Potbelly’s Public Market Journey Concludes Following RaceTrac Acquisition

The publicly traded chapter for sandwich chain Potbelly has officially closed. RaceTrac, the convenience store giant, has finalized its acquisition of the company for $566 million, culminating in Potbelly’s delisting from the Nasdaq exchange. As of October 23, 2025, the company operates as a privately held entity under its new corporate parent.

This transaction delivered a significant premium to Potbelly’s equity holders, who received $17.12 in cash for each share they owned. This price represented a substantial markup over the stock’s prior trading levels. The all-cash deal brought Potbelly’s tenure on the public market to a definitive close, with its final trading ticker, PBPB, matching the acquisition price before vanishing permanently Read more...