Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) shares moved sharply higher Tuesday. The Engelwood, Colorado-based full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere today announced that affiliates of JCP Investment Management, LLC and Jumana Capital, LLC invested an additional $8.3 million into the Company, strengthening its balance sheet and demonstrating their long-term commitment to the strategy and brand. Additionally, the Company announced the appointment of James C. Pappas and Christopher Martin to its Board of Directors pursuant to a cooperation agreement with JCP and Jumana.
Upon Pappas' and Martin's respective appointments, the Board will expand to 10 directors, nine of whom will be independent.
"JCP's and Jumana's additional investments demonstrate their commitment and belief in the future of Red Robin," said Board Chair David A. Pace, "We are pleased to welcome James and Chris to Red Robin's Board of Directors and look forward to their contributions and expertise as we continue to execute on our strategy for the comeback of this beloved brand. James brings significant experience in board roles at restaurant brands in similar phases of revitalization and Chris adds both industry and financial expertise that will be important to our progress."
RRGB shares jumped $1.02, or 19.4%, to $6.28.
