Unfortunately Parsi will not sell the company (yet) because his ego is too big for his own best interests. He believes he has the ability to turn Giggles into something great on a national (international?) level.
He doesn't.
He's a two-bit stock broker who allegedly worked at a defunct firm where the CEO was arrested for fraud.
His "management" team is actually a group of paid consultants, and it appears they are not full-time staff. I'd love to be corrected if this is not true, but I know that Philip Gay and Todd Star both have consulting companies and Gay has Giggles listed as a client.
Parsi doesn't know the negative effects of toxic financing, and while I believe his intentions are sincere to avoid another round of dilutive financing, unfortunately I don't think he will have any other option. He can either: 1) have an undersubscribed offering, 2) wait indefinitely and just continue to collect a hefty salary for managing two locations, or 3) try to franchise out various locations, which again, costs money upfront that he does not have access to at the moment.
Nevertheless, the concept itself is amazing and is very popular and as long as that remains true, there is hope for this stock despite Parsi's ineptitude to lock down a binding LOI.
