Jack IN the BOX

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Nov 2025, plus the 10-Q filed 12 Aug 2026 and 13 later 8-Ks.

• It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

• The pending sale of Del Taco may not be completed on the anticipated terms or timeline, or at all, and may involve risks and uncertainties that could adversely affect our business, financial condition, and results of operations.

  Could happen

  On October 15, 2025, we entered into a definitive agreement to sell Del Taco to Yadav Enterprises, Inc. for an aggregate purchase price of $115 million, subject to customary adjustments. The completion of the sale is subject to various closing conditions, including regulatory approvals, third-party consents, financing, etc., many of which are beyond our control. There can be no assurance that these conditions will be satisfied in a timely manner, or at all. If the transaction is not completed, we may be subject to various risks, including incurring significant transaction costs without realizing the anticipated benefits of the sale, potential disruption to the business unit’s operations and employee relationships, and negative reactions from customers, suppliers, or other business partners.

  Read moreShow less

• The pending sale of Del Taco may not be completed on the anticipated terms or timeline, or at all, and may involve risks and uncertainties that could adversely affect our business, financial condition, and results of operations.

  Could happen

  If the transaction is delayed or fails to close, or if the post-closing transition is more difficult or costly than anticipated, our business, financial condition, and results of operations could be materially and adversely affected.

• The pending sale of Del Taco may not be completed on the anticipated terms or timeline, or at all, and may involve risks and uncertainties that could adversely affect our business, financial condition, and results of operations.

  Could happen

  Even if the sale is completed, we may not realize the expected strategic or financial benefits. We could face transitional challenges, including potential loss of revenue or synergies, costs associated with separation activities, and the diversion of management’s attention from ongoing operations. In addition, the sale could result in the recognition of material accounting charges or changes to our tax position, which could adversely affect our results of operations in the period in which the transaction closes.

  Read moreShow less