RCI Receives Anticipated Nasdaq Letter

HOUSTON—May 21, 2019—RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has received, as anticipated, a letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying the company of its noncompliance with Listing Rule 5250(c)(1), which requires the timely filing of reports with the SEC. Nasdaq's May 17, 2019 letter was sent as RCI has not yet filed its Form 10-Q for the quarter ended March 31, 2019. RCI intends to regain compliance and file its 10-Q as soon as practicable. Nasdaq's letter has no immediate effect on the listing of RCI common stock on the Nasdaq Stock Market.

Under Nasdaq's rules, the company has until July 16, 2019 to file its 10-Q or submit a plan to regain compliance with continued listing requirements. If Nasdaq accepts the plan, it may grant an exception of up to 180 calendar days from the 10-Q's due date, or up to November 6, 2019, to regain compliance. RCI may regain compliance at any time during the 180-day period upon filing its 10-Q as well as all subsequent required periodic financial reports due within that period. If Nasdaq does not accept the company's plan, RCI will have the opportunity to appeal that decision to a Nasdaq panel.

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 a restaurant and bar 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 restaurant and bar 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