# EDGAR Filing Document

**Accession Number:** 0002086808
**File Stem:** 0001104659-25-101702
**Filing Date:** 2025-10
**Character Count:** 15395
**Document Hash:** 2db508bdea3020a29c93c17e36fc6931
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101702.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001104659-25-101702

**CONFORMED SUBMISSION TYPE**: SC TO-T/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**GROUP MEMBERS**: HERO SUB INC.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POTBELLY CORP
- **CENTRAL INDEX KEY:** 0001195734
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 364466837
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** SC TO-T/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87909
- **FILM NUMBER:** 251411644

**BUSINESS ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 3129510600

**MAIL ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RaceTrac, Inc.
- **CENTRAL INDEX KEY:** 0002086808

**ORGANIZATION NAME:**
- **EIN:** 630642959
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T/A

**BUSINESS ADDRESS:**
- **STREET 1:** 200 GALLERIA PARKWAY SE
- **STREET 2:** SUITE 900
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30339
- **BUSINESS PHONE:** (770) 431-7600

**MAIL ADDRESS:**
- **STREET 1:** 200 GALLERIA PARKWAY SE
- **STREET 2:** SUITE 900
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30339

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE TO**

**Tender Offer Statement under Section 14(d)(1) or 13(e)(1)**

**of the Securities Exchange Act of 1934<br> (Amendment No. 2)**

**POTBELLY CORPORATION**

**(Name of Subject Company (issuer))**

**HERO SUB INC.**

**(Offeror)**

**a wholly owned subsidiary of**

**RACETRAC, INC.**

**(Parent of Offeror)**

**(Names of Filing Persons (identifying status as offeror, issuer or other person))**

**Common Stock, $0.01 par value per share**

**(Title of Class of Securities)**

**73754Y100**

**(CUSIP Number of Class of Securities)**

**Joseph Akers**

**Chief Legal Officer**

**RaceTrac, Inc.**

**200 Galleria Parkway SE, Suite 900**

**Atlanta, GA 30339**

**Telephone: (770) 431-7600**

**(Name, address, and telephone numbers of person authorized to receive notices and communications on behalf of filing persons)**

***Copies to:***

**W. Benjamin Barkley<br> David M. Eaton**

**Kilpatrick Townsend & Stockton LLP**

**1100 Peachtree St. NE, 2800**

**Atlanta, GA 30309**

**(404) 815-6500**

◻ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

---

| | |
|:---|:---|
| ⌧ | Third-party tender offer subject to Rule 14d-1. |
| ◻ | Going-private transaction subject to Rule 13e-3. |
| ◻ | Issuer tender offer subject to Rule 13e-4. |
| ◻ | Amendment to Schedule 13D under Rule 13d-2. |

---

Check the following box if the filing is a final amendment reporting the results of the tender offer: ⌧

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

◻ Rule 13e-4(i) (Cross-Border Issuer Tender Offer). <br> ◻ Rule 14d-1(d) (Cross-Border Third-Party Tender Offer).

This Amendment No. 2 (this "Amendment") amends and supplements the Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission on September 23, 2025 (as amended and together with any amendments and supplements thereto, the "Schedule TO") by Hero Sub Inc., a Delaware corporation ("Purchaser"), and RaceTrac, Inc., a Georgia corporation ("Parent"). The Schedule TO relates to the offer by Purchaser to purchase any and all of the issued and outstanding shares of common stock, par value $0.01 per share, of Potbelly Corporation, a Delaware corporation (the "Company" and such shares, the "Shares"), at a price of $17.12 per Share, without interest, net to the seller in cash, less any applicable withholding taxes, upon the terms and subject to the conditions described in the Offer to Purchase, dated September 23, 2025 (together with any amendments or supplements thereto, the "Offer to Purchase"), and in the accompanying Letter of Transmittal (together with any amendments or supplements thereto, the "Letter of Transmittal" and, together with the Offer to Purchase, the "Offer"), which are annexed to and filed with the Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively. Purchaser is a wholly owned subsidiary of Parent. This Amendment is being filed on behalf of Parent and Purchaser. Unless otherwise indicated, references to sections in this Amendment are references to sections of the Offer to Purchase.

Except as otherwise set forth in this Amendment, the information set forth in the Schedule TO remains unchanged and is incorporated herein by reference to the extent relevant to the items in this Amendment. Capitalized terms used but not defined herein have the meanings assigned to such terms in the Offer to Purchase or in the Schedule TO.

The Schedule TO is hereby amended and supplemented as follows:

***Items 1 through 9 and Item 11.***

Items 1 through 9 and Item 11 of the Schedule TO are hereby amended and supplemented as follows:

"The Offer and withdrawal rights expired as scheduled at 5:00 p.m., New York City time, on Wednesday, October 22, 2025. The Depositary has advised Purchaser that, as of the Offer Expiration Time, 28,280,576 Shares (excluding, for the avoidance of doubt, Shares presented pursuant to guaranteed delivery procedures which have not yet been "received," as such term is defined by Section 251(h) of the DGCL) were validly tendered and not validly withdrawn pursuant to the Offer, representing approximately 90.7% of the issued and outstanding Shares as of the Offer Expiration Time. The number of Shares validly tendered and not validly withdrawn pursuant to the Offer satisfies the Minimum Condition. As all conditions to the Offer have been satisfied or waived, Purchaser has irrevocably accepted for payment all such Shares validly tendered into and not validly withdrawn from the Offer and will pay for all such Shares promptly (and in any event within two business days) after the Offer Acceptance Time in accordance with the Offer.

As a result of its acceptance of the Shares validly tendered in the Offer, Purchaser acquired a sufficient number of Shares to complete the Merger without a vote of the stockholders of the Company pursuant to Section 251(h) of the DGCL. Accordingly, on October 23, 2025, Purchaser effected the Merger under Section 251(h) of the DGCL, pursuant to which Purchaser merged with and into the Company, with the Company continuing as the surviving corporation. As a result of the Merger, each Share issued and outstanding immediately prior to the effective time of the Merger (other than Shares that are (i) held by a holder who is entitled to demand appraisal and who has (or for which the "beneficial owner" (as defined in Section 262(a) of the DGCL) has) properly exercised appraisal rights with respect thereto in accordance with, and who has (and, to the extent applicable, for which the applicable beneficial owner has) complied with, Section 262 of the DGCL with respect to any such Shares held by such holder (the "Dissenting Company Shares") or (ii) held by the Company as treasury stock or owned by Parent, Purchaser or any of Parent's other subsidiaries (including Shares acquired pursuant to the Offer) was cancelled and automatically converted into the right to receive the Offer Price in cash (without interest and less any applicable withholding taxes), which we refer to as the "Merger Consideration." Shares described in clauses (i) and (ii) above were cancelled at the effective time of the Merger and will not be exchangeable for the Merger Consideration. The Dissenting Company Shares will entitle their holders only to the rights granted to them under Section 262 of the DGCL.

Following the Merger, the Company will be delisted and will cease to be a publicly traded company. Parent and Purchaser intend to take steps to cause the termination of the registration of the Shares under the Exchange Act as promptly as practicable.

A copy of the press release issued by Parent on October 23, 2025, announcing the expiration and results of the Offer is filed as Exhibit (a)(5)(A) to the Schedule TO and is incorporated herein by reference."

**ITEM 12. EXHIBITS.**

Item 12 of the Schedule TO is hereby amended and supplemented by adding the following exhibit:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(a)(5)(A)](tm2528884d2_ex99-a5a.htm) | [Press Release issued by Parent on October 23, 2025.](tm2528884d2_ex99-a5a.htm) |

---

**SIGNATURE**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | |
|:---|:---|:---|
| Dated: October 23, 2025 | **RACETRAC, INC.** | **RACETRAC, INC.** |
|  | By: | /s/ Joseph Akers |
|  |  | Joseph Akers<br> Chief Legal Officer |
|  | **HERO SUB INC.** | **HERO SUB INC.** |
|  | By: | /s/ Joseph Akers |
|  |  | Joseph Akers<br> Secretary |

---

## Ex-99.(A)(5)(A)

**Exhibit (a)(5)(A)**

**RaceTrac Completes Acquisition of Potbelly Corporation**

***Acquisition brings beloved neighborhood sandwich shop concept into RaceTrac family of brands***

**ATLANTA – October 23, 2025** – RaceTrac, Inc., ("RaceTrac") a family-owned, high-growth leader in the convenience store industry, confirms it has completed the acquisition of Potbelly Corporation ("Potbelly") previously announced in September.

As part of the transaction, RaceTrac acquires Potbelly's iconic neighborhood sandwich shop brand, which includes more than 445 company and franchise-owned shops across the United States, and Potbelly's proven franchise development platform with a long-term goal of reaching 2,000 shops.

"Potbelly has spent more than 40 years creating the neighborhood sandwich shop experience customers love, and we are excited to welcome this beloved brand to the RaceTrac family," said RaceTrac CEO and Chairman Natalie Morhous. "This acquisition represents a natural evolution of our growth strategy, adding fast-casual expertise to our portfolio while maintaining the unique identity that makes Potbelly special. We're pleased to welcome more than 5,200 Potbelly team members and franchise partners to our organization."

The acquisition strengthens RaceTrac's position in the evolving retail landscape, combining both brands' capabilities in real estate, franchising, operations, food innovation and marketing to drive growth and customer loyalty.

As part of the acquisition, Adam Noyes, who previously served as Potbelly Chief Operating Officer, has been appointed President of Potbelly, effective immediately. Bob Wright will remain with the company as CEO through the end of the year.

"Today marks an exciting new chapter for Potbelly as we join the RaceTrac family," said Wright. "With RaceTrac's resources and expertise, we're positioned to accelerate growth toward 2,000 plus shops while staying true to our mission of delighting customers with great food and good vibes."

Potbelly will continue to operate as usual, offering guests the same warm, toasty sandwiches, signature salads, and hand-dipped shakes they've come to love. The acquisition adds another consumer-facing brand to RaceTrac's growing portfolio, which includes more than 800 RaceTrac<sup>®</sup> and RaceWay<sup>®</sup> convenience stores and approximately 1,200 Gulf<sup>®</sup> branded locations.

RaceTrac's tender offer for all of the issued and outstanding shares of Potbelly's common stock at a price of $17.12 per share, without interest, net to the seller in cash, less any applicable withholding taxes, expired as scheduled at 5:00 p.m., New York City time, on October 22, 2025, and was not extended. Equiniti Trust Company, LLC, the depositary for the tender offer, has advised RaceTrac that, as of the expiration of the tender offer, 28,280,576 shares were validly tendered and not validly withdrawn, which represented approximately 90.7% of the then-issued and outstanding shares of Potbelly's common stock. All of the conditions to the tender offer were satisfied, and Hero Sub Inc., a wholly owned subsidiary of RaceTrac ("Merger Sub"), accepted for payment, and will promptly pay for, all shares validly tendered and not validly withdrawn in the tender offer.

The acquisition was completed on October 23, 2025 through a merger of Merger Sub with and into Potbelly under Section 251(h) of the Delaware General Corporation Law without a stockholder vote. In connection with the merger, each share not purchased in the tender offer (other than shares owned by stockholders who validly assert statutory appraisal rights, treasury shares and shares owned by RaceTrac or its subsidiaries) was cancelled and converted into the right to receive $17.12 in cash, without interest, less any applicable withholding taxes. Following the consummation of the merger, Potbelly became a wholly owned subsidiary of RaceTrac.

In connection with the completion of the merger, Potbelly's common stock ceased trading on Nasdaq.

**Advisors**

BofA Securities acted as exclusive financial advisor and Kilpatrick Townsend & Stockton LLP acted as legal advisor to RaceTrac. Piper Sandler acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Potbelly.

**About RaceTrac, Inc.**

Headquartered in Atlanta, Georgia, family-owned RaceTrac, Inc. is one of the largest privately held companies in the United States, serving guests since 1934. The company's retail brands include more than 800 RaceTrac<sup>®</sup> and RaceWay<sup>®</sup> retail locations, approximately 1,200 Gulf<sup>®</sup> branded locations, and more than 445 Potbelly<sup>®</sup> neighborhood sandwich shops throughout the United States. RaceTrac employs more than 15,000 team members across RaceTrac, RaceWay, Potbelly and affiliated companies Energy Dispatch and Gulf, Inc. For more information, please visit RaceTrac's website at <u>RaceTrac.com</u>.

**About Potbelly Corporation**

Potbelly Corporation is a neighborhood sandwich concept that has been feeding customers' smiles with warm, toasty sandwiches, signature salads, hand-dipped shakes and other fresh menu items, customized just the way customers want them, for more than 40 years. Potbelly promises Fresh, Fast & Friendly service in an environment that reflects the local neighborhood. Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country - with more than 445 shops in the United States including more than 105 franchised shops in the United States. For more information, please visit Potbelly's website at <u>Potbelly.com</u>.

Contact:

For RaceTrac:

James Taylor

Full Tilt Consulting

<u>jtaylor@fulltiltconsulting.com</u>

For Potbelly:

Investor Relations

Jeff Priester

ICR

332-242-4370

<u>investor@Potbelly.com</u>

Media Contact:

Marisa Breese

ICR

<u>Potbellypr@icrinc.com</u>