Summary of IGNITE RESTAURANT GROUP, INC.

Item 8.01. Other Events.

On October 19, 2012, Ignite Restaurant Group, Inc. (the "Company") issued a press release announcing that it is scheduling a conference call on October 30, 2012 to discuss the completion of its previously disclosed accounting review and the restatement of its previously issued financial statements, as well as its second and third quarter 2012 results.

In addition, the Company previously disclosed that it had received a waiver through October 19, 2012 from the lenders under its senior secured credit facility, whereby the lenders agreed to waive the rights and remedies under the credit agreement arising from the delay in the Company filing its Form 10-Q for the quarter ended June 18, 2012 ("Second Quarter 10-Q"), in order to provide the Company with additional time to complete its previously announced accounting review of its historical accounting for fixed assets and related depreciation expense in prior periods as a private company. The Company's accounting review continues to be ongoing, and as a result, the Company has received an extension to such waiver through November 15, 2012 and has also received a waiver with respect to the filing of its Form 10-Q for the quarter ended September 10, 2012 through November 15, 2012.

Furthermore, the Company announced it has received a notice from Nasdaq indicating that Nasdaq granted the Company's request for an exception to Listing Rule 5250(c)(1) in connection with the delay in the filing of the Second Quarter 10-Q. The exception is conditioned upon the Company filing the Second Quarter 10-Q on or before November 16, 2012.

A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.