on March 14, 2022, BBQ Holdings, Inc. (the &#8220;Company&#8221;) entered in to an Asset Purchase Agreement (the &#8220;APA&#8221;) with L &amp; S Culinary Concepts, LLC, an Arizona limited liability company, Barrio Culinary Concepts, LLC, an Arizona limited liability company, BCC Desert Ridge, LLC, an Arizona limited liability company, BCC Tempe Marketplace LLC, an Arizona limited liability company, <span style="background:#ffffff;">BCC Queen Creek Marketplace, LLC, an Arizona limited liability company, BCC Heritage Market Place, LLC, an Arizona limited liability company, BCC Glendale, LLC, an Arizona limited liability company, BCC Avondale Park 10, LLC, an Arizona limited liability company, and BCC Prasada West, LLC, an Arizona limited liability (collectively and severally, &#8220; the Seller&#8221;), pursuant to which the Company agreed, subject to specified terms and conditions, to purchase from the Seller substantially all of the assets of the restaurant business known as Barrio Queen (the &#8220;Transaction&#8221;). The transaction closed on April 11, 2022.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:14pt 0pt 0pt 0pt;"><span style="background:#ffffff;">The cash purchase price for the Barrio Queen restaurant business was approximately $28 million, as adjusted pursuant to the terms of the APA. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:14pt 0pt 0pt 0pt;"><span style="background:#ffffff;">The foregoing description of the APA is a summary only and is qualified in its entirety by reference to the APA, a copy of which was attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission on March 14, 2022.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;margin:14pt 0pt 0pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Item 2.03. &#160;</b></span><b style="font-weight:bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. &#160;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:10.8pt;text-indent:36pt;background:#ffffff;margin:0pt;">The information set forth under Item 1.01 above is incorporated by reference into this item 2.03.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:14pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;background:#ffffff;">Item 7.01. </b></span><b style="font-weight:bold;background:#ffffff;">Regulation FD Disclosure.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:14pt 0pt 0pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"></span><span style="font-size:10pt;">On April 12, 2022, the Company issued a press release announcing the closing of the Transaction. The press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:14pt 0pt 0pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Item 9.01.</b></span><b style="font-weight:bold;">Financial Statements and Exhibits.</b></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">Page 2 of 4</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:83.77%;border:0;margin:30pt 5.88% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:14pt 0pt 0pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a) </span></span>Financial statements of business acquired.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:14pt 0pt 0pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"></span><span style="font-size:10pt;">The financial statements that may be required in connection with the acquisition are not included in this Current Report on Form 8-K. The Company will file the required financial statements within 71 calendar days after the date this Current Report on Form 8-K was required to be filed with the Securities and Exchange Commission.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:14pt 0pt 0pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</span></span>Pro forma financial information.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:14pt 0pt 0pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"></span><span style="font-size:10pt;">The financial statements that may be required in connection with the acquisition are not included in this Current Report on Form 8-K. The Company will file the required financial statements within 71 calendar days after the date this Current Report on Form 8-K was required to be filed with the Securities and Exchange Commission.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:14pt 0pt 0pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(c)</span></span>Exhibits.</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:96.68%;"><tr><td style="vertical-align:top;white-space:nowrap;width:11.3%;border-bottom:1px solid #000000;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Exhibit No.</b></p></td><td style="vertical-align:top;white-space:nowrap;width:2.82%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:85.86%;border-bottom:1px solid #000000;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr style="height:33.6pt;"><td style="vertical-align:top;width:11.3%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10.1</p></td><td style="vertical-align:top;width:2.82%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:85.86%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="bbq-20220411xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amendment No. 1 to Credit Agreement with JPMorgan Chase Bank, N.A. dated April 11, 2022.</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="color:#3333ff;font-size:10pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</span></p></td></tr><tr style="height:33.6pt;"><td style="vertical-align:top;width:11.3%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10.2</p></td><td style="vertical-align:top;width:2.82%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:85.86%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="bbq-20220411xex10d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Credit Agreement conformed through Amendment No. 1 with JPMorgan Chase Bank, N.A.</span></a></p></td></tr><tr style="height:33.6pt;"><td style="vertical-align:top;width:11.3%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">99.1</p></td><td style="vertical-align:top;width:2.82%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:85.86%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="bbq-20220411xex99d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Press Release dated April 12, 2022.</span></a></p></td></tr><tr style="height:33.6pt;"><td style="vertical-align:top;width:11.3%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Exhibit 104</p></td><td style="vertical-align:top;width:2.82%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:85.86%;margin:0pt;padding:0.75pt 0.75pt 0pt 0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Cover Page Interactive Data File &#8211; the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">Page 3 of 4</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:83.77%;border:0;margin:30pt 5.88% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">SIGNATURE</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:3.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:45.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:49.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">BBQ HOLDINGS, INC.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:49.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: April 13, 2022</p></td><td style="vertical-align:top;width:3.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:45.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jason Schanno</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:45.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name: Jason Schanno</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:45.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title: Chief Financial Officer </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">Page 4 of 4</p></div></div>
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{"company-data": {"conformed-name": "BBQ HOLDINGS, INC.", "cik": "0001021270", "assigned-sic": "5812", "irs-number": "411782300", "state-of-incorporation": "MN", "fiscal-year-end": "0102"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-39053", "film-number": "22824903"}, "business-address": {"street1": "12701 WHITEWATER DRIVE", "street2": "SUITE 290", "city": "MINNETONKA", "state": "MN", "zip": "55343", "phone": "952-294-1300"}, "mail-address": {"street1": "12701 WHITEWATER DRIVE", "street2": "SUITE 290", "city": "MINNETONKA", "state": "MN", "zip": "55343"}, "former-company": {"former-conformed-name": "FAMOUS DAVES OF AMERICA INC", "date-changed": "20001026"}}
8-K
​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
​
​
FORM
8-K
​
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
​
Date of Report (Date of earliest event reported):
April 11, 2022
​
BBQ HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Minnesota
001-39053
83-4222776
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
(Address of principal executive offices) (Zip Code)
12701 Whitewater Drive, Suite 100
,
Minnetonka
,
MN
55343
(
952
)
294-1300
(Registrant's telephone number, including area code)
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
DAVE
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
BBQ
The Nasdaq Global Market
​
Indicated by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
​
Emerging growth company
☐
​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
​
Page 1 of 4
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Item 1.01.
Entry Into Material Definitive Agreements.
On November 23, 2021, the Company, entered into a credit agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A. The Credit Agreement had a five-year term and provided for up to a $5.0 million revolving line of credit and a $15.0 million term loan. On April 11, 2022 (the "First Amendment Date"), the Company amended the Credit Agreement (the "Amended Credit Agreement"), increasing the revolving line of credit to $25.0 million and the term loan to $25.0 million. As of April 11, 2022, the current balance of the term loan is $25.0 million and there are no outstanding cash draws on the line of credit.
​
The Amended Credit Agreement has a five-year term starting on the First Amendment Date. Proceeds of borrowings shall be used for accretive capital allocation and for working capital purposes. Specifically, a portion of the increased borrowings was used to fund the acquisition of Barrio Queen that closed on April 11, 2022. The Company's obligations under the Amended Credit Agreement are secured by substantially all of its assets, excluding real property. Subject to certain conditions, borrowings under the Amended Credit Agreement bear interest in the range of 1.75% to 2.25% per annum plus SOFR. If SOFR becomes unavailable, the replacement rate will be determined pursuant to the terms of the Amended Credit Agreement.
​
The Amended Credit Agreement contains customary representations, warranties and affirmative and negative covenants.  Financial covenants include a rent adjusted leverage ratio, a fixed charge coverage ratio, and an annual capital expenditure limitation.
The foregoing description of the Amended Credit Agreement is qualified in its entirety by reference to the agreement, a copy of which is filed as an Exhibit to this Form 8-K and is incorporated herein by reference.
Item 2.01.
Completion of Acquisition or Disposition of Assets.
As previously announced, on March 14, 2022, BBQ Holdings, Inc. (the "Company") entered in to an Asset Purchase Agreement (the "APA") with L & S Culinary Concepts, LLC, an Arizona limited liability company, Barrio Culinary Concepts, LLC, an Arizona limited liability company, BCC Desert Ridge, LLC, an Arizona limited liability company, BCC Tempe Marketplace LLC, an Arizona limited liability company,
BCC Queen Creek Marketplace, LLC, an Arizona limited liability company, BCC Heritage Market Place, LLC, an Arizona limited liability company, BCC Glendale, LLC, an Arizona limited liability company, BCC Avondale Park 10, LLC, an Arizona limited liability company, and BCC Prasada West, LLC, an Arizona limited liability (collectively and severally, " the Seller"), pursuant to which the Company agreed, subject to specified terms and conditions, to purchase from the Seller substantially all of the assets of the restaurant business known as Barrio Queen (the "Transaction"). The transaction closed on April 11, 2022.
The cash purchase price for the Barrio Queen restaurant business was approximately $28 million, as adjusted pursuant to the terms of the APA.
The foregoing description of the APA is a summary only and is qualified in its entirety by reference to the APA, a copy of which was attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission on March 14, 2022.
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated by reference into this item 2.03.
Item 7.01.
Regulation FD Disclosure.
On April 12, 2022, the Company issued a press release announcing the closing of the Transaction. The press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K
Item 9.01.
Financial Statements and Exhibits.
Page 2 of 4
(a)
Financial statements of business acquired.
The financial statements that may be required in connection with the acquisition are not included in this Current Report on Form 8-K. The Company will file the required financial statements within 71 calendar days after the date this Current Report on Form 8-K was required to be filed with the Securities and Exchange Commission.
(b)
Pro forma financial information.
The financial statements that may be required in connection with the acquisition are not included in this Current Report on Form 8-K. The Company will file the required financial statements within 71 calendar days after the date this Current Report on Form 8-K was required to be filed with the Securities and Exchange Commission.
(c)
Exhibits.
Exhibit No.
Description
10.1
​
Amendment No. 1 to Credit Agreement with JPMorgan Chase Bank, N.A. dated April 11, 2022.
​
10.2
​
Credit Agreement conformed through Amendment No. 1 with JPMorgan Chase Bank, N.A.
99.1
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Press Release dated April 12, 2022.
Exhibit 104
​
Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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Page 3 of 4
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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​
​
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BBQ HOLDINGS, INC.
​
​
Date: April 13, 2022
By:
/s/ Jason Schanno
​
​
Name: Jason Schanno
​
​
Title: Chief Financial Officer
​
​
​
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