FALSE000184057200018405722024-01-122024-01-12

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): January 18, 2024 (January 12, 2024)
___________________________________
BOWLERO CORP.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
001-40142
98-1632024
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification Number)
7313 Bell Creek Road
Mechanicsville, Virginia 23111
(Address of principal executive offices and zip code)
(804) 417-2000
(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:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A common stock, par value $0.0001BOWLThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
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.





Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 12, 2024, Bowlero Corp. (the “Company”) appointed Lev Ekster, 40, to serve as President of the Company, effective January 15, 2024.
Mr. Ekster has been employed by the Company since 2013. He previously served as Chief Strategy Officer of the Company. Mr. Ekster has a B.A. in Business Administration from Ithaca College and a J.D. from New York Law School.

Mr. Ekster has no familial relationships with any executive officer or director of the Company. There have been no transactions in which the Company has participated and in which Mr. Ekster had a direct or indirect material interest that would be required to be disclosed under Item 404(a) of Regulation S-K.
In his new role, Mr. Ekster will have an initial annual base salary of $725,000 and a target annual bonus equal to 50% of base salary. The Company has also granted Mr. Ekster a nonqualified stock option pursuant to the Company’s 2021 Omnibus Incentive Plan and an option award agreement to purchase 154,815 shares of Class A common stock. The exercise price of the option will equal (a) $15.41 with respect to one-third of the option, (b) $17.91 with respect to one-third of the option and (c) $20.41 with respect to one-third of the option. The option will vest and become exercisable in one-third installments on each of the first, second and third anniversaries of the grant date, subject to continued employment through each vesting date.

The foregoing summary of the material terms of the option agreement is subject to the full and complete terms of the agreements, which the Company expects to file as an exhibit to its periodic report covering the effective date of Mr. Ekster’s appointment.

Mr. Ekster succeeds Thomas Shannon in the position of President, while Mr. Shannon remains the Company’s Chairman and Chief Executive Officer.
Item 8.01     Other Events.
On January 16, 2024, the Company issued a press release announcing the appointment of Mr. Ekster as President. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.






Item 9.01    Financial Statement and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BOWLERO CORP.
Date: January 18, 2024
By:
/s/ Jason Cohen
Name:
Jason Cohen
Title:
Chief Legal Officer and Secretary

Exhibit 99.1
Bowlero Promotes Long-Time Executive Lev Ekster to President

RICHMOND, VA – January 16, 2024 - Bowlero Corporation (NYSE: BOWL), the global leader in bowling entertainment, announced today the naming of Lev Ekster, 40, as President of Bowlero Corp. Mr. Ekster has led the expansion of the Professional Bowlers Association (“PBA”) along with the Amusements and Leagues departments and most recently, Information Technology. He will report to Thomas Shannon, Founder, Chairman and CEO of Bowlero, and be responsible for daily management of Center Operations.

“Over the past 11 years, our company has undergone tremendous growth,” stated Mr. Shannon. “The strategic acquisitions of AMF, Brunswick, Bowl America, Lucky Strike, the Professional Bowlers Association and about 50 independent centers, combined with the opening of a dozen high-grossing new builds, have positioned Bowlero as a clear leader in the Out Of Home entertainment industry.

In the last few months, newly appointed Chief Financial Officer, Bobby Lavan, has provided new and valuable insights into data, while Chief Operating Officer Jeffrey Gliner has optimized pricing and promotions, yielding significant and immediate results. Additionally, Zac Sulma’s leadership in the Sales Department has achieved record-breaking performance during the all-important holiday Period 6.

To further optimize the company’s operations, Mr. Ekster has been promoted to President of Bowlero. Mr. Ekster has been an integral part of the company for over a decade, expanding the amusements business from under $35 million to over $100 million and streamlining all related processes which resulted in higher game and kiosk uptime, driving double-digit returns on invested capital. He was also responsible for growing revenue in the League business and effectively managing the Professional Bowlers Association business and its complex media aspects.”

In closing Mr. Shannon said, “In the evolving landscape of our industry, Lev Ekster is the ideal person to bring increased organization and optimization to Bowlero. His track record of success and his ability to excel in every challenge makes him the perfect leader to guide us towards future growth and innovation.”

Mr. Ekster has an undergraduate degree in Business Administration from Ithaca College and a JD from New York Law School where he graduated Cum Laude.

About Bowlero Corp
Bowlero is the global leader in bowling entertainment. With approximately 350 bowling centers across North America, Bowlero serves more than 40 million guest visits annually through a family of brands that include Bowlero, Lucky Strike and AMF. In 2019, Bowlero 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, please visit BowleroCorp.com.

Forward Looking Statements
Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “confident,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: our ability to design and execute our business strategy; changes in consumer



preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our centers; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our ability to successfully defend litigation brought against us; our ability to adequately obtain, maintain, protect and enforce our intellectual property and proprietary rights and claims of intellectual property and proprietary right infringement, misappropriation or other violation by competitors and third parties; failure to hire and retain qualified employees and personnel; the cost and availability of commodities and other products we need to operate our business; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health emergencies and pandemics, such as the COVID-19 pandemic, or natural catastrophes and accidents; changes in the regulatory atmosphere and related private sector initiatives; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other factors described under the section titled “Risk Factors” in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company on September 11, 2023, as well as other filings that the Company will make, or has made, with the SEC, such as Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Contacts:
For Media:
PR@BowleroCorp.com

v3.23.4
Cover
Jan. 12, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 12, 2024
Entity Registrant Name BOWLERO CORP.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40142
Entity Tax Identification Number 98-1632024
Entity Address, Postal Zip Code 23111
Entity Address, State or Province VA
Entity Address, City or Town Mechanicsville
Entity Address, Address Line One 7313 Bell Creek Road
City Area Code 804
Local Phone Number 417-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, par value $0.0001
Trading Symbol BOWL
Security Exchange Name NYSE
Entity Emerging Growth Company true
Entity Ex Transition Period false
Amendment Flag false
Entity Central Index Key 0001840572

Bowlero (NYSE:BOWL)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024 Plus de graphiques de la Bourse Bowlero
Bowlero (NYSE:BOWL)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024 Plus de graphiques de la Bourse Bowlero