RAVE stock surged up to 500% in the pre-market on Wednesday, a day after the company announced two new executives to fuel franchise development.
RAVE Restaurant Group Inc. (RAVE) traded almost 500% in the pre-market on Wednesday morning at $3.07. RAVE made a sudden move in the pre-market as the stock had ended Tuesday’s regular trading session at $0.51.
The current surge in the stock was followed by RAVE’s announcement of two newly appointed executives to speed up the company’s progress. RAVE has hired Darren Webb and Dion Firooznia as the new executives and they will be serving Pizza Inn and Pie Five Pizza, two of the RAVE’s biggest restaurant chains.
Darren Webb will be working as the director of development for RAVE supporting both Pizza Inn and Pie Five, and Firooznia will work as the consultant for Pizza Inn.
The CEO of RAVE, Mike Burns commented that Darren and Dion will add their expertise and continue the momentum that they have built. These two executives will focus on the development in the Carolinas, which is a core aspect of expansion for Pizza Inn and where both the executives are based. Mike added:
“The addition of these positions is an investment in the future of RAVE, and I’m excited to add dedicated resources for our franchisees.”
Darren and Dion have a great track record in developing well-known brands and both of them have worked together on previous occasions, which is an advantage for them to work with the same chemistry and help the franchise thrive.
Moreover, Pizza Inn recently collaborated with RetialStack as its official point of sale provider. RetailStack offers different solutions in various areas of the restaurant for creating an efficient ecosystem with reliable customer support.
The company’s executive team and Leadership Council decided RetailStack for its innovative pipeline and support its development process for future integrations. RetailStack’s POS platform will help Pizza Inn to instantly respond to changes in technology, product offerings and the overall business climate.
RAVE is shaping up its franchises to synchronize with modern technology and this latest collaboration with RetailStack and appointment of two new executives is the beginning of a new phase of future development.
The recent developments of the company reflect its long-term progress and the recent price surge is a major sign of it. The massive surge in the pre-market marks RAVE to break an 11-month high record. In the last one year, the stock has been trading in a range of $0.38- $2.85.
As of 11:56 A.M. EDT, RAVE Restaurant Group, Inc. (RAVE) was surging at a rate of 147% trading at $1.27.