secwatch.observer — SEC 8-K summary
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Issuer:     RCI HOSPITALITY HOLDINGS, INC. (RICK)
CIK:        0000935419
Form:       8-K
Filed at:   2023-03-17T23:59:59+00:00
Accession:  0001628280-23-008476
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

RCI closes $66.5M deal for 5 TX nightclubs; sees $11M adj. EBITDA in Y1
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- Purchase price $66.5M: $25M cash ($10M from bank line), $25.5M seller notes (7%, 10-year), 200k restricted shares valued at $16M.
- Acquired five clubs: Baby Dolls (Dallas, Ft. Worth) and three Chicas Locas (Houston, Dallas, Arlington) plus real estate and IP.
- Expected year-one adjusted EBITDA ~$11M; after expansion/renovation, projected $14-16M annually.
- Seller notes secured by purchased assets; shares subject to 24-month lock-up; also bought ATMs for $2.6M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/935419/000162828023008476/0001628280-23-008476-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/935419/000162828023008476/rick-20230316.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-008476

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