Under the terms of the agreement, Red Robin will receive $23.5 million in cash. The Company intends to use the proceeds from this transaction primarily to pay down outstanding debt while continuing to execute on the priorities outlined in its "First Choice Plan."

The transaction is expected to close in the second half of 2026, subject to customary closing conditions. The Company expects to update guidance following the close of the transaction. Further details are available in the Company's Form 8-K to be filed with the Securities and Exchange Commission.