Rave Restaurant Group Appoints New CEO, CFO Departs, Adds Directors

TL;DR

New CEO Brandon Solano in at Rave Restaurant Group, CFO out, board adds two new members.

AI Summary

Rave Restaurant Group, Inc. announced on March 25, 2024, a series of executive changes. These include the appointment of Brandon Solano as Chief Executive Officer, effective March 25, 2024, and the departure of Douglas J. Wedding as Chief Financial Officer. The company also announced the election of two new directors, Michael J. R. Smith and Steven J. Smith, to its Board of Directors.

Why It Matters

This filing indicates significant leadership changes at Rave Restaurant Group, including a new CEO and CFO, which could signal a strategic shift for the company's brands like Pizza Inn and Pie Five Pizza.

Risk Assessment

Risk Level: medium — Executive turnover and board changes can introduce uncertainty and signal potential strategic shifts, impacting investor confidence.

Key Players & Entities

• Rave Restaurant Group, Inc. (company) — Registrant
• Brandon Solano (person) — Appointed Chief Executive Officer
• Douglas J. Wedding (person) — Departed Chief Financial Officer
• Michael J. R. Smith (person) — Elected to Board of Directors
• Steven J. Smith (person) — Elected to Board of Directors
• March 25, 2024 (date) — Effective date of CEO appointment and earliest event reported

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value RAVE Nasdaq Capital Market
• $225,000 — ent at a starting annual base salary of $225,000. The Agreement also provides for a disc

Filing Documents

• rave_8k.htm (8-K) — 28KB
• rave_ex1001.htm (EX-10.1) — 47KB
• rave_ex9901.htm (EX-99.1) — 18KB
• image_001.jpg (GRAPHIC) — 24KB
• image_002.jpg (GRAPHIC) — 33KB
• image_003.jpg (GRAPHIC) — 3KB
• 0001683168-24-001701.txt ( ) — 363KB
• rave-20240325.xsd (EX-101.SCH) — 3KB
• rave-20240325_lab.xml (EX-101.LAB) — 33KB
• rave-20240325_pre.xml (EX-101.PRE) — 22KB
• rave_8k_htm.xml (XML) — 3KB

02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 25, 2024, Rave Restaurant Group, Inc. (the " Company ") engaged Mr. Jay Rooney as the Company's Chief Financial Officer to serve as its "principal financial officer" and "principal accounting officer," as those terms are defined under the rules and regulations promulgated by the Securities and Exchange Commission. Mr. Rooney (age 52) comes to the Company after serving as the Chief Financial Officer for Dickey's Capital Group since 2018. While there, Mr. Rooney oversaw the staff, functions, and strategies related to Dickey's finance, accounting, legal, and corporate real estate matters. In this role, he developed expertise in the areas of franchise operations, manufacturing, information technology, as well as experience dealing with multi-unit restaurant operations. Prior to that position, Mr. Rooney held financial leadership positions at Brinker International, where he was employed for nearly 20 years. Mr. Rooney holds a Master of Business Administration (Finance), from Texas Christian University, as well as a Bachelor of Arts (Economics) from Allegheny College. There are no related party transactions between Mr. Rooney and the Company as defined in Item 404(a) of Regulation SK and no family relationships between Mr. Rooney and any other director, executive officer or person nominated or chosen to be a director or executive officer of the Company. The Company has entered into an employment letter agreement with Mr. Rooney (the " Agreement ") confirming his employment as Chief Financial Officer of the Company. The Agreement provides for at-will employment at a starting annual base salary of $225,000. The Agreement also provides for a discretionary annual cash bonus targeted at 30% of base salary. Mr. Rooney will also be entitled to other typical benefits generally available to senior executives of th

01 Other Events

ITEM 8.01 Other Events The Company has issued a press release announcing the appointment of Mr. Rooney as its Chief Financial Officer, a copy of which is attached as an exhibit hereto.

01 Financial Statements and Exhibits

ITEM 9.01 Financial Statements and Exhibits (d) Exhibits 10.1 Letter agreement dated March 25, 2024, between Rave Restaurant Group, Inc. and Jay Rooney . 99.1 Rave Restaurant Group, Inc. press release dated March 26, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Rave Restaurant Group, Inc. Date: March 26, 2024 By: /s/ Brandon L. Solano Brandon L. Solano Chief Executive Officer (principal executive officer) 3

View Full Filing

View this 8-K filing on SEC EDGAR