More Problems at RCI Hospitality Holdings (RICK)

Two years ago, The Bear Cave published on RCI Hospitality Holdings (NASDAQ: RICK — $427 million), an owner and operator of dozens of gentleman clubs throughout the country that tried to expand into restaurants and NFTs. At the time, The Bear Cave wrote, “[the company’s] new ventures may be more bark than bite and the company’s main business faces allegations of illegal behavior.”

Since then, the company’s restaurant concept has struggled, the company’s NFT project has sputtered, the core business has faced rougher regulation, and shares have fallen ~20%.

Today’s special investigation is our shortest ever. The primary evidence is one photo taken from a public sidewalk last night: