Core Insights - Ace River Capital reported a Q4 2025 fund return of -4.55%, underperforming the S&P 500's +2.7% and the Russell 2000's +2.2% [1] - For the full year 2025, the fund's return was -21.95%, while the S&P 500 and Russell 2000 returned +18.0% and +12.8%, respectively [1] - The firm attributed its poor performance to valuation pressures and unique events affecting its concentrated portfolio of small- and micro-cap businesses [1] Company Focus: RCI Hospitality Holdings, Inc. - RCI Hospitality Holdings, Inc. (NASDAQ:RICK) is a hospitality company operating clubs and restaurants, with a market capitalization of $205.716 million [2] - As of February 9, 2026, RCI Hospitality's stock closed at $23.59 per share, reflecting a one-month return of -9.02% and a twelve-month decline of 54.05% [2] - The stock experienced a significant decline of approximately 25% in Q4 2025 due to bribery and tax-related charges filed against its executives, leading to legal and governance uncertainties [3]

Core Viewpoint - RCI Hospitality Holdings, Inc. has received a notification from Nasdaq regarding its noncompliance with the timely filing of its Form 10-K for the year ended September 30, 2025, but this does not immediately affect its common stock listing [1]. Group 1: Compliance and Filing - RCI has until March 31, 2026, to file its 10-K or submit a compliance plan to regain compliance with Nasdaq rules [2]. - The company intends to file its 10-K as soon as possible and will submit a compliance plan if unable to meet the deadline [2]. - If Nasdaq accepts the compliance plan, the company may receive an extension of up to 180 calendar days, allowing compliance until June 29, 2026 [2]. Group 2: Appeal Process - Should Nasdaq not accept RCI's compliance plan, the company has the option to appeal the decision to a Nasdaq panel [2].

Financial Performance - RCI Hospitality Holdings, Inc. reported sales at nightclubs and restaurants for the first fiscal quarter ended December 31, 2025[4]. - The report does not include specific financial figures or performance metrics in the provided content[4]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[3]. Stock Information - The common stock of RCI Hospitality Holdings is traded under the symbol RICK on the Nasdaq Global Market[2]. Press Release - The press release detailing financial results was issued on January 13, 2026[4].

United States Securities and Exchange Commission Washington, D.C. 20549 RCI HOSPITALITY HOLDINGS, INC. FORM 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 (Exact Name of Registrant as Specified in Its Charter) Texas 001-13992 76-0458229 (State or Other Jurisdiction of Incorporation) Date of Report (Date of earliest event reported): October 9, 2025 (Commission File Number) (IRS Employer Identification No.) 10737 Cutten Road Houston, Texas 77066 (Address of Principal ...

Core Viewpoint - RCI Hospitality Holdings Inc. is undergoing significant management changes amid ongoing legal and regulatory challenges, including a recent $30 million stock buyback from a major shareholder [1][3]. Management Changes - CEO Eric Langan and CFO Bradley Chhay are stepping down, with Travis Reese and Albert Molina appointed as interim CEO and CFO, respectively [2]. - Langan will remain on the board, while Chhay will continue to be employed by the company [2]. Stock Buyback Details - The company announced a $30 million stock buyback to acquire 821,000 shares from hedge fund ADW Capital Partners at a 50% premium, paying $36.54 per share compared to the current market price of $24.36 [3][4]. - The buyback includes $8 million in cash and $22 million in two-year seller financing at 12% [4]. Legal Issues - RCI Hospitality and five executives face indictments for multi-million dollar tax fraud and bribery, including allegations of bribing a New York state tax auditor to evade over $8 million in sales taxes [6]. - The company has experienced significant scrutiny, including a destructive fire at one of its nightclub locations and raids at its offices [6]. Stock Performance - The stock has declined 74.52% since its all-time high in January 2023, with a year-to-date decline of 57.61% amid increasing legal concerns [6]. - Following the management change announcement, shares fell by 1.10%, closing at $24.36 [6].

Core Viewpoint - RCI Hospitality Holdings, Inc. has announced a leadership change with Travis Reese appointed as Interim President and CEO and Albert Molina as Interim CFO following the resignation of Eric Langan and Bradley Chhay [1] Group 1: Leadership Changes - Travis Reese has been named Interim President and CEO of RCI Hospitality Holdings, Inc. [1] - Albert Molina has been appointed as Interim CFO [1] - Eric Langan has stepped down from his roles as President and CEO, while Bradley Chhay has resigned as CFO [1] Group 2: Continued Involvement of Former Executives - Eric Langan will remain on the board and continue to be employed by the company, providing advice on strategic corporate transactions [1] - Langan's focus will include identifying potential acquisition targets and negotiating related deals [1]

Core Points - RCI Hospitality Holdings, Inc. has acquired 821,000 shares from ADW Capital Partners for $30.0 million, translating to $36.54 per share, with $8.0 million in cash and $22.0 million in seller financing at 12% [1] - The acquisition reduces RCI's share count by approximately 9.5%, bringing the total outstanding shares to about 7,850,000 [4] - The transaction aligns with RCI's Capital Allocation Plan, aiming to reduce shares to 7.5 million by fiscal year 2030, and is expected to be accretive to free cash flow per share from day one [4] Company Overview - RCI Hospitality Holdings, Inc. operates over 60 locations and is a leading company in adult nightclubs and sports bars/restaurants in the United States [2]

Core Viewpoint - A class action securities lawsuit has been filed against RCI Hospitality Holdings, Inc. alleging securities fraud affecting investors between December 15, 2021, and September 16, 2025 [1][2]. Group 1: Lawsuit Details - The lawsuit claims that the defendants engaged in tax fraud and bribery to conceal this fraud, leading to an understatement of the legal risks faced by the company [3]. - It is alleged that the defendants' statements regarding the company's business, operations, and prospects were materially false and misleading [3]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until November 20, 2025, to request to be appointed as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [4]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [4]. Group 3: Legal Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [5].

Core Viewpoint - RCI Hospitality Holdings, Inc. is facing a class action lawsuit due to allegations of tax fraud and bribery, which resulted in misleading statements about the company's business and legal risks [1][2]. Summary by Sections Allegations - The lawsuit claims that during the class period from December 15, 2021, to September 16, 2025, the defendants engaged in tax fraud and bribery to conceal this fraud [1]. - It is alleged that the defendants understated the legal risks facing the company, leading to materially false and misleading statements regarding its business operations and prospects [1]. Class Action Details - Shareholders who purchased RCI Hospitality shares during the specified class period are encouraged to register for the class action, with a deadline set for November 20, 2025 [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle [2]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased RCI Hospitality Holdings, Inc. securities between December 15, 2021, and September 16, 2025, of the upcoming lead plaintiff deadline for a securities class action lawsuit [1]. Group 1: Class Action Details - Investors who purchased RCI Hospitality securities during the specified Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by November 20, 2025 [3]. - The lawsuit alleges that defendants made materially false and misleading statements regarding tax fraud and bribery, which understated the legal risks facing RCI Hospitality [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions, highlighting its own achievements, including the largest securities class action settlement against a Chinese company [4]. - The firm has been ranked No. 1 for securities class action settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions of dollars for investors [4]. - In 2019, the firm secured over $438 million for investors, showcasing its capability in handling such cases [4].