Adam Wyden

Orchid Wealth

Scott Buck

- On **October 1, 2025**, RCI Hospitality Holdings, Inc. completed debt modification transactions and issued new 12% unsecured promissory notes.  **[935419_0001628280-25-044498_rick-20251001.htm:1]** 
- The company extended the maturity dates for **$2,800,000** in existing unsecured promissory notes from seven investors and for an additional **$250,000** from two investors, which also included a principal increase.  **[935419_0001628280-25-044498_rick-20251001.htm:1]** 
- Additionally, RCI Hospitality Holdings, Inc. issued **$3,000,000** in new 12% unsecured promissory notes to three new investors, raising a total of **$3,250,000** in new debt financing.  **[935419_0001628280-25-044498_rick-20251001.htm:1]** 
- All new and amended notes are Series A 12% Unsecured Promissory Notes, bearing a **12% annual interest rate**, with interest-only payments monthly in arrears and a final lump sum principal payment due on **October 1, 2028**.  **[935419_0001628280-25-044498_seriesapromissorynote-form.htm:0]** **[935419_0001628280-25-044498_rick-20251001.htm:1]** **[935419_0001628280-25-044498_seriesapromissorynote-form.htm:1]**

RCI Hospitality Holdings, Inc. Issues New 12% Unsecured Promissory Notes and Modifies Existing Debt

- **RCI Hospitality Holdings, Inc.**, its **Chief Executive Officer Eric Langan**, **Chief Financial Officer Bradley Chhay**, three employees, and three New York City clubs were **indicted on September 16, 2025**, in New York on state charges.  **[935419_0001628280-25-042175_rick-xstatementregardingny.htm:0]** **[935419_0001628280-25-042175_rick-20250916.htm:1]** 
- The indictment alleges **conspiracy, bribery, criminal tax fraud, and offering a false instrument for filing**, specifically related to the non-payment of sales taxes and bribery of a state sales tax auditor.  **[935419_0001628280-25-042175_rick-xstatementregardingny.htm:0]** **[935419_0001628280-25-042175_rick-20250916.htm:1]** 
- The company and the individuals involved **deny the allegations** and plan to **vigorously defend themselves** against the charges.  **[935419_0001628280-25-042175_rick-xstatementregardingny.htm:0]** **[935419_0001628280-25-042175_rick-20250916.htm:1]** 
- The three New York City clubs involved, **Rick's Cabaret, Vivid Cabaret, and Hoops Cabaret and Sports Bar**, remain open for business.  **[935419_0001628280-25-042175_rick-xstatementregardingny.htm:0]** **[935419_0001628280-25-042175_rick-20250916.htm:1]**

RCI Hospitality Holdings, Inc. and Executives Indicted on Tax and Bribery Charges

- On **September 16, 2025**, RCI Hospitality Holdings, Inc. (RICK) shares **declined almost 16%** after the New York Attorney General (NYAG) filed a Grand Jury indictment.  **[935419_20250917SF76215:0]** 
- The indictment accuses RCI, CEO **Eric Langan**, CFO **Bradley Chhay**, and others of **bribery, conspiracy, and criminal tax fraud**.  **[935419_20250917SF76215:0]** 
- These charges stem from an alleged scheme to bribe a government tax auditor to avoid sales tax assessments for RCI's New York strip clubs.  **[935419_20250917SF76215:0]** 
- Shareholder rights firm Hagens Berman has opened an investigation into whether RCI misled investors about its adherence to laws, internal controls, and accounting rules.  **[935419_20250917SF76215:0]**

RCI HOSPITALITY HOLDINGS (RICK)