Business UpdateJun 8, 2026, 06:06 AM
Noble Roman's Refocuses on C-Store Franchises; $6.1M Debt Due June 2026
AI Summary
Noble Roman's, Inc. filed its 2025 annual report, highlighting a strategic refocus on franchising its Noble Roman's Food Service Program to convenience store operators, driven by post-COVID-19 expansion opportunities. The company secured a development agreement with Majors Management LLC for 100 new franchise locations by September 2026. As of May 1, 2026, the company has approximately $6.1 million in debt obligations, including a $5.5 million Senior Note maturing on June 30, 2026, and is actively pursuing refinancing. The company also received a net $1.460 million Employee Retention Credit refund.
Key Highlights
- Refocusing on non-traditional franchises, especially convenience stores.
- Secured development agreement for 100 new franchise locations by September 30, 2026.
- Total debt obligations approximately $6.1 million as of May 1, 2026.
- Senior Secured Promissory Note of $5.5 million matures on June 30, 2026.
- Issued warrants to purchase up to 2,250,000 shares at $0.10 per share.
- Option to buy back all Corbel warrants for $500,000 if Senior Note paid by June 10, 2026.
- Received net $1.460 million Employee Retention Credit refund.
- Market value of non-affiliate common stock was $4.04 million as of June 30, 2025.
Price Impact