Red Robin Gets $8.3M Investment From Jumana Capital, JCP

Dow Jones

2024-12-03

By Chris Wack

Red Robin Gourmet Burgers shares rose after the company said that affiliates of JCP Investment Management and Jumana Capital invested an additional $8.3 million into the company.

Shares were up 12% to $5.88 in recent trading. The stock is down more than 53% this year.

The full-service restaurant chain said the investment will strengthen its balance sheet and demonstrating the companies' long-term commitment to the strategy and brand.

James C. Pappas and Christopher Martin were appointed to Red Robin's board of directors under a cooperation agreement with JCP and Jumana. The board will be expanded to ten directors, nine of whom will be independent.

Pappas and Martin will be nominated by the board to stand for election for a full term at the Englewood, Colo., company's 2025 annual stockholders meeting.

The proceeds from the private placement will be used to repay indebtedness and for general corporate expenses.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 03, 2024 10:49 ET (15:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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