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Classified in: Business
Subject: ACC

RCI Announces Resignation of BDO as Auditor, Files Compliance Plan with Nasdaq, Expects to Report Internal Review Status and Preliminary 2Q19 Results in More Detail Next Week

HOUSTON, July 18, 2019 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced today that BDO USA, LLP informed the company's Board of Directors that effective July 12, 2019 it has resigned as RCI's independent registered public accounting firm. Additional information regarding BDO's resignation is included in a Form 8-K filed today with the Securities and Exchange Commission.

RCI Hospitality Holdings Corporate Logo (PRNewsFoto/RCI Hospitality Holdings, Inc.) (PRNewsfoto/RCI Hospitality Holdings, Inc.)

RCI also announced its search to identify a new independent registered public accounting firm and that it has submitted a plan on July 16, 2019 to The Nasdaq Stock Market detailing plans to regain compliance with Listing Rule 5250(c)(1), as it has not yet filed its Form 10-Q for the quarter ended March 31, 2019, as required. In addition, RCI announced that next week it expects to report on the status of the independent internal review into allegations raised anonymously by articles in forums associated with the short-selling community, and also report preliminary second quarter 2019 financial results in more detail.

If the Nasdaq compliance plan is accepted, Nasdaq may grant RCI an extension of up to 180 calendar days from the 10-Q's due date, or until November 6, 2019, to regain compliance. The company's common stock will continue to trade under its current symbol RICK on Nasdaq pending review of the plan.

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company's actual results to differ materially from those indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company's businesses, risks and uncertainties related to cybersecurity, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

Media & Investor Contacts

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com

SOURCE RCI Hospitality Holdings, Inc.

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