INDIANAPOLIS, IN / ACCESS Newswire / April 15, 2025 / Noble Roman's, Inc. (OTCQB:NROM), the Indianapolis based franchisor and licensor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub, announced today that the company and Corbel Capital Partners have entered into an agreement to extend the company's senior lending facility to June 30, 2026. Within the current economic environment, the company recognizes it is in the best interest of all equity stakeholders to assertively and deliberately pursue the best possible terms for the new financing of the company's debt. The company continues to remain in contact with interested parties and is pursuing multiple avenues for the new financing.

This extension lowered the company's interest costs to SOFR +9.0% but with no PIK interest. Prior to this extension, the company paid interest of SOFR +7.75% plus accrued 3% PIK interest, where the PIK interest was added to the principal balance of the senior note and increased the principal amount on which successive months' interest was calculated. Previous to this extension, the company was making monthly principal payments in the amount of $83,333; with this extension, the deferred closing cost for the previous extension has been added to the principal balance, and the new monthly principal payments will be $91,667. The company paid an extension fee for this longer-term extension in the amount of approximately $66,000 at closing.

As part of this longer-term extension, the company extended the exercise period for Corbel's existing warrant to February 2030 and reduced the exercise price from $0.30 per share to $0.10 per share plus issued to Corbel a new warrant to purchase up to 750,000 shares of the company's common stock. Only if the company has not redeemed Corbel's senior note by August 14, 2025, the company will issue an additional warrant to purchase up to 500,000 shares of common stock on August 14, 2025. For any month Corbel's senior note remains outstanding after August 14, 2025, the company will issue an additional warrant to purchase up to 250,000 shares of common stock.

The foregoing description of the extension amendment to the company's Senior Secured Promissory Note and Warrant Purchase Agreement, dated as of February 7, 2020 and previously amended, do not purport to be complete and are qualified in their entirety by reference to the full text of the amendment and the new warrant which will be filed as exhibits with the company's Form 10-Q for the quarter ended June 30, 2025. The statements contained in this press release concerning the company's future revenues, profitability, financial resources, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those indicated by the forward-looking statements due to risks and uncertainties that exist in the company's operations and business environment, including, but not limited to the ability of franchisees to timely prepare their units for scheduled openings, the company's ability to maintain adequate staff for new openings, competitive factors and pricing and cost pressures, non-renewal of franchise agreements or the openings contemplated in development agreements not occurring, shifts in market demand, the success of franchise programs, including the Noble Roman's Craft Pizza & Pub format, general economic conditions, changes in demand for the company's products or franchises, the company's ability to service and refinance its loans, the impact of franchise regulation, the success or failure of individual franchisees and inflation, other changes in prices or supplies of food ingredients and labor and, as well as the factors discussed under "Risk Factors" contained in this company's Annual Report on Form 10-K for the year ended December 31, 2023. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. If activist stockholder activities ensue, the company's business could be adversely impacted.

FOR ADDITIONAL INFORMATION, CONTACT:
For Media Information: Scott Mobley, President & CEO (smobley@nobleromans.com)
For Investor Relations: Paul Mobley, Executive Chairman (pmobley@nobleromans.com)
Mike Cole, Investor Relations: 949-444-1341 (mike.cole@armaadvisoryservices.com)

SOURCE: Noble Romans, Inc.