RAVE Restaurant Group, Inc. (NASDAQ:RAVE) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

On February 10, 2017, RAVE Restaurant Group, Inc. (the “Company”) received notice from Nasdaq that, based on the Company’s most recent Form 10-Q for the fiscal quarter ended December 25, 2016, the Company was not in compliance with Nasdaq’s continued listing standard for minimum stockholders’ equity of at least $2.5 million. The notice further advised that, as of February 10, 2017, the Company also did not meet the alternative continued listing standards of either (a) market value of listed securities of at least $35.0 million, or (b) net income from continuing operations of $0.5 million for the most recently completed fiscal year or two of the three most recently completed fiscal years. Under Nasdaq rules, the Company has 45 calendar days to submit a plan to regain compliance. If such plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the Nasdaq notice to evidence compliance with Nasdaq’s continuing listing standards.

The notice from Nasdaq has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market. The Company intends to timely submit a plan to regain compliance with Nasdaq’s continued listing standards and to diligently work to evidence compliance with such continuing listing standards within any extension period granted by Nasdaq. However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to evidence compliance within any extension period granted by Nasdaq. If the Company fails to timely regain compliance with Nasdaq’s continued listing standards, the common stock of the Company will be subject to delisting on the Nasdaq Capital Market.

This Current Report on Form 8-K contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to the Company’s ability to regain compliance with Nasdaq’s continued listing standards. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be correct. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that the objectives and plans of the Company will be achieved.

About RAVE Restaurant Group, Inc. (NASDAQ:RAVE)
Rave Restaurant Group, Inc. operates and franchises pizza buffet, delivery/carry-out and express restaurants domestically and internationally under the trademark, Pizza Inn, and operates and franchises domestic fast casual restaurants under the trademarks Pie Five Pizza Company (Pie Five). The Company has two operating segments, which include Company-owned Restaurants, and Franchising and Food and Supply Distribution. The Franchising and Food and Supply Distribution segment establishes franchisees and franchise territorial rights, and sells and distributes proprietary and non-proprietary food and other items to franchisees. The Company-owned Restaurant segment includes sales and operating results for all Company-owned restaurants. It provides or facilitates the procurement and distribution of food, equipment and supplies to domestic and international system of restaurants through Norco Restaurant Services Company (Norco) division and through agreements with third-party distributors. RAVE Restaurant Group, Inc. (NASDAQ:RAVE) Recent Trading Information
RAVE Restaurant Group, Inc. (NASDAQ:RAVE) closed its last trading session up +0.01 at 2.34 with 59,511 shares trading hands.