ARC Group, Inc. (OTCPK:ARCK) entered into an asset purchase agreement to acquire assets associated with Fat Patty's restaurant franchise for $12.4 million on August 3, 2018. Of the total deal value, $12 million will be paid to the sellers on the asset acquisition closing date and the remaining $0.312 million will be paid to the sellers on the first anniversary of the asset acquisition closing date. ARC Group also agreed to pay sellers an additional $0.04 million within 10 days after the asset acquisition closing date. On August 30, 2018, ARC Group secured convertible promissory note with Seenu G. Kasturi, President, Chief Financial Officer and Chairman of the Board of Directors for ARC Group for $0.623 million to finance the transaction. The Fat Patty’s restaurants are located at 1442 Winchester Avenue, Ashland, Kentucky 41101, 5156 WV 34, Hurricane, West Virginia 25526, 3401 Rt. 60 East, Barboursville, West Virginia 25504, and 1935 Third Avenue, Huntington, West Virginia 25702. The closing of the asset acquisition is subject to customary conditions, including obtaining financing by ARC Group and approvals from third parties necessary to complete the consummation of the acquisition. The closing of the transaction will occur on August 31, 2018. The acquisition completed without Equity Dilution to the shareholders of ARC Group, Inc. and is expected to be immediately accretive to Earnings. Andrew Miller of Flynn, Max, Miller & Miller, L.C. acted as legal advisor to Clint Artrip, owner of Fat Patty's LLC. ARC Group, Inc. (OTCPK:ARCK) completed the acquisition of assets associated with Fat Patty's restaurant franchise on August 30, 2018.