March 25, 2017 4:02 PM ET

Hotels, Restaurants and Leisure

Company Overview of Ignite Restaurant Group, Inc.

Company Overview

Ignite Restaurant Group, Inc., a diversified restaurant company, operates a portfolio of restaurants under the Joe’s Crab Shack and Brick House Tavern + Tap brands in the United States. Its restaurants offer a range of food and beverages. As of December 28, 2015, the company operated 130 Joe's Crab Shacks and 23 Brick House Tavern + Tap restaurants in 32 states. It also franchises its Joe's Crab Shack brand in Dubai, the United Arab Emirates. The company was formerly known as Joe's Crab Shack Holdings, Inc. and changed its name to Ignite Restaurant Group, Inc. in July 2009. Ignite Restaurant Group, Inc. was founded in 1991 and is headquartered in Houston, Texas.

9900 Westpark Drive

Suite 300

Houston, TX 77063

United States

Founded in 1991

8,800 Employees

Phone:

713-366-7500

Key Executives for Ignite Restaurant Group, Inc.

Chief Executive Officer, President and Director
Age: 64
Total Annual Compensation: $64.9K
Chief Financial Officer and Senior Vice President
Age: 41
Total Annual Compensation: $260.6K
Chief Supply Officer
Age: 61
Total Annual Compensation: $239.0K
Compensation as of Fiscal Year 2015.

Ignite Restaurant Group, Inc. Key Developments

Nasdaq Delists Ignite Restaurant Group

Ignite Restaurant Group Inc. has been dropped from the Nasdaq Stock Market. Nasdaq told Ignite that it was getting delisted and that its common stock was suspended March 14. Ignite could not be immediately reached for comment. The company's stock is eligible for trade in the OTC, or over-the-counter, market, per the filing. Ignite appealed to Nasdaq after receiving notice Jan. 25 that the company's stock could be delisted Feb. 3. Following the hearing, Nasdaq said March 10 the company's shares would be delisted March 14, per the filing.

Ignite Restaurant Group Not In Compliance With Nasdaq Marketplace Rule

As previously disclosed on August 3, 2016, Ignite Restaurant Group, Inc. (Company) received a letter, dated July 28, 2016, from the Listing Qualifications Staff (Staff) of the Nasdaq Stock Market (Nasdaq) notifying the Company that it was no longer in compliance with Nasdaq Marketplace Rule 5450(b)(3)(C) since the market value of its publicly held shares closed below the required minimum of $15,000,000 for the previous 30 consecutive business days. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(D), Nasdaq granted the Company a 180-day period, or until January 24, 2017, to regain compliance. The Company was unable to regain compliance with Rule 5450(b)(2)(C) by January 24, 2017. Accordingly, on January 25, 2017, the Company received a letter from Staff notifying it that the Company’s common stock would be delisted from The Nasdaq Global Select Market on February 3, 2017 unless the Company timely requested a hearing before a Nasdaq Hearings Panel (Panel). The Company intends to appeal the Staff determination by requesting a hearing before the Panel to seek continued listing. In the event of an appeal, the Panel has the discretion to grant the Company up to an additional 180 calendar days from January 25, 2017 to regain compliance. An appeal would also automatically stay any delisting or suspension action pending the issuance of a final decision by the Panel and the expiration of any further extension granted by the Panel. There can be no assurance that the Panel would ultimately grant an extension of the compliance period. Therefore, the Company is considering the various available options if the Panel does not grant such an extension on appeal.

Ignite Restaurant Group, Inc. Appoints Lou Anne Banks as Vice President of Marketing

Ignite Restaurant Group, Inc. announced that Lou Anne Banks joined the company as Vice President of Marketing on October 17, 2016. Lou Anne Banks has more than 20 years of experience leading marketing and public relations for restaurants, retailers and other multi-unit organizations in both corporate and agency environments. She previously served as the Director of Marketing for Bonefish Grill and the Vice President of Marketing for Johnny Rockets. Ms. Banks also served as a senior agency strategist to McDonald's Restaurants, Smokey Bones Bar & Fire Grill, White Castle, Logan's Roadhouse and Firehouse Subs.

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