Activist investor Galloway Capital Partners buys 6.01% of Noodles & Company

Core Insights - Galloway Capital Partners has acquired 6.01% of outstanding shares in Noodles & Company, indicating an activist-investor approach aimed at enhancing shareholder value [1][2] - The average purchase price for the shares was approximately 71.5 cents, with the firm asserting that Noodles' share price is undervalued and management needs to take action to protect equity value [2] - Noodles & Company is currently facing compliance issues with the Nasdaq Stock Exchange due to its share price being 70 cents, which is below the required minimum of $1 [3] Shareholder Engagement - Galloway intends to engage with Noodles & Company's board and management on various issues, including share performance, operations, governance, and potential changes to the board of directors [2] - The firm is also focused on capital allocation policies and overall strategy to improve shareholder value [2] Strategic Actions - Noodles & Company has hired Piper Sandler to explore options for maximizing shareholder value, which may include a potential sale of the company [3] - The company has announced retention bonuses for key executives in the event of a sale, indicating a strategic move to retain leadership during this transitional phase [4]