M&A - NOBLE ROMANS INC

Form Type: 10-K

Filing Date: 2025-06-09

Corporate Action: Acquisition

Type: New

Accession Number: 000165495425006725

Filing Summary: Noble Roman's, Inc., an Indiana corporation established in 1972, operates and franchises restaurant concepts, notably 'Noble Roman’s Craft Pizza & Pub' and 'Noble Roman’s Pizza'. The company has faced challenges related to the COVID-19 pandemic, which hampered its franchising operations due to restrictions affecting its non-traditional franchise locations. Despite this, the company has adapted its strategy, focusing on non-traditional franchise opportunities particularly in convenience stores. Notably, in October 2023, it secured a development agreement with Majors Management LLC, targeting 100 new franchise locations by September 2026. As of March 2025, Noble Roman's employed approximately 166 staff and reported an approximate market value of $7.27 million for its common stock. Additionally, during early 2023, the company submitted a claim for an employee retention credit of $1.718 million, which has been subject to processing delays from the IRS.