We are excited to partner with Panera Brands alongside JAB." Under the agreement, HUGS will become a wholly owned subsidiary of Panera Brands. Each issued and outstanding share of HUGS's Class A and Class B common stock will be exchanged for a number of shares of Panera Brands' common stock at an exchange ratio of $10 divided by the public offering price per share in the Panera Brands IPO. Nearly 4,000 locations across 10 countries make up Panera Brands. As of June 30, there were 2,120 Panera Bread bakery-cafes in 48 US states and Ontario operating under the Panera Bread or St. Louis Bread Co. names. Caribou Coffee operates 713 Caribou Coffee stores in 10 countries.