Diveroli Investment Group Files Schedule 13D, Endorses Strategic Turnaround Path for Noodles & Company

MIAMI, FL / ACCESS Newswire / December 4, 2025 / Diveroli Investment Group ("DIG"), a significant shareholder of Noodles & Company, today announced the filing of its Schedule 13D with the SEC. DIG's investment thesis aligns with Noodle's strategic review already underway, and the firm is pleased to see management, alongside Piper Sandler, examining pathways and levers frequently utilized in successful sector turnarounds.

Earlier this week, Galloway Capital Partners filed its own 13D, reinforcing conviction in the turnaround path ahead. Galloway's track record includes their activist role in the Regis recapitalization, where decisive deleveraging and refranchising cut over $80 million of debt and was followed by a significant appreciation in share price. That same playbook - sell stores, reduce debt, and reset the capital structure - applies directly to the opportunity at Noodles & Company.

A sale of roughly 200 corporate-owned restaurants could generate approximately $60 million in proceeds, allowing the company to pay down a substantial portion of its high-interest debt. As noted in filings and shareholder communications, Noodles currently pays roughly 9-10% interest on its debt, implying meaningful accretion should refinancing occur following deleveraging.

"We're pleased to see management is rolling up their sleeves," said DIG COO Jonathan Berney. "Our view is simple: a focused store-sale program paired with refinancing could meaningfully strengthen the balance sheet, improve market confidence, and position the equity for greater value realization. The blueprint already exists."

DIG intends to make its full analysis publicly available and may take further steps consistent with its rights as a shareholder. The firm remains open to a constructive, data-driven dialogue with management and the board, with the shared objective of supporting strategic actions that enhance financial stability and create long-term value for all Noodles & Company shareholders.

About Diveroli Investment Group

Diveroli Investment Group (or "DIG") is a Miami-based, family-run investment firm that pursues value creation through opportunities in public and private companies. The firm focuses on sectors where technological change, operational inflection points, or strategic under-appreciation create significant upside potential.

To learn more about Diveroli Investment Group and read the full Investment thesis for Noodles & Co, please visit: www.investdig.com

Investor & Media Relations

Avigail Diveroli, Communications Director

Diveroli Investment Group

Email: avigail@investdig.com

Website: www.investdig.com

Important Additional Information and Where to Find It

The views expressed in this press release reflect the personal opinions of the authors or speakers and are based solely on publicly available information believed to be reliable at the time of publication. This communication is not a recommendation to buy, sell or exchange any securities, and it does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any securities. Information about Noodles and Company. is available at the SEC's website at www.sec.gov. We are not broker-dealers or registered investment advisors. Although we possess NDLS shares, we may buy or sell shares at any time without notice.

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SOURCE: Diveroli Investment Group

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