Business Wire -- Kona Grill, Inc. (Nasdaq: KONA) (the “Company”) announced today that its Board of Directors has set April 17, 2009 as the record date (the “Record Date”) for its previously disclosed rights offering. Pursuant to the rights offering, holders of the Company’s outstanding common stock on the Record Date will receive one non-transferable basic subscription right for every 2.5 shares of common stock owned on the Record Date. In general, under standard three day stock settlement procedures, persons who wish to purchase additional shares of the Company’s common stock and receive the subscription rights applicable to those shares, or who wish to sell shares of the Company’s common stock and not be entitled to the subscription rights as to the shares sold, would be required to effect the trade by close of trading on April 14, 2009. Each basic subscription right entitles holders to purchase one share of the Company’s common stock at a purchase price of $1.35 per share. Shares of the Company’s common stock that are not subscribed for under the basic subscription rights will be offered to certain holders of the Company’s outstanding indebtedness, at the same purchase price per share. An aggregate of approximately 2.6 million shares of common stock will be available for purchase in the rights offering.
