SCHEDULE: Jumana Capital Exits Denny's Stake

Jumana Capital Investments LLC and Christopher Martin have fully divested their beneficial ownership in Denny's Corp, selling over 4.5 million shares and closing out call options.

Summary

• Jumana Capital Investments LLC and Christopher Martin no longer beneficially own any shares of Denny's Corp.
• As of November 7, 2025, they ceased to be beneficial owners of more than 5% of the outstanding shares.
• Transactions on November 7, 2025, included the sale of 4,524,905 shares of common stock at a weighted average price of $6.1324 per share, with a price range of $6.1163 to $6.1515.
• They also sold 500 February 2026 call options with a $5.00 strike price at $1.2000 per security, eliminating their exposure to these options.
• Purchases were made to cover short put option positions: 206 February 2026 put options ($5.00 strike) at $0.0500 and 2,011 May 2026 put options ($5.00 strike) at $0.1000.
• Following these transactions, Jumana Capital retains a short position with respect to 99,400 February 2026 put options and 1,948,900 May 2026 put options, both with a $5.00 strike price.

Sentiment

Score: 3

Explanation: The complete divestment of common stock by a major beneficial owner, coupled with the retention of substantial short put option positions, indicates a negative sentiment from the reporting persons towards Denny's Corp's future stock performance.

Positives

• Jumana Capital Investments LLC successfully divested its entire beneficial ownership in Denny's Corp.
• The sale of 4,524,905 common shares occurred at a weighted average price of $6.1324, potentially realizing capital for the reporting persons.
• Jumana Capital closed out its exposure to 50,000 exchange-listed call options.

Negatives

• The complete divestment by Jumana Capital Investments LLC could be interpreted as a loss of institutional confidence in Denny's Corp by the reporting persons.
• Jumana Capital still retains significant short put option positions referencing 99,400 shares expiring February 2026 and 1,948,900 shares expiring May 2026, indicating a continued bearish outlook on the stock price by the reporting persons.

Risks

• Jumana Capital Investments LLC remains exposed to potential losses from its short put option positions referencing 99,400 shares (February 2026 expiration) and 1,948,900 shares (May 2026 expiration) if Denny's Corp's stock price falls below the $5.00 strike price.

Future Outlook

Jumana Capital Investments LLC maintains a significant short position in Denny's Corp put options, suggesting a continued expectation of the stock price potentially declining below the $5.00 strike price by their respective expiration dates in February and May 2026.

Management Comments

• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct." Christopher R. Martin, Manager of Jumana Capital Investments LLC.

Industry Context

The divestment by Jumana Capital Investments LLC represents a significant change in the institutional ownership landscape for Denny's Corp, potentially signaling a shift in investor sentiment from a notable shareholder.

Stakeholder Impact

• Shareholders: The divestment by a significant investor could lead to negative market sentiment and potential downward pressure on the stock price.
• Management: May face increased scrutiny regarding the company's performance and strategy following a major investor's exit.

Next Steps

• Jumana Capital Investments LLC will need to manage its remaining short put option positions expiring in February and May 2026.

Key Dates

Recommendation

The complete divestment of common stock by a significant beneficial owner, Jumana Capital Investments LLC, combined with their continued holding of substantial short put option positions, signals a strong bearish outlook from a sophisticated investor. This action suggests a lack of confidence in Denny's Corp's future stock performance, making a "sell" recommendation prudent for investors considering the potential for negative market reaction and further downside risk.

Keywords

Denny's Corp, Jumana Capital Investments, Schedule 13D, beneficial ownership, stock sale, call options, put options, divestment, institutional investor