RCI Receives Nasdaq Acceptance of Plan to Regain Compliance

HOUSTON—September 10, 2019—RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced the Listing Qualifications Department of the Nasdaq Stock Market has accepted the company's plan to regain compliance with Rule 5250(c)(1).

As previously announced, RCI received letters from Nasdaq notifying the company of its noncompliance with the rule because RCI had not filed its Form 10-Qs for the second quarter ended March 31, 2019 and the third quarter ended June 30, 2019. In response, the company submitted and updated a compliance plan to Nasdaq. Nasdaq's acceptance of the plan gives RCI an extension of 180 calendar days from the second quarter 10-Q due date, or by November 6, 2019, to regain compliance.

RCI intends to file its 10-Qs and regain compliance as soon as practicable prior to that date now that it has had a new independent registered public accounting firm in place since August 12, 2019. The company's common stock continues to trade under its symbol RICK on Nasdaq.

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 an adult 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 adult entertainment 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