---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-053979"
form_type: "8-K"
ticker: "RICK"
cik: "0000935419"
company_name: "RCI HOSPITALITY HOLDINGS, INC."
filed_at: "2025-11-25T23:59:59+00:00"
generated_at: "2026-05-16T17:11:50.211454+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# RCI Hospitality repurchases 821k shares from ADW Capital for $30M

## Summary
- Repurchased 821,000 shares; total consideration $30M: $8M cash plus $22M two-year unsecured note at 12% interest.
- Promissory note due Nov 21, 2027; 23 equal monthly payments of $1M principal+interest then lump sum.
- Note requires 50% of net cash from asset/subsidiary sales as prepayment; full acceleration on change of control.
- Centennial Bank temporarily reduced debt service coverage ratio to 1.25x (vs. 1.40x) through June 30, 2026.
- Mutual releases and non-disparagement clauses between RCIH and ADW Parties included in the agreement.

## SEC filing metadata
- accession: 0001628280-25-053979
- form_type: 8-K
- ticker: RICK
- cik: 0000935419
- company_name: RCI HOSPITALITY HOLDINGS, INC.
- filed_at: 2025-11-25T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/935419/000162828025053979/0001628280-25-053979-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/935419/000162828025053979/rick-20251121.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-053979
- JSON: https://secwatch.observer/filing/0001628280-25-053979.json
- Plain text: https://secwatch.observer/filing/0001628280-25-053979.txt

## Key facts
- Debt Financings
  RCI HOSPITALITY HOLDINGS, INC. incurred loan of $22,000,000.00 with ADW Capital Partners, L.P. at 12% per annum maturing November 21, 2027.
  - Instrument: loan
  - Principal: $22,000,000.00
  - Counterparty: ADW Capital Partners, L.P.
  - Rate: 12% per annum
  - Maturity: November 21, 2027
  - Event: incurrence
  source text: Agreement, we purchased 821,000 shares of common stock from the Seller, for a total purchase price of $30,000,000, paid $8,000,000 in cash by wire transfer to Seller, and $22,000,000.00 pursuant to a two-year unsecured promissory note (the “Promissory Note”). The Promissory Note bears interest at the rate of 12% per annum and is payable in 23 equal monthly
  evidence_url: https://www.sec.gov/Archives/edgar/data/935419/000162828025053979/0001628280-25-053979-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.