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RCI Receives Anticipated Nasdaq Letter

HOUSTON—December 23, 2019—RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has received, as anticipated, a letter from the Nasdaq Stock Market notifying the company of its noncompliance with Listing Rule 5250(c)(1) requiring the timely filing of reports with the SEC. Nasdaq's December 19, 2019 letter was sent as RCI has not yet filed its Form 10-K for the year ended September 30, 2019. Nasdaq's letter has no immediate effect on the company's common stock listing.

Under Nasdaq's rules, RCI has until February 17, 2020 to file its 10-K or submit a plan to regain compliance. RCI intends to file its 10-K as soon as practicable. If the company is unable to do so by February 17, 2020, it will submit a compliance plan on or prior to that date. If Nasdaq accepts the plan, the exchange may grant an exception of up to 180 calendar days from the 10-K's due date, or until June 15, 2020. The company may regain compliance at any time prior to that date by filing its 10-K and all subsequent required periodic financial reports that are due within that period. If Nasdaq does not accept RCI's plan, the company can 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, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the company's businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, (vi) our ability to maintain compliance with the filing requirements of the SEC and the Nasdaq Stock Market, and (vii) 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.

Contacts

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com

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