<SEC-DOCUMENT>0001010549-17-000318.txt : 20170815
<SEC-HEADER>0001010549-17-000318.hdr.sgml : 20170815
<ACCEPTANCE-DATETIME>20170815172520
ACCESSION NUMBER:		0001010549-17-000318
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170810
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170815
DATE AS OF CHANGE:		20170815

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12919
		FILM NUMBER:		171034691

	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>8-K
<SEQUENCE>1
<FILENAME>rave8k081517.htm
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>W</B></FONT><B>ashington<FONT STYLE="text-transform: uppercase">,
D.C. 20549</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Date
of Report (Date of earliest event reported): <B>August 10, 2017</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Missouri&#9;0-12919&#9;45-3189287</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(State
or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>3551 Plano Parkway, The Colony, Texas&#9;75056</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(Address
of principal executive offices)&#9;(Zip Code)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Registrant&rsquo;s telephone number, including
area code: <B>(469) 384-5000</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(Former
name or former address, if changed since last report)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.15pt">o</FONT>
<FONT STYLE="letter-spacing: -0.15pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.15pt">o</FONT>
<FONT STYLE="letter-spacing: -0.15pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.15pt">o</FONT>
<FONT STYLE="letter-spacing: -0.15pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.15pt">o</FONT>
<FONT STYLE="letter-spacing: -0.15pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter). Emerging growth company
<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">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 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 3.01</B></TD><TD><B>Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 10, 2017, RAVE
Restaurant Group, Inc. (the &ldquo;Company&rdquo;) received notice from Nasdaq that, based on the Company&rsquo;s most recent Form
10-Q for the fiscal quarter ended December 25, 2016, the Company was 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, the
Company also did not meet the alternative continued listing standards of either (a) market value of listed securities of at least
$35.0 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.</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">Pursuant to Nasdaq rules,
the Company timely submitted a plan to regain compliance which was accepted by Nasdaq. Among other things, the compliance plan
called for the Company to complete a $5.0 million shareholder rights offering for its common stock (the &ldquo;Rights Offering&rdquo;)
by August 9, 2017. Subsequently, the Company spent several weeks engaged in dialogue with certain significant shareholders and
potential third party investors regarding alternative means to satisfy the Company&rsquo;s capital requirements. Ultimately, the
Company determined to proceed with the Rights Offering as originally planned. However, these discussions delayed the commencement
of the Rights Offering. As a result, the Rights Offering was not completed by August 9, 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; text-indent: 0.5in">On August 9, 2017, the
Company advised Nasdaq that it had filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a registration statement
on Form S-3 (Registration No. 333-219483) pertaining to the Rights Offering which had been declared effective. The Company further
advised Nasdaq that a final prospectus and related subscription materials were expected to be transmitted to shareholders imminently
and requested an extension of the time to complete the Rights Offering and regain compliance with Nasdaq continuing listing standards.
However, by letter dated August 10, 2017, Nasdaq staff declined to grant the requested extension and advised that they had determined
to delist the Company from the Nasdaq Capital Market.</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">On August 15, 2017, the
Company timely submitted to Nasdaq a Hearing Request Form appealing the delisting determination. The appeal stays Nasdaq&rsquo;s
delisting of the Company&rsquo;s securities pending the decision of a Hearing Panel. Pursuant to Nasdaq rules, appeal hearings
are typically scheduled, to the extent practicable, within 45 days following submission of a Hearing Request Form.</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">The Company intends to
diligently pursue its appeal to Nasdaq while proceeding with the Rights Offering. However, there can be no assurance that Company&rsquo;s
appeal will be successful or that the Company will be able to evidence compliance within any extension period granted by the Hearing
Panel. If the Company&rsquo;s appeal is denied or it fails to timely regain compliance with Nasdaq&rsquo;s continued listing standards,
the common stock of the Company will be subject to delisting on the Nasdaq Capital Market.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8.01</B></TD><TD STYLE="text-align: justify"><B>Other Events</B></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">On August 10, 2017, the
Company filed with the SEC a final prospectus with respect to the Rights Offering.</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">On August 15, 2017, the
Company issued a press release announcing the commencement of the Rights Offering, a copy of which is attached as Exhibit 99.1
hereto.</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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

<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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</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">99.1&#9;Rave Restaurant Group, Inc. press
release dated August 15, 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; text-indent: 0.5in"><I>This Current Report
on Form&nbsp;8-K contains &ldquo;forward-looking&rdquo; statements within the meaning of Section&nbsp;27A of the Securities Act
of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934, including statements related to the Company&rsquo;s ability
to regain compliance with Nasdaq&rsquo;s continued listing standards.&nbsp; These forward-looking statements are based on current
expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements
involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework
and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the
control of the Company. Although the Company believes the assumptions underlying these forward-looking statements are reasonable,
any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove
to be correct. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information
should not be regarded as a representation that the objectives and plans of the Company will be achieved.</I></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>SIGNATURES</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">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 63%; padding-right: 5.4pt; padding-left: 32.1pt; text-align: justify"><FONT STYLE="font-size: 10pt">RAVE RESTAURANT GROUP, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;August 15, 2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>/s/ TIMOTHY E. MULLANY&#9;&#9;&#9;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Timothy E. Mullany,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>


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<TYPE>EX-99
<SEQUENCE>2
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<DESCRIPTION>PRESS RELEASE
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">August 15, 2017</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RAVE Restaurant Group, Inc. Announces
Equity Rights Offering</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>$5 million of new funding targeted</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Dallas, Texas &ndash; </B>RAVE Restaurant Group, Inc. (NASDAQ:RAVE)
today announced the commencement of a $5 million registered rights offering for shares of its common stock. Shareholders are being
distributed one right for each share of common stock owned on August 1, 2017. Each right entitles the shareholder to purchase 0.3351393
shares of the Company&rsquo;s common stock at a subscription price of $1.40 per share. The rights offering also includes an over-subscription
right entitling shareholders who exercise all of their basic subscription rights to purchase additional shares of the common stock
not purchased by other rights holders.</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">The rights are currently exercisable and will expire if not exercised
by 5:00 p.m., Dallas, Texas time, on September 8, 2017. However, the Company may extend the period for exercising the rights for
up to 30 days in its sole discretion. To exercise rights, shareholders must submit completed subscription documents before the
expiration date. Rights that are not exercised by the expiration date will expire and have no value.</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">Securities Transfer Corporation has been appointed as subscription
agent and escrow agent for the rights offering. Completed subscription documents and payments should be submitted to the subscription
agent by mail, hand delivery or overnight courier to:</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">Securities Transfer Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2901 North Dallas Parkway, Suite 380</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Plano, Texas 75093</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">The subscription agent&rsquo;s telephone number is (469) 633-0101.</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">The terms of the rights offering are more fully described in the
final prospectus filed with the Securities and Exchange Commission on August 10, 2017, and being distributed to shareholders by
the subscription agent. A copy of the final prospectus may also be obtained from the subscription agent at the address or telephone
above, or from the Company at 3551 Plano Parkway, The Colony, Texas 75056, Attention: Timothy E. Mullany, telephone number (469)
384-5000.</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">The Company intends to use the net proceeds of the rights offering
to repay indebtedness, fund continued restaurant development activity and provide working capital for general corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This press release does not constitute an offer to sell or the solicitation
of an offer to buy shares of the Company&rsquo;s common stock, nor shall there be any sale of these securities in any state in
which such offering, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws
of such state or jurisdiction. The rights offering will be made only by means of a prospectus, copies of which are being mailed
to eligible shareholders. Investors should consider the Company&rsquo;s objectives and risks carefully before investing.</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Note Regarding Forward Looking Statements</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Certain statements in this press release,
other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based
on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking
statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory
framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond
the control of RAVE Restaurant Group, Inc. Although the assumptions underlying these forward-looking statements are believed to
be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements
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 that the objectives and plans of RAVE Restaurant Group, Inc. will
be achieved.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>About RAVE Restaurant Group, Inc.</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Founded in 1958, Dallas-based RAVE Restaurant Group [NASDAQ:
RAVE] owns, operates and franchises more than 300 Pie Five Pizza Co. and Pizza Inn restaurants domestically and internationally.
Pie Five Pizza Co. is a leader in the rapidly growing fast-casual pizza space offering made-to-order pizzas ready in under five
minutes. Pizza Inn is an international chain featuring freshly made pizzas, along with salads, pastas, and desserts. The Company&rsquo;s
common stock is listed on the Nasdaq Capital Market under the symbol &ldquo;RAVE&rdquo;. For more information, please visit www.raverg.com.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investor Relations</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">469-384-5000</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



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