Rave Restaurant Group repurchases 2.25M shares from Hallmark Financial for $3.6M

RAVE RESTAURANT GROUP, INC.

Repurchased 2,246,086 shares at $1.60 per share, aggregate purchase price $3,593,738.
Price per share equaled average closing price of RAVE common stock over preceding 15 trading days.
Transaction approved by Audit Committee (all independent directors); Chairman Mark E. Schwarz recused due to his role at Hallmark.
Shares were held by wholly owned subsidiaries of Hallmark: American Hallmark Insurance, Hallmark Insurance, and Hallmark Specialty Insurance.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RAVE RESTAURANT GROUP, INC. entered into Stock Purchase Agreement with Hallmark Financial Services, Inc. valued at aggregate purchase price of $3,593,738 (effective 2022-12-21).

Action: entry
Agreement: equity purchase
Counterparty: Hallmark Financial Services, Inc.
Value: aggregate purchase price of $3,593,738
Effective: 2022-12-21

Exact text from the filing

On December 21, 2022, Rave Restaurant Group, Inc. (the “Company”) entered into a Stock Purchase Agreement with Hallmark Financial Services, Inc. (“Hallmark”) pursuant to which the Company purchased from certain direct or indirect subsidiaries of Hallmark an aggregate of 2,246,086 shares of the Company’s common stock at a price of $1.60 per share, resulting in an aggregate purchase price of $3,593,738.

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RAVE RESTAURANT GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001140361-22-046837

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