<SEC-DOCUMENT>0001010549-17-000478.txt : 20171205
<SEC-HEADER>0001010549-17-000478.hdr.sgml : 20171205
<ACCEPTANCE-DATETIME>20171205162738
ACCESSION NUMBER:		0001010549-17-000478
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171205
DATE AS OF CHANGE:		20171205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAVE RESTAURANT GROUP, INC.
		CENTRAL INDEX KEY:			0000718332
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
		IRS NUMBER:				453189287
		FISCAL YEAR END:			0628

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221169
		FILM NUMBER:		171239994

	BUSINESS ADDRESS:	
		STREET 1:		3551 PLANO PARKWAY
		CITY:			THE COLONY
		STATE:			TX
		ZIP:			75056
		BUSINESS PHONE:		469-384-5000

	MAIL ADDRESS:	
		STREET 1:		3551 PLANO PARKWAY
		CITY:			THE COLONY
		STATE:			TX
		ZIP:			75056

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIZZA INN HOLDINGS, INC /MO/
		DATE OF NAME CHANGE:	20110923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIZZA INN INC /MO/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PANTERAS CORP
		DATE OF NAME CHANGE:	19901126
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>rave424b5113017.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS
    SUPPLEMENT</B></FONT></TD>
    <TD STYLE="width: 48%; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 67.35pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Filed
    Pursuant to Rule 424(b)(5)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>(to
    Prospectus dated November 6, 2017)</B></FONT></TD>
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Registration
    No. 333-221169</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10.5pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 36%; text-align: right; vertical-align: middle"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 37%; text-align: left; vertical-align: bottom"><IMG SRC="image_007.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"> </P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"></P>
        <P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>Rave Restaurant Group, Inc.</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$5,000,000</B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">This prospectus
supplement relates to the offer and sale of shares of our common stock, $0.01 par value per share, having an aggregate offering
price of up to $5,000,000 from time to time through B. Riley FBR, Inc., or Agent, acting as agent. The sales, if any, will be
made pursuant to an At Market Issuance Sales Agreement with the Agent dated December 5, 2017, which we refer to as the Sales Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Sales of our common
stock, if any, under this prospectus supplement and the accompanying prospectus will be made by any method permitted that is deemed
an &ldquo;at the market offering&rdquo; as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities
Act. The Agent will act as our sales agent using commercially reasonable efforts consistent with its normal trading and sales
practices. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The Agent will be
entitled to compensation at a commission rate of 3.0% of the gross sales price per share sold. In connection with the sale of
the common stock on our behalf, the Agent may be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the Securities
Act and the compensation of the Agent may be deemed to be underwriting commissions or discounts. We have also agreed to provide
indemnification and contribution to the Agent with respect to certain liabilities, including liabilities under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Shares of our common
stock are traded on the Nasdaq Capital Market under the symbol &ldquo;RAVE.&rdquo; The aggregate market value of our common stock
held by non-affiliates is approximately $16.6 million based on the closing price of such common stock on Nasdaq of $1.88 per share
on October 18, 2017. None of our common stock has been sold pursuant to Instruction I.B.6. of Form S-3 during the 12 month period
preceding the date of this prospectus. The closing price of our common stock on Nasdaq was $1.73 as of November 28, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><B>An investment
in our common stock involves risk. You should carefully consider the information under the headings &ldquo;Risk Factors&rdquo;
on Page S-3 of this prospectus supplement and Page 3 of the accompanying prospectus before investing in our common stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
prospectus supplement and the accompanying prospectus are truthful or complete. Any representation to the contrary is a criminal
offense.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>B. Riley FBR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">The date of this prospectus
supplement is December 5, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 67.5pt 6pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Prospectus Supplement&nbsp;</U></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10.5pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt"><U>Page</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">About this Prospectus Supplement</FONT></TD>
    <TD STYLE="width: 19%; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Special Note Regarding Forward-Looking
    Statements</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Prospectus Supplement Summary</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Dilution</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Information Incorporated by Reference</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">S-6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Accompanying Prospectus</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 11.1pt; text-align: right"><FONT STYLE="font-size: 10pt"><U>Page</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 11.1pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="padding-left: 11.1pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Special Note Regarding Forward-Looking
    Statements</FONT></TD>
    <TD STYLE="padding-left: 11.1pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Company Overview</FONT></TD>
    <TD STYLE="padding-left: 11.1pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="padding-left: 11.1pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="padding-left: 11.1pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Description of Common Stock</FONT></TD>
    <TD STYLE="padding-left: 11.1pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Information Incorporated by Reference</FONT></TD>
    <TD STYLE="padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>ABOUT THIS PROSPECTUS
SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This document is in two
parts. The first part is this prospectus supplement, which describes the terms of this offering of our common stock and supplements
information contained in the accompanying prospectus and the documents incorporated by reference into the accompanying prospectus.
The second part is the accompanying prospectus, which gives more general information about us and the securities we may offer
from time to time under our shelf registration statement on Form S-3 (Registration No. 333-221169) filed with the U.S. Securities
and Exchange Commission (&ldquo;SEC&rdquo;). To the extent there is a conflict between the information contained in this prospectus
supplement, on the one hand, and the information contained in the accompanying prospectus, on the other hand, the information
in this prospectus supplement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You should rely only on
the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. We have
not authorized anyone to provide you with additional or different information. This prospectus supplement and the accompanying
prospectus may only be used where it is legal to sell the offered securities. You should assume that the information in this prospectus
supplement and the accompanying prospectus is accurate only as of the date on the front cover of each document and that the information
incorporated by reference is accurate only as of the date the respective information was filed with the SEC. Our business, financial
condition, results of operations and prospects may have changed since those dates.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless the context requires
otherwise, in this prospectus supplement the capitalized term &ldquo;Company,&rdquo; as well as first person references to &ldquo;we,&rdquo;
&ldquo;our&rdquo; and &ldquo;us,&rdquo; refer to Rave Restaurant Group, Inc. and its direct and indirect subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">This
prospectus supplement, the accompanying prospectus and the materials incorporated herein and therein by reference contain certain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are intended to be
covered by the safe harbors created thereby. Forward-looking statements include statements which are predictive in nature, which
depend upon or refer to future events or conditions, or which include words such as &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate&rdquo; or similar expressions. These statements
include the plans and objectives of management for future operations, including plans and objectives relating to future growth
of our business activities and availability of funds. Statements regarding the following subjects are forward-looking by their
nature:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our business and growth strategies;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our performance goals;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our projected financial condition and operating results;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our understanding of our competition;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">industry and market trends;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our use of the proceeds of any offering; and</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">any other statements or assumptions that are not historical facts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The forward-looking statements
included in this prospectus supplement, the accompanying prospectus and the materials incorporated herein and therein by reference
are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these forward-looking
statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory
framework, and business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond
our control. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions
could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this prospectus
supplement, the accompanying prospectus or any of the materials incorporated herein or therein by reference will prove to be accurate.
In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should
not be regarded as a representation by us or any other person that our objectives and plans will be achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>PROSPECTUS SUPPLEMENT
SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The Company</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We operate and franchise
domestic fast casual restaurants (&ldquo;Pie Five Units&rdquo;) under the trademarks &ldquo;Pie Five Pizza Company&rdquo; or &ldquo;Pie
Five&rdquo; and franchise pizza buffet restaurants (&ldquo;Buffet Units&rdquo;), delivery/carry-out restaurants (&ldquo;Delco
Units&rdquo;) and express restaurants (&ldquo;Express Units&rdquo;) domestically and internationally under the trademark &ldquo;Pizza
Inn.&rdquo;&nbsp;&nbsp;We provide or facilitate the procurement and distribution of food, equipment and supplies to our domestic
and international system of restaurants through our Norco Restaurant Services Company (&ldquo;Norco&rdquo;) division and through
agreements with third party distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have offered consumers
affordable, high quality pizza since 1958, when the first Pizza Inn restaurant opened in Dallas, Texas.&nbsp;&nbsp;We awarded
our first franchise in 1963 and opened our first buffet restaurant in 1969.&nbsp;&nbsp;We began franchising the Pizza Inn brand
internationally in the late 1970&rsquo;s.&nbsp;&nbsp;In 1993, our stock began trading on the Nasdaq Stock Market, and presently
trades on the Nasdaq Capital Market, or Nasdaq, under the ticker symbol &ldquo;RAVE.&rdquo;&nbsp;&nbsp;In June 2011, we opened
the first Pie Five restaurant in Ft. Worth, Texas.&nbsp;We signed our first franchise development agreement for Pie Five in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Our principal executive
offices are located at 3551 Plano Parkway, The Colony, Texas 75056, and our telephone number is (469) 384-5000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Securities
    Offered:</FONT></TD>
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares of common stock, $0.01 par
        value per share, having an aggregate offering price of up to $5,000,000.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Manner
    of Offering:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;At the market offering&rdquo;
        that may be made from time to time through our Agent, B. Riley FBR, Inc. See &ldquo;Plan of Distribution&rdquo; on Page
        S-4.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Use
    of Proceeds:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Working capital and general corporate
        purposes, including funding continued restaurant development activity.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Risk
    Factors:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Risk Factors&rdquo; on
        Page S-3 of this prospectus supplement and Page 3 of the accompanying prospectus for a discussion of certain risks you
        should carefully consider before deciding to invest in shares of our common stock.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Nasdaq
    Capital Market Symbol:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">RAVE.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Investing in our common
stock involves a number of risks. Before you decide to buy shares of our common stock, you should carefully consider the risk
factors set forth below, in the accompanying prospectus and in the materials incorporated by reference herein and therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>Risks Associated with
this Offering </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>We have broad discretion
in the use of the net proceeds of this offering and may not use them effectively.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We intend to use the net
proceeds from this offering primarily to fund continued restaurant development activity, as well as for other working capital
needs and general corporate purposes. However, our management will have broad discretion in the application of the net proceeds
from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the value of
our common stock. The failure by management to apply these funds effectively could result in financial losses that could have
a material adverse effect on our business and cause the price of our common stock to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>You may experience immediate
and substantial dilution in the book value per share of the common stock you purchase.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The price of the common
stock offered pursuant to this prospectus supplement may be substantially higher than the net tangible book value per share of
our common stock prior to the offering. Therefore, if you purchase shares of our common stock in this offering, you may incur
immediate and substantial dilution in the net tangible book value per share of our common stock from the price per share that
you paid for our common stock in this offering. If the holders of outstanding stock options exercise those options at prices below
the price per share you paid for the common stock in this offering, or the holders of outstanding restricted stock units are issued
shares upon the satisfaction of vesting requirements and performance criteria, you will incur further dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>Sales of a significant
number of shares of our common stock in the public markets, or the perception that such sales could occur, could depress the market
price of our common stock. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Actual or anticipated
sales of a significant number of shares of our common stock in the public markets could depress the market price of our common
stock and impair our ability to raise capital through the sale of additional shares of our common stock. We cannot predict the
effect that future sales of our common stock would have on the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>USE OF PROCEEDS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The amount of proceeds
from this offering will depend upon the number of shares of our common stock sold and the market price at which they are sold.
There can be no assurance that we will be able to sell any shares under or fully utilize the Sales Agreement with the Agent as
a source of financing.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will retain broad discretion
over the use of the net proceeds from our sale of our common stock in this offering. We currently anticipate that the net proceeds
from any sale of our common stock in this offering will be used primarily to fund continued restaurant development activity. We
may also use the net proceeds from any sale of our common stock in this offering for other working capital needs and general corporate
purposes. However, the precise amount, use and timing of the application of such proceeds will depend upon our funding requirements
and the availability and cost of other capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DILUTION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you invest in
our common stock, you will experience immediate dilution to the extent of the difference between the price per share you pay in
this offering and the net tangible book value per share of our common stock immediately after this offering. Our net tangible book
value per share is determined by dividing our total tangible assets, less total liabilities, by the number of shares of our common
stock outstanding as of a particular date. As of September 24, 2017, our net tangible book value was approximately $2.4 million,
or $0.17 per share of our common stock, based on 14,282,558 shares of our common stock outstanding as of that date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After giving effect
to the sale of our common stock pursuant to this prospectus supplement in the aggregate amount of $5,000,000 million at an assumed
average offering price of $1.73 per share, the closing price of our common stock on Nasdaq on November 28, 2017, and after deducting
commissions and estimated aggregate offering expenses payable by us, our net tangible book value as of September 24, 2017 would
have been approximately $7.2 million, or $0.42 per share of our common stock. This represents an immediate increase in net tangible
book value of $0.25 per share to our existing stockholders and an immediate dilution in net tangible book value of $1.31 per share
to new investors. The following table illustrates this per share dilution:&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumed offering price per share</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#9;1.73</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net tangible book value as of September 24, 2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#9;0.17</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase in net tangible book value per share from this offering</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#9;0.25</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Net tangible book value per share as
        of September 24, 2017, as</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">adjusted for this offering</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">$&#9;0.42</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution per share to new investors at assumed offering price per share</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#9;1.31</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The table above
assumes for illustrative purposes only that the maximum aggregate offering amount of $5,000,000 is sold during the term of the
Sales Agreement at an average price of $1.73 per share resulting in the issuance of an additional 2,890,173 shares of our common
stock. Actual aggregate sales of our common stock during the term of the Sales Agreement may be less than the maximum offering
amount and actual sale prices may be more or less than $1.73 per share. As a result, your actual dilution may be more or less than
$1.31 per share of our common stock purchased in this offering.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The foregoing discussion
and table exclude the following as of September 24, 2017:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">478,056 shares of our
common stock issuable upon the exercise of options exercisable at a weighted average price of $4.16 per share;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a maximum of 700,995
shares issuable upon satisfaction of vesting and performance criteria of restricted stock units;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,125,714 shares of our
common stock reserved for issuance under our 2015 Long Term Incentive Plan; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,447,200 shares of our
common stock issuable upon conversion at a price of $2.00 per share of $2,894,400 principal amount of our 4% Convertible Senior
Notes due 2022.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid; text-align: center">S-4</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the Sales Agreement,
we may offer and sell shares of our common stock from time to time through the Agent, as our agent, in an aggregate amount not
to exceed the amount that can be sold under the registration statement to which this prospectus supplement relates. Upon our delivery
and the Agent&rsquo;s acceptance of a placement notice, the Agent will use its commercially reasonable efforts, consistent with
its sales and trading practices, to sell any shares subject to the placement notice. Sales of our common stock, if any, under
this prospectus supplement and the accompanying prospectus may be made in transactions that are deemed to be &ldquo;at the market
offerings&rdquo; pursuant to Rule 415 under the Securities Act. As our agent, the Agent will not engage in any transactions that
stabilize the price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will instruct the Agent
as to the amount of common stock to be sold. We may instruct the Agent not to sell common stock if the sales cannot be effected
at or above the price designated by us in any instruction. We or the Agent may suspend the offering of common stock upon proper
notice and subject to other conditions. The Agent will provide written confirmation to us no later than the opening of the trading
day on the Nasdaq Capital Market following the trading day in which shares of our common stock have been sold under the Sales
Agreement. Each confirmation will include the number of shares sold on the preceding day, the net proceeds to us and the compensation
payable by us to the Agent in connection with the sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Settlement for sales of
common stock will occur on the second business day following the date on which any sales are made, or on some other date that
is agreed upon by us and the Agent in connection with a particular transaction, in return for payment of the net proceeds to us.
There is no arrangement for funds to be received in an escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will pay the Agent
commissions for its services in acting as agent in the sale of our common stock. The Agent will be entitled to compensation of
3.0% of the gross sales price of all shares sold pursuant to the Sales Agreement. The Agent may effect sales to or through dealers,
and such dealers may receive compensation in the form of discounts, concessions or commissions from the Agent and/or purchasers
of shares of common stock for whom they may act as agents or to whom they may sell as principal. We have also agreed to reimburse
the Agent for legal expenses incurred by it up to $25,000 in the aggregate. Because there is no minimum offering amount required
as a condition to the completion of this offering, the actual public offering amount, commissions and proceeds to us, if any,
are not determinable at this time. We estimate that the total expenses for the offering, excluding commissions payable to the
Agent under the terms of the Sales Agreement, will be approximately $40,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the
sale of the common stock on our behalf, the Agent may, and will with respect to sales effected in an &ldquo;at the market offering,&rdquo;
be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the Securities Act, and the Agent&rsquo;s compensation may
be deemed to be underwriting commissions or discounts. We have agreed to indemnify the Agent against specified liabilities, including
liabilities under the Securities Act, or to contribute to payments that the Agent may be required to make because of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The offering of shares
of our common stock pursuant to the Sales Agreement will terminate upon the earlier of (1) the issuance and sale of all of our
common stock provided for in this prospectus supplement, or (2) termination of the Sales Agreement as provided therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This summary of the material
provisions of the Sales Agreement does not purport to be a complete statement of its terms and conditions. A copy of the Sales
Agreement is filed with the SEC and is incorporated by reference into the registration statement of which this prospectus supplement
is a part. See &ldquo;Where You Can Find More Information&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Agent and its affiliates
may in the future provide various investment banking and other financial services for us and our affiliates, for which services
they may in the future receive customary fees. To the extent required by regulation M, the Agent will not engage in any market
making activities involving our common stock while the offering is ongoing under this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-5</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The validity of the issuance
of the shares of our common stock offered hereby will be passed upon for us by McGuire, Craddock &amp; Strother, P.C., Dallas,
Texas. The Agent&nbsp;is being represented in connection with this offering by Duane Morris LLP, Newark, New Jersey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements at June 25, 2017 and June 26, 2016, and for each of the fiscal years then ended, appearing in our Annual Report on
Form 10-K for the fiscal year ended June 25, 2017, have been audited by Montgomery Coscia Greilich LLP, independent registered
public accounting firm, as set forth in their report thereon included therein. Such financial statements have been incorporated
in this prospectus by reference to our Annual Report on Form 10-K for the fiscal year ended June 25, 2017, in reliance on the
authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">WHERE YOU CAN
FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
is part of a registration statement on Form S-3 (Registration No. 333-221169) filed by us with the SEC relating to the shares
of our common stock offered under this prospectus supplement. As permitted by SEC rules, this prospectus supplement does not contain
all of the information contained in the registration statement and accompanying exhibits and schedules filed by us with the SEC.
The registration statement, exhibits and schedules provide additional information about us and our common stock and are available
at the SEC&rsquo;s public reference rooms or the SEC website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We file annual, quarterly
and current reports, proxy statements and other information with the SEC. These documents are available for inspection and copying
by the public at the Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may obtain information
on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Our filings are also available to the public
on the internet through the SEC website at www.sec.gov. You may also find our SEC filings and other relevant information about
us on our website at www.raverg.com. However, the information on our website is not a part of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>INFORMATION INCORPORATED
BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; the information we file with the SEC. This permits us to disclose important information to you by referencing
these filed documents. Any information referenced in this way is considered part of this prospectus supplement. Any information
filed with the SEC after the date on the cover of this prospectus supplement will automatically be deemed to update and supersede
this prospectus supplement. We incorporate by reference the documents listed below and any future filings made by us with the
SEC with file number 0-12919 under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, until
all of the securities described in this prospectus supplement are sold:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                         Annual Report on Form 10-K for the fiscal year ended June 25, 2017, as amended by Forms
                                         10-K/A filed on September 25 and October 20, 2017;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                         Quarterly Report on Form 10-Q for the fiscal quarter ended September 24, 2017;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                         Current Reports on Form 8-K filed on August 15, September 14, October 16, October 31,
                                         and November 9, 2017; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         description of our common stock contained in our registration statement on Form S-1 (File
                                         No. 33-38729) filed with the SEC on January 23, 1991, including all amendments and reports
                                         filed for purposes of updating such description. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-6</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">You can request
a copy of any document incorporated by reference in this prospectus, at no cost, by writing or telephoning us at the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Rave Restaurant Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">3551 Plano Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Colony, Texas 75056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">Telephone: (469) 384-5000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-7</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt"><B>PROSPECTUS</B></FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 16pt"><B>Rave
    Restaurant Group, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$5,000,000</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">We may offer and
sell shares of our common stock, from time to time, to or through one or more underwriters, dealers and agents, or directly to
purchasers, on a continuous or delayed basis, at prices and on other terms to be determined at the time of offering. See &ldquo;Plan
of Distribution.&rdquo; We will provide more specific terms of such offering and sale of our common stock in supplements to this
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Shares of our common
stock are traded on the Nasdaq Capital Market under the symbol &ldquo;RAVE.&rdquo; The aggregate market value of our common stock
held by non-affiliates is approximately $16.6 million based on the closing price of such common stock on Nasdaq of $1.88 per share
on October 18, 2017. None of our common stock offered by this prospectus has been sold pursuant to Instruction I.B.6. of Form
S-3 during the 12 month period preceding the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Our principal executive
offices are located at 3551 Plano Parkway, The Colony, Texas 75056, and our telephone number is (469) 384-5000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">AN INVESTMENT IN OUR COMMON
STOCK INVOLVES RISK. YOU SHOULD CAREFULLY CONSIDER THE INFORMATION UNDER THE HEADING &ldquo;RISK FACTORS&rdquo; ON PAGE 3 OF THIS
PROSPECTUS BEFORE INVESTING IN OUR COMMON STOCK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NEITHER THE SECURITIES
AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS
PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">_______________________<BR>
<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: center">The date of this prospectus is November
6, 2017.</P>


<!-- Field: Page; Sequence: 10; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10.5pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 31.35pt; text-align: right"><FONT STYLE="font-size: 10pt"><U>Page</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 31.35pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="width: 23%; padding-left: 31.35pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Special Note Regarding Forward-Looking
    Statements</FONT></TD>
    <TD STYLE="padding-left: 31.35pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Company Overview</FONT></TD>
    <TD STYLE="padding-left: 31.35pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="padding-left: 31.35pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="padding-left: 31.35pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Description of Common Stock</FONT></TD>
    <TD STYLE="padding-left: 31.35pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></TD>
    <TD STYLE="padding-left: 26.1pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></TD>
    <TD STYLE="padding-left: 26.1pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="padding-left: 26.1pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></TD>
    <TD STYLE="padding-left: 26.1pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Information Incorporated by Reference</FONT></TD>
    <TD STYLE="padding-left: 26.1pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>


<!-- Field: Page; Sequence: 11; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">This prospectus
is part of a registration statement that we filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo;
registration process. Under this shelf registration process, we may sell certain shares of our common stock in one or more offerings.
This prospectus provides a general description of our common stock. Each time we sell shares of common stock under this shelf
registration process, we will provide a prospectus supplement that will contain more specific information about the terms of such
offering. The prospectus supplement may also add, update or change any of the information contained in this prospectus. You should
carefully read this prospectus and any prospectus supplement, as well as the information incorporated in this prospectus by reference.
See, &ldquo;Information Incorporated by Reference.&rdquo; Any information in any prospectus supplement or any subsequent material
incorporated herein by reference will supersede the information in this prospectus or any earlier prospectus supplement. This
prospectus may not be used to offer to sell, to solicit an offer to buy, or to consummate a sale of any shares of our common stock
unless it is accompanied by a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless the context
requires otherwise, in this prospectus the capitalized term &ldquo;Company,&rdquo; as well as first person references to &ldquo;we,&rdquo;
&ldquo;our&rdquo; and &ldquo;us&rdquo; refer to Rave Restaurant Group, Inc. and its direct and indirect subsidiaries.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">This
prospectus, any prospectus summary and the materials incorporated herein by reference contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, which are intended to be covered by the safe harbors
created thereby. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future
events or conditions, or which include words such as &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo;
&ldquo;believe,&rdquo; &ldquo;estimate&rdquo; or similar expressions. These statements include the plans and objectives of management
for future operations, including plans and objectives relating to future growth of our business activities and availability of
funds. Statements regarding the following subjects are forward-looking by their nature:</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our business and growth strategies;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our performance goals;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our projected financial condition and operating results;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our understanding of our competition;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">industry and market trends;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our use of the proceeds of any offering; and</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">any other statements or assumptions that are not historical facts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The forward-looking
statements included in this prospectus, any prospectus summary and the materials incorporated herein by reference are based on
current expectations that involve numerous risks and uncertainties. Assumptions relating to these forward-looking statements involve
judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework, and business
decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we
believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate
and, therefore, there can be no assurance that the forward-looking statements included in this prospectus, any prospectus summary
or any of the materials incorporated herein by reference will prove to be accurate. In light of the significant uncertainties
inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation by
us or any other person that our objectives and plans will be achieved.</P>


<!-- Field: Page; Sequence: 12; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>COMPANY OVERVIEW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We operate and franchise
domestic fast casual restaurants (&ldquo;Pie Five Units&rdquo;) under the trademarks &ldquo;Pie Five Pizza Company&rdquo; or &ldquo;Pie
Five&rdquo; and franchise pizza buffet restaurants (&ldquo;Buffet Units&rdquo;), delivery/carry-out restaurants (&ldquo;Delco
Units&rdquo;) and express restaurants (&ldquo;Express Units&rdquo;) domestically and internationally under the trademark &ldquo;Pizza
Inn.&rdquo;&nbsp;&nbsp;We provide or facilitate the procurement and distribution of food, equipment and supplies to our domestic
and international system of restaurants through our Norco Restaurant Services Company (&ldquo;Norco&rdquo;) division and through
agreements with third party distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have offered consumers
affordable, high quality pizza since 1958, when the first Pizza Inn restaurant opened in Dallas, Texas.&nbsp;&nbsp;We awarded
our first franchise in 1963 and opened our first buffet restaurant in 1969.&nbsp;&nbsp;We began franchising the Pizza Inn brand
internationally in the late 1970&rsquo;s.&nbsp;&nbsp;In 1993, our stock began trading on the Nasdaq Stock Market, and presently
trades on the Nasdaq Capital Market, or Nasdaq, under the ticker symbol &ldquo;RAVE.&rdquo;&nbsp;&nbsp;In June 2011, we opened
the first Pie Five restaurant in Ft. Worth, Texas.&nbsp;We signed our first franchise development agreement for Pie Five in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our principal executive
offices are located at 3551 Plano Parkway, The Colony, Texas 75056, and our telephone number is (469) 384-5000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our Concepts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We operate and franchise
restaurant concepts under two distinct brands: Pie Five and Pizza Inn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Pie Five</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pie Five is a fast-casual
pizza concept that creates individualized pizzas which are baked in 140 seconds in our specially designed oven. Pizzas are created
at the direction of our customers who choose from a variety of freshly prepared and displayed toppings, cheeses, sauces and doughs
and complete their purchase process in less than five minutes. Customers can also get freshly prepared entr&eacute;e and side
salads, also made to order from our recipes or at the customer&rsquo;s direction. They can also choose from several baked daily
desserts like brownies, cookie pies, and cakes. A variety of soft beverages are available, as well as beer and wine in some locations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pie Five restaurants typically
occupy leased, in-line or end-cap space of between 1,800 and 2,400 square feet in retail strip or multi-unit retail space. The
restaurants typically are located in high traffic, high visibility urban or suburban sites in mid to large size metropolitan areas.
With seating for 65 to 85 customers in most units, and patio seating when available, Pie Five restaurants primarily serve lunch
and dinner to families, adults and children of all ages. Sales are predominantly on-premise though carry out is offered as well.
We recently began implementing online and mobile ordering capability. Future sales growth initiatives may include delivery, drive-through
and catering services. Due to the relatively compact footprint of the restaurants, and other operating advantages, we also believe
Pie Five is well suited for non-traditional locations such as airports and college campuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of the date of this
prospectus, we owned and operated nine Pie Five restaurants and had 73 franchised Pie Five restaurants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Pizza Inn</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We franchise Buffet Units,
Delco Units and Express Units under the Pizza Inn brand. Buffet Units and Delco Units feature crusts that are hand-made from dough
made fresh in the restaurant each day. Our pizzas are made from a proprietary all-in-one flour mixture, real mozzarella cheese
and a proprietary mix of classic pizza spices. In international markets, the menu mix of toppings and side items is occasionally
adapted to local tastes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Buffet Units offer dine-in,
carryout and catering service and, in many cases, also offer delivery service. Buffet Units offer a variety of pizza crusts with
standard toppings and special combinations of toppings in addition to pasta, salad, sandwiches, appetizers, desserts and beverages,
including beer and wine in some locations, in an informal, family-oriented atmosphere. We occasionally offer other items on a
limited promotional basis. Buffet Units are generally located in free standing buildings or strip center locations in retail developments
in close proximity to offices, shopping centers and residential areas. The current standard Buffet Units are between 2,100 and
4,500 square feet in size and seat 120 to 185 customers. The interior decor is designed to promote a casual, lively, contemporary,
family-style atmosphere. Some Buffet Units feature game rooms that offer a range of electronic game entertainment for the entire
family.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Delco Units offer delivery
and carryout service only and are typically located in shopping centers or other in-line retail developments. Delco Units typically
offer a variety of crusts and some combination of side items. Delco Units occupy approximately 1,200 square feet, are primarily
production facilities and, in most instances, do not offer seating. The decor of the Delco Unit is designed to be bright and highly
visible and feature neon lighted displays and awnings. We have attempted to locate Delco Units strategically to facilitate timely
delivery service and to provide easy access for carryout service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Express Units serve our
customers through a variety of non-traditional points of sale. Express Units are typically located in a convenience store, food
court, college campus, airport terminal, travel plaza, athletic facility or other commercial facility. They have limited or no
seating and solely offer quick carryout service of a limited menu of pizza and other foods and beverages. An Express Unit typically
occupies approximately 200 to 400 square feet and is commonly operated by the operator or food service licensee of the commercial
host facility. We have developed a high-quality pre-prepared crust that is topped and cooked on-site, allowing this concept to
offer a lower initial investment and reduced labor and operating costs while maintaining product quality and consistency. Like
Delco Units, Express Units are primarily production-oriented facilities and, therefore, do not require all of the equipment, labor
or square footage of the Buffet Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of the date of this
prospectus, we had domestic franchises for 93 Buffet Units, eight Delco Units and 58 Express Units, as well as international franchises
for 12 Buffet Units, 40 Delco Units and eight Express Units.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0.5in"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Investing in our common stock involves
a number of risks. Before you decide to buy shares of our common stock, you should carefully consider the risk factors set forth
below, in any applicable prospectus supplement and in the materials incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Risks Associated With Our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The inability
to successfully implement any aspect of our growth strategy could adversely affect our revenues and operating profits.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our growth strategy
includes developing new franchised Pie Five restaurants, as well as franchised Pizza Inn restaurants reflecting our updated Buffet
Unit concept. Our growth strategy also relies on increasing Pie Five chainwide average per store sales, which have recently declined.
We may be unable to achieve all or any of these objectives, which could adversely affect our revenues and operating profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>We may be unable to consistently
develop high performing new franchised Pie Five Units.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our growth strategy
relies, in part, on increasing Pie Five chainwide average per store sales primarily by developing new franchised Pie Five Units
with higher average per store sales. Increasing average per store sales is largely a function of customer traffic, customer experience
and the average check per customer. These factors may be influenced by, among other things, general economic conditions, the quality
of restaurant sites, competitive pressures, consumer preferences, consumer perceptions of our reputation and product offerings,
and customer experiences in our restaurants. If newly developed Pie Five Units do not perform as we expect, our revenues will
be adversely affected and we may experience difficulty attracting new franchisees, thereby impeding our growth strategy and adversely
affecting our business and operating profits.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The closure of
existing restaurants or abandonment of development sites could offset the development of new restaurants.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A significant number
of franchised Pizza Inn restaurants have been closed in the past decade. In addition, several Company-owned and franchised Pie
Five Units have been closed during the last 18 months and several locations leased by us for future development of Company-owned
Pie Five Units have been abandoned. If these trends continue, the successful development of new restaurants could be partially
or wholly offset by the closure of existing restaurants or abandonment of development sites. Therefore, although closed restaurants
are typically underperforming units and abandoned sites are considered no longer attractive, the continued closure of restaurants
or abandonment of development sites could undermine our growth initiatives and adversely impact our revenues and operating profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Unfavorable resolution
of lease disputes with respect to abandoned development sites could adversely affect our cash flow and results of operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have determined
to close several Company-owned Pie Five Units and abandon several locations leased by us for future development of Company-owned
Pie Five Units. The leases for these closed stores and abandoned development sites have ten year terms. We previously reached
agreements with the landlords to terminate the leases at most of these locations. However, we are continuing to negotiate with
the landlords to terminate the leases with respect to several remaining sites. If we are unable to negotiate reasonable terms
for termination of these remaining leases, our cash flow and results of operations could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We may be harmed
by actions taken by our franchisees that are outside of our control.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A significant portion
of our earnings comes from royalties paid by our franchisees, as well as food and supply sales to franchised restaurants. Franchisees
are independent operators whose personnel are not our employees. We provide training and support to franchisees, but the quality
of franchised restaurant operations may be diminished by any number of factors beyond our control. Consequently, franchisees may
not successfully operate restaurants in a manner consistent with our standards and requirements, or may not hire and train qualified
managers and other store personnel. If they do not, our image and reputation may suffer, and revenues could decline. Our franchisees
may take actions that adversely affect the value of our intellectual property or reputation. The failure of our domestic and international
franchisees to operate their franchises successfully could reduce the amount of royalties payable to us and/or the amount of food
and supply sales by us. Further, since domestic franchisees are only required to purchase certain proprietary items from Norco,
changes in their purchasing practices could diminish our sales of food and supplies. Additionally, if one or more of our key franchisees
were to become insolvent or otherwise were unable or unwilling to pay amounts due to us, our business and results of operations
would be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Some of our Pie
Five franchisees may be unable to satisfy their obligations under franchise development agreements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pie Five franchisees
typically enter into multi-year development agreements for the opening of Pie Five Units. Each development agreement is scaled
relative to the estimated development potential of the specified geographic area and requires the franchisee to achieve specified
unit development milestones over a period of time, typically five years, to maintain their development rights in the area. If
these unit development milestones are achieved, the franchisee typically has the option to develop up to a specified number of
additional Pie Five Units in the territory. However, certain of our Pie Five franchisees have experienced difficulty in achieving
their unit development milestones, and we may be required to waive or amend some of these unit development milestones or terminate
the development agreements. As a result, we may not achieve the number of franchised Pie Five Units for which we have signed development
agreements within the anticipated time frame. Any delay or inability to open additional franchised Pie Five Units could adversely
impact our results of operations and financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Loss of key personnel
or our inability to attract and retain new qualified personnel could hurt our business and inhibit our ability to operate and
grow successfully.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our success will
depend to a significant extent on our leadership team and other key management personnel. We may not be able to retain our executive
officers and key personnel or attract additional qualified management. Our success also will depend on our ability to attract
and retain qualified personnel to oversee our restaurants, distribution operations and international operations. The loss of these
employees or any inability to recruit and retain qualified personnel could have a material adverse effect on our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We face risks
of litigation from customers, franchisees, employees and others in the ordinary course of business, which diverts our financial
and management resources. Any adverse litigation or publicity may negatively impact our financial condition and results of operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Claims of illness
or injury relating to food quality or food handling are common in the food service industry. In addition to decreasing our sales
and profitability and diverting our management resources, adverse publicity or a substantial judgment against us could negatively
impact our financial condition, results of operations and brand reputation, hindering our ability to attract and retain franchisees
and grow our business. Further, we may be subject to employee, franchisee and other claims in the future based on, among other
things, discrimination, harassment, wrongful termination and wage, rest break and meal break issues, including those relating
to overtime compensation. Franchisees may also assert claims alleging breach of a franchise or development agreement, unfair trade
practices or failure to satisfy franchise disclosure obligations, especially in circumstances where we have terminated a franchise
or development agreement. If one or more of these claims were to be successful or if there is a significant increase in the number
of these claims, our business, financial condition and operating results could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Shortages or interruptions
in the delivery of food products could adversely affect our operating results.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We and our franchisees
are dependent on frequent deliveries of food products that meet our specifications. Our Norco distribution division provides product
sourcing, purchasing, quality assurance, research and development, franchisee order and billing services, and logistics support
functions. We outsource warehousing and delivery services to third party restaurant distribution companies that deliver products
to all domestic restaurants. Interruptions in the delivery of food products caused by unanticipated demand, problems in production
or distribution by Norco, our suppliers, or our distribution service providers, inclement weather (including tornadoes, hurricanes
and other natural disasters) or other conditions could adversely affect the availability, quality and cost of ingredients, which
could adversely affect our operating results. Further, domestic franchisees are only required to purchase certain proprietary
items from Norco. Therefore, changes in purchasing practices by domestic franchisees as a result of delivery disruptions or otherwise
could adversely affect our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>An increase in
the cost of commodities such as cheese, or other operating expenses, including utilities and labor, could adversely affect our
profitability and operating results.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">An increase in
our operating costs could adversely affect our profitability. Factors such as inflation, increased food costs, increased labor
and employee benefit costs and increased energy costs may adversely affect our operating costs. Most of the factors affecting
costs are beyond our control and we may not be able to pass along these increased costs to our customers or franchisees. Most
ingredients used in our pizza, particularly cheese, are subject to significant price fluctuations as a result of seasonality,
weather, availability, demand and other factors. Sustained increases in utility costs could also adversely affect the profitability
of our restaurants. Further, government initiatives, such as health care reform and minimum wage rate increases, could increase
our operating costs and adversely affect our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>If we are not
able to continue purchasing our key pizza ingredients from our current suppliers or find suitable replacement suppliers, our financial
results could be adversely affected.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are dependent
on a few suppliers for some of our key pizza ingredients. Domestically, we rely upon sole suppliers for our cheese, meat toppings,
sauce and certain other proprietary products. Alternative sources for these key ingredients may not be available on a timely basis
or be available on terms as favorable to us as under our current arrangements. Any disruptions in our supply of key ingredients
could adversely affect our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We are subject
to extensive government regulation, and any failure to comply with existing or adopted regulations could adversely affect our
business and operating results.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">We are subject to
numerous federal, state, local and foreign laws, rules and regulations, including those relating to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         preparation and sale of food;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">building
                                         and zoning requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">minimum
                                         wage, citizenship, overtime, health insurance, and other labor requirements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">working
                                         and safety conditions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If we fail to comply
with existing or future laws, rules and regulations, we may be subject to governmental or judicial fines or sanctions. In addition,
our capital expenditures could increase due to remediation measures that may be required if we are found to be noncompliant with
any of these laws or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are also subject
to a Federal Trade Commission rule and to various state and foreign laws that govern the offer and sale of franchises. These laws
regulate various aspects of the franchise relationship, including terminations and the refusal to renew franchises. The failure
to comply with these laws and regulations in any jurisdiction or to obtain required government approvals could result in a ban
or temporary suspension on future franchise sales, fines or other penalties, or require us to make offers of rescission or restitution,
any of which could adversely affect our business and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We may be required
to defend our intellectual property rights, which could negatively affect our results of operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We depend on our
Pizza Inn and Pie Five brand names and rely on a combination of trademarks, copyrights, service marks and similar intellectual
property rights to promote these brands. We believe the success of our business depends on our continued ability to use our existing
trademarks and service marks to increase brand awareness and further develop our brands, both domestically and abroad. We may
not be able to adequately protect our intellectual property rights or we may be required to resort to litigation to enforce such
rights. Litigation or settlements could result in high costs and diversion of resources, which could negatively affect our results
of operations, regardless of the outcome.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Information technology
disruptions or security breaches could adversely impact our operations and business.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We rely on our
computer systems and network infrastructure for numerous aspects of our operations. Our operations depend upon our ability to
protect our computer equipment and systems against damage from physical theft, fire, power loss, telecommunications failure or
other catastrophic events, as well as from internal and external security breaches, viruses, worms and other disruptive problems.
In addition, any actual or alleged security breach of the credit or debit card information of customers of our Company-owned restaurants
could result in lawsuits, require notification of customers and/or result in adverse publicity. Therefore, any damage, failure
or breach of our computer systems or network infrastructure could have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Our current insurance
coverage may not be adequate, our insurance premiums may increase and we may not be able to obtain insurance at acceptable rates,
or at all.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our insurance policies
may not be adequate to protect us from all liabilities that we incur in our business. In addition, in the future our insurance
premiums may increase and we may not be able to obtain similar levels of insurance on reasonable terms, or at all. Any such inadequacy
of, or inability to obtain, insurance coverage could have a material adverse effect on our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Risks Associated With Our Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Although our common
stock is currently traded on the Nasdaq Capital Market, it may be subject to delisting.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On February 10,
2017, we received notice from Nasdaq that, based on our Form 10-Q for the fiscal quarter ended December 25, 2016, we were not
in compliance with Nasdaq&rsquo;s continued listing standard for minimum stockholders&rsquo; equity of at least $2.5 million.
The notice further advised that, as of February 10, 2017, we also did not meet the alternative continued listing standards of
either (a) market value of listed securities of at least $25.0&nbsp;million, or (b) net income from continuing operations of $0.5
million for the most recently completed fiscal year or two of the three most recently completed fiscal years. Nasdaq granted us
an extension until August 9, 2017, to regain compliance with its listing standards which we were unable to timely satisfy. As
a result, on August 10, 2017, Nasdaq advised that trading in our common stock would be suspended unless we appealed such determination.
We timely appealed the delisting determination and Nasdaq has now granted a further extension until February 6, 2018, subject
to certain conditions, to regain compliance with its listing standards. If we fail to timely regain and maintain compliance with
Nasdaq&rsquo;s continued listing standards, our common stock will be subject to delisting from Nasdaq, which may cause the price
of our common stock to decline or impair your ability to sell shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Although our common
stock is currently traded on the Nasdaq Capital Market, it has less liquidity than the stock of many other companies.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The trading volume
in our common stock on Nasdaq has been relatively low when compared with larger companies listed on the Nasdaq Global Market or
the other stock exchanges. Shareholders, therefore, may experience difficulty selling a substantial number of shares for the same
price at which shareholders could sell a smaller number of shares. We cannot predict the effect, if any, that future sales of
our common stock in the market, or the availability of shares of common stock for sale in the market, will have on the market
price of our common stock. Sales of substantial amounts of common stock in the market, or the potential for large amounts of sales
in the market, may cause the price of our common stock to decline or impair our future ability to raise capital through sales
of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The market price
of our common stock may fluctuate in the future, and these fluctuations may be unrelated to our performance.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">General market
price declines or overall market volatility in the future could adversely affect the price of our common stock, and the current
market price may not be indicative of future market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We do not expect
to pay any dividends for the foreseeable future and, therefore, our shareholders may be required to liquidate their shares in
order to realize a return on their investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have never paid
a dividend on our common stock and do not anticipate paying any dividends in the foreseeable future. Any determination to pay
dividends in the future will be at the discretion of our board of directors and dependent on our results of operations, financial
condition, capital requirements and other relevant factors. Therefore, the holders of our common stock will likely be required
to sell all or a portion of their shares in order to realize any return on their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Certain provisions
of state law could discourage certain transactions that our shareholders may otherwise deem to be in their best interest.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are incorporated
under the laws of the State of Missouri. Although there are no provisions in our Amended and Restated Articles of Incorporation
or Amended and Restated Bylaws intended to prevent or restrict takeovers, mergers or acquisitions, certain provisions of Missouri
corporate law could have the effect of discouraging others from attempting hostile takeovers of our Company. It is possible that
these provisions could make it more difficult to accomplish transactions which our shareholders may otherwise deem to be in their
best interests. See, &ldquo;Description of Common Stock -- Anti-Takeover Effects of Certain Statutory Provisions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Our primary shareholder
group may be able to exert significant influence over shareholder decisions.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Newcastle Partners
L.P. and its affiliates, including our Chairman, Mark E. Schwarz, collectively own or control approximately 35% of our outstanding
common stock. Therefore, this group may be able to exert significant influence over any matters submitted to a vote of shareholders,
including the election of directors. As a result, other shareholders may be discouraged from proposing, or unable to pass, any
initiatives requiring shareholder approval, including the election of an alternative slate of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Risks Associated With Our Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>If we are not
able to compete effectively, our business, sales and earnings could be adversely affected.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The restaurant
industry in general, as well as the pizza segment of the industry, is intensely competitive, both internationally and domestically,
with respect to price, service, location and food quality. We compete against many national, regional and local businesses. There
are many well-established competitors with substantially greater brand awareness and financial and other resources than we have.
Some of these competitors may be better established in markets where we or our franchisees operate restaurants. A change in the
pricing or other marketing or promotional strategies, including new product and concept developments, of one or more of our major
competitors could have an adverse impact on sales and earnings and our chainwide restaurant operations. We could also experience
increased competition from existing or new companies in the pizza segment of the restaurant industry. If we are unable to compete
effectively, we could experience downward pressure on prices, lower demand for our products, reduced margins, the inability to
take advantage of new business opportunities and the loss of market share, all of which would have a material adverse effect on
our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We also compete
on a broader scale with quick service, fast casual and other international, national, regional and local restaurants. The overall
food service market and the quick service restaurant sector are intensely competitive with respect to food quality, price, service,
convenience and concept. We also compete within the food service market and the restaurant industry for management and hourly
employees, suitable real estate sites and qualified franchisees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Norco is also subject
to competition from outside suppliers. If other suppliers who meet our qualification standards for non-proprietary items offer
lower prices or better service to our franchisees for their ingredients and supplies and, as a result, our franchisees choose
not to purchase these non-proprietary items from Norco, our financial condition, business and results of operations would be adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Changes in consumer
preferences and perceptions could decrease the demand for our products, which would reduce sales and harm our business.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Restaurant businesses
are affected by changes in consumer tastes, national, regional and local economic conditions, demographic trends, disposable purchasing
power, traffic patterns and the type, number and location of competing restaurants. For example, if prevailing health or dietary
preferences cause consumers to avoid pizza and other products we offer, or quick service restaurant offerings generally, in favor
of foods that are perceived as more healthy, our business and operating results could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Poor economic
conditions could adversely affect our business, results of operations and financial condition.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The restaurant
industry depends on consumer discretionary spending. Weak, volatile or uncertain national, regional or local economic conditions
can negatively impact consumers&rsquo; ability and willingness to spend discretionary funds thereby decreasing customer traffic
and/or average check per customer at our restaurants. If these poor economic conditions persist, consumers could permanently alter
their dining habits and reduce the frequency with which they dine out. Therefore, such poor economic conditions could have a short-term
or long-term adverse impact on our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>USE OF PROCEEDS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will retain broad discretion
over the use of the net proceeds from our sale of our common stock under this prospectus. We currently anticipate that the net
proceeds will be used to fund continued restaurant development activity and provide working capital for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 6pt">&nbsp;<B>DESCRIPTION
OF COMMON STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our authorized
capital stock consists solely of 26,000,000 shares of common stock, par value $0.01 per share. As of the date of this prospectus,
14,282,558 shares of our common stock were outstanding. In addition, 1,603,770 shares of our common stock are reserved for issuance
under our equity compensation plans. Our common stock is currently traded on the Nasdaq Capital Market under the symbol &ldquo;RAVE.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The following description
of our common stock is a summary and is qualified in its entirety by reference to our Amended and Restated Articles of Incorporation
and Amended and Restated Bylaws, the provisions of Missouri corporate law and other applicable state law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><B><I>Dividend,
Liquidation and Other Rights.</I></B> Holders of shares of our common stock are entitled to receive ratably those dividends that
may be declared by our board of directors out of legally available funds. Our board of directors will determine if and when distributions
may be paid. However, we have never paid dividends on our common stock and our board of directors intends to continue this policy
for the foreseeable future in order to retain earnings for development of our business. The holders of shares of our common stock
have no preemptive, subscription or conversion rights. All shares of our common stock to be outstanding following this offering
will be duly authorized, fully paid and non-assessable. Upon our liquidation, dissolution or winding up, the holders of our common
stock will be entitled to share ratably in the net assets legally available for distribution to shareholders after the payment
of all of our debts and other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><B><I>Voting Rights.
</I></B>Each outstanding share of our common stock entitles the holder to one vote on all matters presented to our shareholders
for a vote. The holders of a majority of the outstanding shares of our common stock constitute a quorum at any meeting of our
shareholders. Assuming the presence of a quorum, directors are elected by the affirmative vote of the holders of a majority of
the outstanding&nbsp;shares represented in person or by proxy at the meeting. Our common stock does not have cumulative voting
rights. Therefore, the holders of a majority of the outstanding shares of our common stock can elect all of our directors. Amendments
to our Amended and Restated Articles of Incorporation must be approved by the affirmative vote of the holders of a majority of
all outstanding shares of our common stock. Assuming the presence of a quorum, the affirmative vote of the holders of a majority
of the outstanding&nbsp;shares entitled to vote and represented at the meeting in person or by proxy is required for the approval
of substantially all other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><B>Anti-Takeover Effects of Certain Statutory
Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">There are no provisions
in our Amended and Restated Articles of Incorporation or our Amended and Restated Bylaws intended to prevent or restrict takeovers,
mergers or acquisitions of our Company. However, certain provisions of Missouri corporate law could have the effect of discouraging
others from attempting hostile takeovers of our Company. It is possible that these provisions could make it more difficult to
accomplish transactions which our shareholders may otherwise deem to be in their best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><U>Control Share Acquisition
Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Missouri corporate
law contains provisions governing &ldquo;control share acquisitions.&rdquo; These provisions generally provide that any person
or entity crossing a 20%, 33.33% or 50% threshold in ownership of the outstanding voting shares of a publicly-held Missouri corporation
will be denied voting rights with respect to any shares above the threshold, unless such voting rights are approved by the holders
of a majority of all outstanding voting shares and a majority of the outstanding voting shares held by disinterested shareholders.
The shareholders or board of directors of a Missouri corporation may elect to exempt its stock from the control share acquisition
statute through adoption of a provision to that effect in the articles of incorporation or bylaws of the corporation. However,
neither our Amended and Restated Articles of Incorporation nor our Amended and Restated Bylaws exempt our common stock from the
Missouri control share acquisition statute. Therefore, the statute could discourage persons interested in acquiring a significant
interest in or control of our Company, regardless of whether such acquisition was in the best interest of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><U>Business Combination
Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Missouri corporate
law also contains provisions governing &ldquo;business combinations&rdquo; with interested shareholders, which may also have an
effect of delaying or making it more difficult to effect a change in control of our Company. The statute prevents an &ldquo;interested
shareholder&rdquo; in a Missouri corporation from entering into a &ldquo;business combination&rdquo; with such corporation or
any subsidiary of such corporation unless certain conditions are met. An &ldquo;interested shareholder&rdquo; is defined as the
beneficial owner, directly or indirectly, of 20% or more of the outstanding voting stock of a Missouri corporation, or an affiliate
or associate thereof. A &ldquo;business combination&rdquo; includes any merger or consolidation with an interested shareholder,
the sale, lease exchange, mortgage, pledge, transfer or other disposition of 10% or more of the corporation&rsquo;s assets to
an interested shareholder, and certain other issuances, adoptions and reclassifications involving an interested shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">A corporation affected
by these Missouri statutes may not engage in a business combination with an interested shareholder for a period of five years
following the date on which such interested shareholder became an interested shareholder, unless such business combination or
the purchase of stock was approved by the corporation&rsquo;s board of directors on or prior to such date. If pre-approval was
not obtained, then after the expiration of the five-year period the combination may be consummated with the approval of a majority
of the voting power held by disinterested shareholders or if the consideration to be paid by the interested shareholder is at
least equal to the highest of certain specified thresholds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><U>Takeover Bid Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Missouri law also
governs &ldquo;takeover bids.&rdquo; A &ldquo;takeover bid&rdquo; is the acquisition of or offer to acquire, pursuant to a tender
offer or request or invitation for tenders, any equity securities with voting rights, if after acquisition the offeror would own
more than 5% of any class of equity securities. An &ldquo;equity security&rdquo; is any stock, bond or other obligation of a target
company, the holder of which has the right to vote for the board of directors of the target company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The statute prohibits
any takeover bid by a person or entity unless a special registration statement is filed with the commissioner of securities and
delivered to the target company. The special registration statement must include a significant amount of information including,
among other things, all informational material that the offeror proposes to disclose to the offerees, the identity and background
of all persons and entities on whose behalf the acquisition is to be effected, the exact title and number of shares outstanding
being sought by the offeror, and the source and amount of funds or other consideration to be used in the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><B>Limitation of Liability and Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;Our Amended
and Restated Articles of Incorporation and Amended and Restated Bylaws include indemnification provisions under which we have
agreed to indemnify our directors, officers, employees and agents to the fullest extent permissible by law. These provisions may
discourage derivative litigation against our directors and officers even if such action, if successful, might benefit us and our
shareholders. Furthermore, our shareholders may be adversely affected to the extent we are required to pay the costs of defense,
settlement or damages on behalf of our directors or officers pursuant to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><B>Transfer Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">The transfer agent
and registrar for our common stock is Securities Transfer Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">We may, from time
to time, sell, transfer or otherwise dispose of any or all of the shares of common stock offered by this prospectus or any prospectus
supplement on any stock exchange, market or trading facility on which such shares are traded or in private transactions. These
dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market
price, at varying prices determined at the time of sale or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">We may use this
prospectus and any accompanying prospectus supplement to offer and sell shares of our common stock in any of the following ways:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                         the public through underwriters or through dealers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through
                                         one or more agents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">directly
                                         to purchasers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in
                                         a combination of any such methods of sale; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in
                                         any other manner permitted by applicable law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">If underwriters
are used to sell the securities, we will enter into an underwriting agreement or similar agreement with them at the time of the
sale to them. In that event, underwriters may receive compensation from us in the form of underwriting discounts or commissions
and may also receive commissions from purchasers of the securities for whom they may act as agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">To the extent required
by applicable law, a prospectus supplement relating to any such offering of shares of our common stock will set forth:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         offering terms, including the name or names of any underwriters, dealers or agents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         number of shares of our common stock involved, the purchase price of such shares and
                                         the proceeds to us from such sale;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         underwriting discounts, concessions, commissions and other items constituting compensation
                                         to underwriters, dealers or agents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         public offering price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         discounts or concessions allowed or reallowed or paid by underwriters or dealers to other
                                         dealers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         securities exchanges on which the shares of our common stock may be listed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The shares of our
common stock may be offered to the public either through underwriting syndicates represented by one or more managing underwriters
or directly by one or more of such firms. Unless otherwise set forth in an applicable prospectus supplement, the obligations of
underwriters or dealers to purchase the shares will be subject to certain conditions precedent and the underwriters or dealers
will be obligated to purchase all the shares if any are purchased. Any public offering price and any discounts or concessions
allowed or reallowed or paid by underwriters or dealers to other dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The shares of our
common stock may be sold directly by us or through agents designated by us from time to time. Any agent may make sales in privately
negotiated transactions or by any other method permitted by law, including by an &ldquo;at-the-market&rdquo; offering through
sales made directly on the Nasdaq Capital Market or through sales to or through a market maker other than on an exchange. Any
agent involved in the offer or sale of the shares in respect of which this prospectus and a prospectus supplement is delivered
will be named, and any commissions payable by us to such agent will be set forth, in any required prospectus supplement. Unless
otherwise indicated in the prospectus supplement, any such agent will be acting on a best efforts basis for the period of its
appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">If so indicated
in the prospectus supplement, we may authorize underwriters, dealers or agents to solicit offers from certain specified institutions
to purchase securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery
contracts providing for payment and delivery on a specified date in the future. Such contracts will be subject to any conditions
set forth in the prospectus supplement and the prospectus supplement will set forth the commissions payable for solicitation of
such contracts. The underwriters and other persons soliciting such contracts will have no responsibility for the validity or performance
of any such contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Underwriters, dealers
and agents may be entitled under agreements entered into with us to be indemnified by us against certain civil liabilities, including
liabilities under the Securities Act of 1933, as amended, or to contribution by us to payments which they may be required to make.
The terms and conditions of such indemnification will be described in an applicable prospectus supplement. Underwriters, dealers
and agents may be customers of, engage in transactions with or perform services for us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Any underwriters
to whom securities are sold by us for public offering and sale may make a market in such securities, but such underwriters will
not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given as to the
liquidity of the trading market for any securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Certain persons
participating in any offering of shares of our common stock may engage in transactions that stabilize, maintain or otherwise affect
the price of the shares offered. In connection with any such offering, the underwriters, dealers or agents, as the case may be,
may purchase and sell securities in the open market. These transactions may include overallotment and stabilizing transactions
and purchases to cover syndicate short positions created in connection with the offering. Stabilizing transactions consist of
certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the shares. Syndicate short
positions involve the sale by the underwriters, dealers or agents, as the case may be, of a greater number of shares than they
are required to purchase from us in the offering. The underwriters may also impose a penalty bid, whereby selling concessions
allowed to syndicate members or other broker-dealers for the shares sold for their account may be reclaimed by the syndicate if
such shares are repurchased by the syndicate in stabilizing or covering transactions. These activities may stabilize, maintain
or otherwise affect the market price of the shares, which may be higher than the price that might otherwise prevail in the open
market and, if commenced, may be discontinued at any time. These transactions may be effected on the Nasdaq Capital Market, in
the over-the-counter market or otherwise. These activities will be described in more detail in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In order to comply with
the securities laws of some states, if applicable, shares of our common stock may be sold in these jurisdictions only through
registered or licensed brokers or dealers. In addition, in some states shares of our common stock may not be sold unless it has
been registered or qualified for sale or an exemption from registration or qualification requirements is available.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">LEGAL
MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The validity of
the shares of common stock offered hereby will be passed upon for us by McGuire, Craddock &amp; Strother, P.C., Dallas, Texas.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our consolidated
financial statements at June 25, 2017 and June 26, 2016, and for each of the fiscal years then ended, appearing in our Annual
Report on Form 10-K for the year ended June 25, 2017, have been audited by Montgomery Coscia Greilich LLP, independent registered
public accounting firm, as set forth in their report thereon included therein. Such financial statements have been incorporated
in this prospectus by reference to our Annual Report on Form 10-K for the year ended June 25, 2017, in reliance on the authority
of said firm as experts in auditing and accounting.</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-transform: uppercase; text-align: center">WHERE
YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">This prospectus
is part of a registration statement on Form S-3 filed by us with the SEC relating to the shares of our common stock offered under
this prospectus. As permitted by SEC rules, this prospectus does not contain all of the information contained in the registration
statement and accompanying exhibits and schedules filed by us with the SEC. The registration statement, exhibits and schedules
provide additional information about us and our common stock. The registration statement, exhibits and schedules are available
at the SEC&rsquo;s public reference rooms or the SEC website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We file annual,
quarterly and current reports, proxy statements and other information with the SEC. These documents are available for inspection
and copying by the public at the Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may obtain
information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Our filings are also available
to the public on the internet through the SEC website at www.sec.gov. You may also find our SEC filings and other relevant information
about us on our website at www.raverg.com. However, the information on our website is not a part of this prospectus or any prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>INFORMATION INCORPORATED
BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The SEC allows us
to &ldquo;incorporate by reference&rdquo; into this prospectus the information we file with the SEC. This permits us to disclose
important information to you by referencing these filed documents. Any information referenced in this way is considered part of
this prospectus and any prospectus supplement. Any information filed with the SEC after the date of the initial registration statement
and prior to effectiveness of the registration statement, or after the date on the cover of this prospectus or any prospectus
supplement, will automatically be deemed to update and supersede this prospectus and any such prospectus supplement. We incorporate
by reference the documents listed below and any future filings made by us with the SEC with file number 0-12919 under Sections
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, until all of the securities described in this prospectus
are sold:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                         Annual Report on Form 10-K and all amendments thereto for the fiscal year ended June
                                         25, 2017; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                         Current Reports on Form 8-K filed on August 15, September 14 and October 16, 2017; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         description of our common stock contained in our registration statement on Form S-1 (File
                                         No. 33-38729) filed with the SEC on January 23, 1991, including all amendments and reports
                                         filed for purposes of updating such description. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">You can request
a copy of any document incorporated by reference in this prospectus, at no cost, by writing or telephoning us at the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Rave Restaurant Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">3551 Plano Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Colony, Texas 75056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Attention: Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">Telephone: (469) 384-5000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; text-align: right; vertical-align: middle"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: left; vertical-align: bottom"><IMG SRC="image_007.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"></P>
        <P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>Rave Restaurant Group, Inc.</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$5,000,000</B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>B. Riley FBR</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus supplement
        is December 5, 2017.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_006.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !9 '@# 2(  A$! Q$!_\0
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MVTTB7ELUK-%<2^8C1D@D8([X%8DGP&\'R77F[]32+.?LXN04 ],E2V/^!9H
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M\");@D!R&)_Y9L0!D?,/4T 2I^T%%%HWFSZ.KZD\K!8(YBL4<8Q@LY&2Q.>
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B%BW_  C.C;B<EOL$62?7[M;M% !1110 4444 %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_007.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_007.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  Q +$# 2(  A$! Q$!_\0
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M$>F=[9_S]*X2O5_BAHSW>FV^J0*6:T)651UV-W_ C]37DXP1D5XV+C:JVS]
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M@K[1U7C'PY_PD?P7M$B7==V=C!=P>N50;A^*EA]<>E<AX!\=KI?P;UV*1O\
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MFM^ M'U&\BCEOH4: 7#*"Y"%D4Y]=O&?<^M>2W/C/4?&>L6VG>#?"NG6+?Q
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!V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
