Panera Bread plans to make Panera Bread public once again via an initial public offering.

Also Tuesday’s announcement by the sandwich chain was that Danny Meyer’s investment company USHG Acquisition Corp. had invested in the SPAC.

Meyer indicated that he would invest in Panera once the company is publicly available, personally or through his SPAC. Special purpose acquisitions have no assets and can be used the funds from an IPO together with bank funding to acquire private companies. Panera’s investment is unusual for a SPAC. According to regulatory filings it will swap its shares for Panera stock and will not be affected by the Panera subsidiary Rye Merger merger.

SPAC investors have the option to withdraw their funds from the deal at any time. Panera’s current owner JAB Holding agreed to increase its investment to compensate for redemptions. Meyer will be the independent lead director for Panera once the deal has been completed.

Panera became private after JAB Holding purchased the company for $7.5 million in 2017. The company is privately owned and has continued to invest in technology which has helped increase its digital sales. Panera opened earlier this year. unveiled a new restaurant designInspired by the changes in consumer behavior caused by the pandemic.

Panera’s upcoming IPO represents the latest of a series of portfolio changes this year. Panera’s company is an investment arm of Reimann families. sold Au Bon Pain to a Yum BrandsAn earlier year, a franchisee. JAB’s control saw many Au Bon Pain stores converted to Panera restaurants. This reduced its footprint from around 300 to only 171. In July 2007, the company was sold to JAB. Krispy KremeAfter being held by JAB since 2016, the company went back to public.

Panera is preparing to submit its paperwork to the Securities and Exchange Commission. However, many other restaurants have chosen to go public this year as well, such as First Watch Restaurant GroupThe coffee chain Dutch Bros