SCHEDULE: Corbel Capital Partners Discloses 9.9999% Stake in Noble Romans Inc.

Corbel Capital Partners and its affiliates have disclosed a beneficial ownership of 9.9999% in Noble Romans Inc. common stock, primarily through warrants, subject to a 9.9999% ownership blocker.

Summary

• Corbel Capital Partners SBIC, L.P., Corbel Capital Advisors SBIC, LLC, Jeffrey B. Schwartz, and Jeffrey S. Serota (collectively, the "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in Noble Romans Inc.
• The Reporting Persons collectively hold warrants to purchase an aggregate of 3,000,000 shares of Noble Romans Inc. Common Stock.
• Their beneficial ownership represents 9.9999% of the outstanding Common Stock, calculated based on 22,215,512 shares outstanding as of June 20, 2025.
• The warrants are subject to a "Warrant Blocker" which prevents the Reporting Persons from exercising them to the extent that their beneficial ownership would exceed 9.9999% of the outstanding shares.
• Due to the Warrant Blocker, the Reporting Persons are not currently able to exercise all 3,000,000 warrants and do not currently beneficially own all of these shares.
• The Warrant Blocker percentage may be increased or decreased by Corbel Capital Partners upon 61 days' notice.
• The securities were not acquired or held for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The disclosure of a significant stake by an institutional investor like Corbel Capital Partners, even with a warrant blocker, generally indicates a positive view on the company's long-term prospects. While the blocker limits immediate full ownership, the underlying investment in warrants suggests a belief in future appreciation.

Positives

• A significant institutional investor, Corbel Capital Partners, has taken a substantial stake in Noble Romans Inc., indicating a potential vote of confidence in the company's future.
• The investment is structured through warrants, which could provide future capital to the company upon exercise, or represent a long-term bullish view.

Negatives

• The 9.9999% "Warrant Blocker" limits the immediate full exercise of the 3,000,000 warrants, meaning the Reporting Persons do not currently beneficially own all the shares underlying the warrants.
• The inability to fully exercise the warrants immediately could limit the Reporting Persons' direct influence or full participation in potential upside from the entire warrant position.

Risks

• The "Warrant Blocker" restricts the Reporting Persons from exercising warrants if it would result in beneficial ownership exceeding 9.9999% of outstanding shares, potentially limiting their ability to fully convert their investment into common stock.
• The value of the warrants is dependent on the future stock price of Noble Romans Inc.

Future Outlook

The filing does not provide specific forward-looking statements or guidance from Noble Romans Inc. or the Reporting Persons regarding the company's future performance or strategic direction, beyond the potential future exercise of warrants.

Industry Context

This filing indicates an institutional investor's strategic interest in Noble Romans Inc., a company operating in the restaurant or food service industry. Such investments can signal confidence in the company's business model or growth prospects within its sector, potentially attracting further investor attention.

Comparison to Industry Standards

• This filing is a standard Schedule 13G disclosure of beneficial ownership, which is a common regulatory requirement for investors acquiring significant stakes.
• Without specific financial performance data or strategic initiatives from Noble Romans Inc. within this filing, a direct comparison to industry-specific benchmarks or comparable companies (e.g., Papa John's International, Domino's Pizza, or other regional pizza chains) regarding operational results or market share is not possible.
• The investment itself, however, represents a significant stake for an institutional investor in a company of Noble Romans Inc.'s size.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may be viewed positively, potentially increasing investor confidence and attracting further investment interest.
• Company Management: Awareness of a significant institutional investor holding warrants may influence strategic decisions or capital allocation.

Next Steps

• The filing indicates that the 'Warrant Blocker' percentage may be increased or decreased by Corbel Capital Partners upon 61 days' notice, suggesting potential future adjustments to their beneficial ownership.

Key Dates

Recommendation

The filing indicates a significant institutional investment in Noble Romans Inc. through warrants, suggesting a long-term positive outlook from Corbel Capital Partners. However, as a Schedule 13G, it does not provide financial performance data or strategic updates from the company itself. While the institutional interest is a positive signal, a 'hold' recommendation is appropriate given the lack of direct operational or financial insights within this specific filing to warrant a 'buy' or 'strong buy' without further analysis of the company's fundamentals.

Keywords

Noble Romans Inc., Corbel Capital Partners, Schedule 13G, Beneficial Ownership, Warrants, Common Stock, SEC Filing, Institutional Investor, Equity Stake, Warrant Blocker