Muscle Maker, Inc.: insider trades · United States · SEC (Form 4)

About Muscle Maker, Inc.

Muscle Maker, Inc. (ticker: GRIL) is a U.S.-listed company trading on the NASDAQ Capital Market in the United States. The business originally built its brand around “healthier for you” restaurant concepts, but over the last few years it has been repositioned toward a broader food platform with exposure to restaurants, franchising, meal preparation, and agricultural commodities trading. Incorporated in Nevada in October 2019, the company is headquartered in Fort Worth, Texas, United States. For investors, that matters because GRIL is no longer just a small restaurant story; it is a more complex food-sector platform with a wider operational footprint and a higher-risk profile. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1701756/000149315223008370/form10-k.htm)) The group operates through several business lines. Its legacy restaurant portfolio includes Muscle Maker Grill and Pokémoto, while SuperFit Foods adds a prepared-meals and subscription-style meal-prep component. These brands target consumers looking for healthier, customizable, and convenient meals, with an emphasis on lean proteins, fresh ingredients, and differentiated menu offerings. In parallel, the company developed Sadot, a wholesale food and physical agricultural commodities business engaged in sourcing, buying, selling, distribution, and related food-chain activities. Management has described the strategy as building a more integrated food company spanning farm-level sourcing through consumer-facing restaurants. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1701756/000149315223008370/form10-k.htm)) From a competitive standpoint, Muscle Maker remains a relatively small player. In restaurants, it competes on a niche “better-for-you” positioning and a franchise-oriented model, which can reduce capital intensity versus company-owned expansion. In commodities and food trading, however, Sadot operates in a much tougher arena, competing with large global trading houses as well as regional specialists. That gives the company optionality and growth potential, but it also introduces execution risk, working-capital demands, exposure to commodity price volatility, and operational complexity across multiple geographies. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1701756/000149315223008370/form10-k.htm)) The company’s recent history has been defined by a strategic pivot that accelerated in late 2022 and 2023. SEC filings show Muscle Maker moving from a U.S.-centric restaurant business toward a global food-focused organization, with Sadot becoming a major operating unit. The filings also reflect governance and capital-structure changes tied to that transformation, including shareholder approvals around the Sadot transaction and related equity issuance matters. Those developments are relevant because they illustrate both the ambition and the dilution/corporate-governance considerations that often accompany micro-cap turnarounds. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1701756/000149315223008370/form10-k.htm)) Geographically, GRIL remains rooted in the United States, but its footprint is increasingly international through franchising and trading relationships across Latin America, Canada, Asia, and parts of Africa. For French-speaking investors, the stock should be viewed as a speculative small-cap name listed on NASDAQ, rather than a mature restaurant peer. The key investment question is whether the company can convert its food-platform strategy into durable revenue quality and better profitability over time. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1701756/000149315223008370/form10-k.htm))