<SEC-DOCUMENT>0001010549-17-000397.txt : 20171027
<SEC-HEADER>0001010549-17-000397.hdr.sgml : 20171027
<ACCEPTANCE-DATETIME>20171027143456
ACCESSION NUMBER:		0001010549-17-000397
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20171027
DATE AS OF CHANGE:		20171027

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:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221169
		FILM NUMBER:		171159067

	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>S-3
<SEQUENCE>1
<FILENAME>raves3102417.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: 10pt Times New Roman, Times, Serif; margin: 0">As filed with the Securities and Exchange Commission on October
27, 2017&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Registration No. [__________]</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt 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"><B>_________________________</B></P>

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

<P STYLE="font: bold 10.5pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">FORM S-3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><B>UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">_________________________</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RAVE RESTAURANT GROUP, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Missouri</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>45-3189287</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>3551 Plano Parkway</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone
number,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">including area code, of registrant&rsquo;s
principal executive offices)</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Name, address, including zip code, and
telephone number, including area code, of agent for service)&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">_________________________</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>Steven
                                         D. Davidson</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>Melissa M. Winchester</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>McGuire, Craddock &amp; Strother,
        P.C.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2501 N. Harwood, Suite 1800 </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dallas, Texas 75201</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>(214) 954-6800</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>______________________________</B></P>

<P STYLE="font: 10pt 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"><B>Approximate date of commencement of proposed
sale to the public:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">From time to time after the effective date
of this registration statement.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">_________________________</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: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the only
securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the
following box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If any of
the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, please
check the following box. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

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

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this Form
is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the
same offering. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this Form
is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this Form
is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<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: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this Form
is a post-effective amendment to a registration statement pursuant to General Instruction I.D. filed to register additional securities
or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

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

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&#168;
</FONT><FONT STYLE="font-size: 10pt">Accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT> <FONT STYLE="font-size: 10pt">Non-accelerated
filer </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT> <FONT STYLE="font-size: 10pt">Smaller reporting company </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10.5pt Wingdings; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title
                                         of Each Class of </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities to be Registered</B></P></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    to be Registered</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed
    Maximum Offering Price Per Unit</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed
    Maximum Aggregate Offering Price</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    of Registration Fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt">Common
                                         Stock,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt">$0.01 par value per share</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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: 0; text-align: center">(1)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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: 0; text-align: center">(1)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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: 0; text-align: center">$5,000,000</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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: 0; text-align: center">$623</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An
                                         indeterminate number of shares of common stock are registered hereunder for issuance
                                         by the registrant from time to time at indeterminate prices. The aggregate public offering
                                         price of common stock offered by the registrant will not exceed $5,000,000. </FONT></TD></TR></TABLE>

<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"><B>The registrant hereby
amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective
on such date as the Commission, acting pursuant to said Section 8(a), may determine.</B></P>

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


<!-- Field: Page; Sequence: 2 -->
    <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: 0 0 6pt; text-align: justify; text-indent: 0.5in; color: red">The
information in this prospectus is not complete and may be changed. The securities described herein may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities
and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; padding: 3pt 5.4pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt; color: red">SUBJECT
    TO COMPLETION, DATED OCTOBER 27, 2017</FONT></TD></TR>
<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 ________________.</P>


<!-- Field: Page; Sequence: 3 -->
    <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: 3pt 67.5pt 6pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 382.5pt"></TD><TD STYLE="width: 13.5pt"><U>Page</U></TD><TD></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About
    this Prospectus</FONT></TD>
    <TD STYLE="width: 23%; padding-left: 43.35pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    Note Regarding Forward-Looking Statements</FONT></TD>
    <TD STYLE="padding-left: 43.35pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    Overview</FONT></TD>
    <TD STYLE="padding-left: 43.35pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></TD>
    <TD STYLE="padding-left: 43.35pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Common Stock</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    of Distribution</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    You Can Find More Information</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
    Incorporated by Reference</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</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>


<!-- Field: Page; Sequence: 4 -->
    <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%">i</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: 5; 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"><!-- 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: 6 -->
    <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.&nbsp;</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: 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"><!-- 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></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: 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"><!-- 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-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><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: 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>

<!-- 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"><!-- 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"></P>

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

<!-- Field: Page; Sequence: 10 -->
    <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"><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: 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>

<!-- Field: Page; Sequence: 11 -->
    <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: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 12 -->
    <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: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

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

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

<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: 10pt Symbol">&#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="margin-top: 0; margin-bottom: 0">&nbsp;</P>



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


<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: 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 -->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: 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 -->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>


<!-- 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 -->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 12pt; text-align: center; text-indent: 0in"><B>PART II</B><BR>
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 14.</B></TD><TD><B>Other Expenses of Issuance and Distribution</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">The following table sets forth the expenses
expected to be incurred by registrant in connection with this registration statement. All items below are estimates, other than
the registration fees payable to the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SEC
    registration fee&#9;</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Printing
    expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Accounting fees and expenses<SUP>(1)</SUP></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: 10pt">$&nbsp;&nbsp;&nbsp;1,500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Legal
    fees and expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;7,500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Miscellaneous</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: 10pt">$&nbsp;&nbsp;&nbsp;1,877</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 35.1pt; text-indent: -35.1pt"><FONT STYLE="font-size: 10pt">&#9;Total</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$
    12,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Does not include expenses in connection with preparing prospectus
                                         supplements and offering shares of common stock pursuant thereto.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 15.</B></TD><TD><B>Indemnification of Directors and Officers</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(1)
of the Missouri General and Business Corporation Law (&ldquo;MGBCL&rdquo;) provides that a corporation may indemnify any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative, other than an action by or in the right of the corporation, by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses, including attorney&rsquo;s fees, judgments, fines and amounts paid in settlement actually and reasonably incurred
by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable
cause to believe his conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(2)
of MGBCL provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise
against expenses, including attorneys&rsquo; fees, and amounts paid in settlement actually and reasonably incurred by him in connection
with the defense or settlement of the action or suit if he acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the corporation, except that no person shall be indemnified as to any claim, issue or
matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty
to the corporation unless and only to the extent that the court in which the action or suit was brought determines upon application
that, despite the adjudication of liability and in view of all circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses that the court deems proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(3)
of MGBCL provides that, except as otherwise provided in the corporation&rsquo;s articles of incorporation or bylaws, to the extent
that a director, officer, employee or agent of the corporation has been successful on the merits or otherwise in defense of any
such action, suit or proceeding referred to in subsection (1) or (2) of Section 351.355 of MGBCL, or in defense of any claim,
issue or matter therein, he shall be indemnified against expenses, including attorney&rsquo;s fees, actually and reasonably incurred
by him in connection with such action, suit or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(5)
of MGBCL provides that expenses incurred in defending any civil, criminal, administrative, or investigative action, suit or proceeding
may be paid by the corporation in advance of the final disposition of the action, suit, or proceeding as authorized by the board
of directors in the specific case upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to
repay such amount unless it shall ultimately be determined that he is entitled to be indemnified by the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt"></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 -->14<!-- 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: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(7)
of the MGBCL provides that a corporation may provide additional indemnification to any person indemnifiable under subsection (1)
or (2) of Section 351.355 of the MGBCL, provided such additional indemnification is either (i) authorized, directed or provided
for in the corporation&rsquo;s articles of incorporation or an amendment thereof, or (ii) is authorized, directed or provided
for in any bylaw or agreement of the corporation which has been adopted by a vote of the shareholders of the corporation, and
provided further that no person shall thereby be indemnified against conduct that was finally adjudged to have been knowingly
fraudulent, deliberately dishonest or willful misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Article XI of registrant&rsquo;s
Amended and Restated Articles of Incorporation and Article XI of registrant&rsquo;s Amended and Restated Bylaws require that registrant
indemnify the persons specified in subsection (1) or (2) of Section 351.355 of MGBCL to the full extent permitted thereby. Article
XI of registrant&rsquo;s Amended and Restated Articles of Incorporation also permits the registrant to enter into agreements with
any of its directors or officers, or any person serving at its request as a director or officer of another corporation, providing
such indemnification as deemed appropriate to the extent permitted by law.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 16.</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Exhibit
    #</U></FONT></TD>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Description</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt 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: 13%; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; font: 10.5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">1(a)+</FONT></TD>
    <TD STYLE="width: 87%; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; font: 10.5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of underwriting agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">4(a)</FONT></TD>
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/718332/000101054915000014/rave8kex31010715.htm" STYLE="-sec-extract: exhibit">Amended and Restated Articles of Incorporation of Rave Restaurant Group, Inc. (incorporated by reference to Exhibit 3.1 to Form 8-K filed January 8, 2015).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">4(b)</FONT></TD>
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/718332/000101054915000014/rave8kex32010715.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws of Rave Restaurant Group, Inc. (incorporated by reference to Exhibit 3.2 to Form 8-K filed January 8, 2015).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex51.htm">5*</A></FONT></TD>
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Opinion
    of McGuire, Craddock &amp; Strother, P.C.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex231.htm">23(a</A>)*</FONT></TD>
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Consent
    of Montgomery Coscia Greilich LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex51.htm">23(b)</A>*</FONT></TD>
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Consent
    of McGuire, Craddock &amp; Strother, P.C. (included in opinion filed as Exhibit 5).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_001">24*</A></FONT></TD>
    <TD STYLE="font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Power
    of Attorney.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">+&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be filed as an exhibit to a Current Report on Form 8-K in connection with a specific offering.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Filed
herewith.</FONT></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 -->15<!-- 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 -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 17.</B></TD><TD STYLE="text-align: justify"><B>Undertakings</B>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(1) To file, during
any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(i) to include
any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) to reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price
set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) to include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">Provided, however,
that paragraphs 1(i), 1(ii) and 1(iii) do not apply if the information required to be included in a post-effective amendment by
those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(2) That, for the
purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(3) To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(4) That, for the
purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(i) Each prospectus
filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the
filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(5) That, for the
purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</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 -->16<!-- 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 0.5in; text-align: justify; text-indent: 0.5in">(i) Any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) Any free
writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) Any other
communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(6) That, for purposes
of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s
annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in this registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(7) Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(8) That, for purposes
of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the
time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(9) That, for purposes
of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of The Colony, State of Texas, on the 27th day of October, 2017.</P>

<DIV STYLE="padding: 0in; border: white 1pt solid">&nbsp;&nbsp;</DIV>

<DIV STYLE="padding: 0in; border: white 1pt solid"><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: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">RAVE RESTAURANT GROUP, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: right; vertical-align: middle">By:&nbsp;&nbsp;&nbsp;</TD>
    <TD>/s/ Scott Crane</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Scott Crane, President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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

<!-- 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 -->17<!-- 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 -->

<DIV STYLE="padding: 0in; border: white 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>POWER
OF ATTORNEY</P>

<DIV STYLE="padding: 0in; border: white 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Mark E. Schwarz,
Scott Crane and Timothy E. Mullany, and each of them individually, as his true and lawful attorneys-in-fact and agents, with full
power of substitution, for him in his name, place and stead, in any and all capacities, in connection with this registration statement
to sign and file in the name and on behalf of the undersigned as director or officer of the registrant (i) any and all amendments
or supplements (including any and all stickers and post-effective amendments) to this registration statement, with all exhibits
thereto, and other documents in connection therewith, and (ii) any and all additional registration statements, and any and all
amendments thereto, relating to the same offering of securities as those that are covered by this registration statement that
are filed pursuant to Rule 462(b) promulgated under the Securities Act of 1933 with the Securities and Exchange Commission and
any applicable securities exchange or securities self-regulatory body, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about
the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents, or their substitute, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated:</P>

</DIV>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Signature</U></P></TD>
    <TD STYLE="width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Title</U></P></TD>
    <TD STYLE="width: 26%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Date</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ MARK E. SCHWARZ&#9;&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mark E. Schwarz</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 16.85pt 0 0; text-align: justify">Chairman and Director</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 27, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ SCOTT CRANE&#9; </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Scott Crane</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 16.85pt; padding-left: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">President
    and Chief Executive Officer (principal executive officer) </FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 27, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ TIMOTHY E. MULLANY&#9; </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Timothy E. Mullany</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Chief Financial Officer (principal financial
        officer)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 27, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ ANDREA ALLEN&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Andrea Allen</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Controller (principal accounting officer)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 27, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ CLINTON J. COLEMAN&#9; </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Clinton J. Coleman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 27, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ WILLIAM C. HAMMETT, JR. </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">William C. Hammett, Jr.</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 27, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ STEVEN M. JOHNSON&#9; </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Steven M. Johnson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 27, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ ROBERT B. PAGE&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robert B. Page</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 27, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ RAMON D. PHILLIPS&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ramon D. Phillips</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 27, 2017</P></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid; text-align: center">18</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 0in; border: white 1pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: left"></P></DIV>

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





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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>2
<FILENAME>ex51.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: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit 5.1</P>

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

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">McGuire, Craddock &amp; Strother,
P.C.</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Attorneys And Counselors</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2501 N. Harwood, Suite 1800</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dallas, Texas 75201</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone (214) 954-6800</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telecopier (214) 954-6868</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">October 27, 2017</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suite 1000</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 24pt; margin-bottom: 24pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">Re:</FONT></TD><TD><FONT STYLE="font-weight: normal">Form S-3 Registration Statement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have acted as counsel
to Rave Restaurant Group, Inc., a Missouri corporation (the &ldquo;Company&rdquo;), in connection with its filing of a Registration
Statement on Form S-3 (as amended or supplemented, the &ldquo;Registration Statement&rdquo;) with the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) pursuant to the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), relating to the
offering and sale, from time to time, as set forth in the Registration Statement and one or more supplements to the prospectus
contained therein, of up to $5,000,000 aggregate initial offering price of shares of the Company&rsquo;s common stock, $0.01 par
value per share (the &ldquo;Common Stock&rdquo;), to be issued and sold by the Company. This letter is being delivered to you pursuant
to the requirements of Item 601(b)(5) of Regulation S-K in connection with the Registration Statement.</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 0 12pt; text-align: justify; text-indent: 0.5in">In connection with
this opinion, we have examined the Company&rsquo;s Amended and Restated Articles of Incorporation and Amended and Restated By-Laws,
the Registration Statement and such other documents as we have considered appropriate for purposes of this opinion. We have relied,
without independent verification, on certificates of public officials and, as to matters of fact material to our opinion, on certificates
and other inquiries of officers of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have also reviewed
such other matters of law and examined and relied upon such other documents, records and certificates as we have deemed relevant
hereto. In all such examinations we have assumed conformity with the original documents of all documents submitted to us as conformed
or photostatic copies, the authenticity of all documents submitted to us as originals and the genuineness of all signatures on
all documents submitted to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Based on the foregoing,
we are of the opinion that, when (a) the Company has taken all necessary action to authorize and approve the issuance of shares
of its Common Stock, the terms of the offering thereof and related matters, and (b) such shares of the Common Stock have been issued
and delivered against payment therefor in accordance with the terms of an applicable definitive purchase, underwriting or similar
agreement, then such shares of the Common Stock will have been validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We hereby consent
to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to our firm under the caption
&ldquo;Legal Matters&rdquo; in the prospectus constituting part of the Registration Statement. In giving such consent, we do not
hereby admit that we are within the category of persons whose consent is required by the Securities Act or the rules and regulations
of the SEC promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -0.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -0.5in">/s/ MCGUIRE, CRADDOCK &amp; STROTHER,
P.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -0.5in">MCGUIRE, CRADDOCK &amp; STROTHER, P.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">&nbsp;</P>

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>ex231.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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 14pt">&#9;</FONT><FONT STYLE="font-size: 10pt">EXHIBIT
23.1</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Montgomery Coscia Greilich LLP</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.9pt 0 4.5in; text-align: center; text-indent: -4.5in">972.748.0300
p</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.9pt 0 4.5in; text-align: center; text-indent: -4.5in">972.748.0700
f</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Consent of Independent Registered Public
Accounting Firm</U></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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Montgomery Coscia Greilich, LLP consents
to the incorporation by reference in this registration statement of our report dated September 20, 2017, with respect to the consolidated
balance sheets of Rave Restaurant Group, Inc. as of June 25, 2017 and June 26, 2016, and the related consolidated statements of
operations, shareholders&rsquo; equity and cash flows for the years then ended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify"><IMG SRC="image_004.gif" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify">MONTGOMERY COSCIA GREILICH LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify">Plano, Texas</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">October 27, 2017</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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: right"><IMG SRC="image_001.gif" ALT="">&nbsp;</P>



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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">2500 Dallas Parkway, Suite 300, Plano, Texas 75093 | 600 Congress Avenue, Suite 200, Austin, Texas 78701</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_004.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.gif
M1TE&.#EATP$V /<  /______S/__F?__9O__,___ /_,___,S/_,F?_,9O_,
M,__, /^9__^9S/^9F?^99O^9,_^9 /]F__]FS/]FF?]F9O]F,_]F /\S__\S
MS/\SF?\S9O\S,_\S /\ __\ S/\ F?\ 9O\ ,_\  ,S__\S_S,S_F<S_9LS_
M,\S_ ,S,_\S,S,S,F<S,9LS,,\S, ,R9_\R9S,R9F<R99LR9,\R9 ,QF_\QF
MS,QFF<QF9LQF,\QF ,PS_\PSS,PSF<PS9LPS,\PS ,P _\P S,P F<P 9LP
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M,S.9 #-F_S-FS#-FF3-F9C-F,S-F #,S_S,SS#,SF3,S9C,S,S,S #, _S,
MS#, F3, 9C, ,S,   #__P#_S #_F0#_9@#_,P#_  #,_P#,S #,F0#,9@#,
M,P#,  "9_P"9S "9F0"99@"9,P"9  !F_P!FS !FF0!F9@!F,P!F   S_P S
MS  SF0 S9@ S,P S    _P  S   F0  9@  ,P
M
M
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M#:?QN7;3W9V&(PZ&,J2I/0[BT:,)'3G*ZA::K&:"TVJ6RR0:F/&6H&$+^>4
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M6(N?^0!*FLAUYZ,3I&R!(MNZZ4[52+6,Y?A:@[AV"J2]P"4.>!/EFZUF-8$
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6,0(7\I?/_,:;OOG0C[[TIZ^1@   .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.gif
M1TE&.#EA?P ] '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     +     !^ #P AP          ,P  9@  F0  S   _P S   S,P S
M9@ SF0 SS  S_P!F  !F,P!F9@!FF0!FS !F_P"9  "9,P"99@"9F0"9S "9
M_P#,  #,,P#,9@#,F0#,S #,_P#_  #_,P#_9@#_F0#_S #__S,  #, ,S,
M9C, F3, S#, _S,S #,S,S,S9C,SF3,SS#,S_S-F #-F,S-F9C-FF3-FS#-F
M_S.9 #.9,S.99C.9F3.9S#.9_S/, #/,,S/,9C/,F3/,S#/,_S/_ #/_,S/_
M9C/_F3/_S#/__V8  &8 ,V8 9F8 F68 S&8 _V8S &8S,V8S9F8SF68SS&8S
M_V9F &9F,V9F9F9FF69FS&9F_V:9 &:9,V:99F:9F6:9S&:9_V;, &;,,V;,
M9F;,F6;,S&;,_V;_ &;_,V;_9F;_F6;_S&;__YD  )D ,YD 9ID F9D S)D
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M$+GG%6)M8<'>3YNQ=UAS#OT$X4#NG=<0@,$]UI!5:6ED7(0+#7*5@]B(2-]
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JP9Y>Y4\(34_;NIBWM46P.HL)SO,Y-]4:UMV<YSB1Y7($F7^UK_0" @ [

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