Dallas-based RAVE Restaurant Group, Inc. (NASDAQ:RAVE), parent company of Pie Five Pizza Co. and Pizza Inn restaurants, is pleased to announce the payment of all amounts due under its 4% Convertible Senior Notes due 2022 (the “Notes”). The Company paid all of the outstanding short-term Notes in the amount of $1.6 million in cash at maturity on February 15, 2022. The payoff of the Notes in cash means that no further conversion of Notes into common stock will occur.
“The extinguishment of this debt provides for increased flexibility as we invest in future growth initiatives for both of our brands,” said Clint Fendley, Chief Financial Officer of RAVE Restaurant Group, Inc.
