Rave Restaurant announced the commencement of a $5M registered rights offering for shares of its common stock. Shareholders are being distributed one right for each share of common stock owned on August 1. Each right entitles the shareholder to purchase 0.3351393 shares of the company's common stock at a subscription price of $1.40 per share. The rights offering also includes an over-subscription right entitling shareholders who exercise all of their basic subscription rights to purchase additional shares of the common stock not purchased by other rights holders. The rights are currently exercisable and will expire if not exercised by 5:00 p.m., Dallas, Texas time, on September 8. However, the company may extend the period for exercising the rights for up to 30 days in its sole discretion. To exercise rights, shareholders must submit completed subscription documents before the expiration date. Rights that are not exercised by the expiration date will expire and have no value.
RAVE Restaurant Group announced that it has extended the shareholder rights offering for up to $3M of its 4% Convertible Senior Notes due 2022 from the previous expiration date of February 13, until 5:00 p.m., Dallas, Texas time, on Friday, February 24. Shareholders desiring to exercise their rights must submit their subscription documents before the new expiration date of 5:00 p.m., Dallas, Texas time, on Friday, February 24. The primary purpose of the extension of the subscription period is to afford RAVE shareholders sufficient time to participate in the rights offering if they wish to do so.
RAVE Restaurant Group announced that the Board of Directors has named Scott Crane as CEO, effective January 9. Crane succeeds Interim CEO Clinton Coleman, who will remain in his role as a member of the Board, where he has served since 2007. Crane most recently served as President and CEO of the high-growth fast casual dining company Smashburger.