Nicholas Perkins entered into an agreement to acquire Fuddruckers Franchise Business of Luby's, Inc. (NYSE:LUB) for $18.5 million on June 17, 2021. It is currently anticipated the Fuddruckers franchise brand sale transaction could provide Luby's, Inc. with approximately $18.5 million of value (most of which will be derived from the purchaser's issuance of a note to Luby's and assumption of certain liabilities). The acquisition encompasses the master ownership of the Fuddruckers brand worldwide (excluding the Middle East, Africa, and Asia). In a related transaction, Luby's, Inc. has now also completed the transfer of operations for all five additional company owned Fuddruckers locations to affiliates of Nicholas Perkins at Tempe, AZ, Kansas City, KS, St. Louis, MO, MacGregor, Houston, TX, and Creekside, Tomball, TX. Luby's is also in advanced discussions to complete a sale/franchise of an additional, 14th, Fuddruckers Company owned store to Nicholas Perkins, who will continue to run that store as a Fuddruckers franchise. The agreement between Luby's and the purchaser is subject to normal and customary conditions for transactions of this nature. The transaction is not subject to a financing contingency. The parties currently anticipate the transaction will close within the next ninety days. The Special Committee of the Board of Luby's is being advised by Gibson, Dunn & Crutcher LLP on legal matters and Brookwood Associates on financial matters. Luby's is also being advised by George J. Vlahakos and Jon W. Daly of Sidley Austin LLP on legal transaction matters. The purchaser is being advised by Gebhardt & Smith LLP on legal matters and Intyllus Advisors LLC on financial matters.