Item 8.01 Other Events.
As previously disclosed, on October 15, 2019, Diversified Restaurant Holdings,
Inc., a Nevada corporation (the "Company"), received a written notice from the
Listing Qualifications Department of The Nasdaq Stock Market (the "Department")
stating that, due to the Company's continued non-compliance with Nasdaq Listing
Rule 5550(b)(2), which requires the market value of the Company's listed
securities to be at least $35 million, the Department had determined to delist
the Company's securities from The Nasdaq Stock Market ("Nasdaq") unless the
Company timely requested a hearing before a Hearings Panel ("Panel"). The
Company timely requested a hearing before the Panel, which took place on
November 21, 2019. On November 29, 2019, the Company received a written decision
from Nasdaq stating that the Panel had determined to grant the Company's request
for the continued listing of its securities on Nasdaq.
This decision is conditioned upon the Company completing, by February 28, 2020,
the proposed merger (the "Merger") contemplated by the Agreement and Plan of
Merger, dated November 6, 2019, among Patton Wings Intermediate Holdings, LLC, a
Delaware limited liability company ("Parent"), and Golden Merger Sub, Inc., a
Nevada corporation and a wholly owned subsidiary of Parent, and the Company. The
details of the Merger were previously disclosed in the Company's Form 8-K filed
on November 6, 2019 and Proxy Statement filed on November 25, 2019.
As previously disclosed, on June 6, 2019, the Company received a notice from the
Department stating that, for the prior 30 consecutive business days, the closing
bid price of the Company's listed securities had been below the minimum of $1.00
per share required for continued inclusion on Nasdaq under Nasdaq Listing Rule
5550(a)(2) (the "Rule"). The notification letter stated that the Company would
be afforded 180 calendar days to regain compliance with the Rule. On November
20, 2019, the Company received a written notice from Nasdaq stating that the
Company regained compliance with the Rule, as the Company's common stock, for 10
consecutive business days, from November 6 through November 19, 2019, maintained
a closing bid price of $1.00 or greater.
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DIVERSIFIED RESTAURANT HOLDINGS, INC. 
