RAVE RESTAURANT GROUP, INC.

Rave Restaurant Group, Inc. operates and franchises pizza restaurants under the Pizza Inn and Pie Five brands. The company franchises Pizza Inn restaurants, which include pizza buffet ("Buffet Units"), delivery/carry-out ("Delco Units"), express restaurants ("Express Units"), and ghost kitchens ("Pizza Inn Ghost Kitchen Units"). It also licenses Pizza Inn Express, or PIE, kiosks ("PIE Units"). Under the Pie Five brand, the company franchises fast casual pizza restaurants ("Pie Five Units") and ghost kitchens ("Pie Five Ghost Kitchen Units"). Rave Restaurant Group facilitates food, equipment, and supply distribution to its domestic and international restaurant system through agreements with third-party distributors. As of June 29, 2025, the company had 117 franchised Pizza Inn restaurants, 17 franchised Pie Five Units, and one licensed PIE Unit. The 95 domestic franchised Pizza Inn restaurants consisted of 79 Buffet Units, five Delco Units, 10 Express Units, and one Pizza Inn Ghost Kitchen Unit. As of the same date, there were 22 international franchised Pizza Inn restaurants. Domestic Pizza Inn restaurants and kiosks are primarily located in the southern United States, with Texas, North Carolina, Arkansas, and Mississippi representing approximately 20%, 19%, 10%, and 10%, respectively, of the total domestic units. The first Pizza Inn restaurant opened in Dallas, Texas, in 1958, and the company began franchising internationally in the late 1970s. The first Pie Five restaurant opened in Ft. Worth, Texas, in June 2011.