| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
Common Stock, $0.01 par value |
| (b) | Name of Issuer:
DENNY'S Corp |
| (c) | Address of Issuer's Principal Executive Offices:
203 EAST MAIN STREET, SPARTANBURG,
SOUTH CAROLINA
, 29319. |
| Item 2. | Identity and Background |
|
| (a) | This statement is filed by:
(i) JCP Investment Partnership, LP, a Texas limited partnership ("JCP Partnership");
(ii) JCP Investment Partners, LP, a Texas limited partnership ("JCP Partners"), which serves as the general partner of JCP Partnership;
(iii) JCP Investment Holdings, LLC, a Texas limited liability company ("JCP Holdings"), which serves as the general partner of JCP Partners;
(iv) JCP Investment Management, LLC, a Texas limited liability company ("JCP Management"), which serves as the investment manager of JCP Partnership and certain managed accounts (the "JCP Accounts");
(v) James C. Pappas (together with JCP Partnership, JCP Partners, JCP Holdings and JCP Management, "JCP"), as the managing member of JCP Management and sole member of JCP Holdings;
(vi) Jumana Capital Investments LLC, a Texas limited liability company ("Jumana Capital"); and
(vii) Christopher R. Martin (together with Jumana Capital, "Jumana"), as the Manager of Jumana Capital.
Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Group Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D. |
| (b) | The principal business address of JCP is 1177 West Loop South, Suite 1320, Houston, Texas 77027. The principal business address of Jumana is 1717 St. James Place, Suite 335, Houston, Texas 77056. |
| (c) | The principal business of JCP Partnership is investing in securities. The principal business of JCP Partners is serving as the general partner of JCP Partnership. The principal business of JCP Holdings is serving as the general partner of JCP Partners. The principal business of JCP Management is serving as the investment manager of JCP Partnership and the JCP Accounts. The principal occupation of Mr. Pappas is serving as the managing member of JCP Management and sole member of JCP Holdings. The principal business of Jumana Capital is investing in securities. The principal occupation of Mr. Martin is serving as the Manager of Jumana Capital. |
| (d) | No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). |
| (e) | No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. |
| (f) | JCP Partnership, JCP Partners, JCP Holdings, JCP Management and Jumana Capital are organized under the laws of the State of Texas. Messrs. Pappas and Martin are citizens of the United States of America. |
| Item 3. | Source and Amount of Funds or Other Consideration |
| | The Shares purchased by JCP Partnership and held in the JCP Accounts were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 455,717 Shares owned directly by JCP Partnership is approximately $2,151,992, including brokerage commissions. The aggregate purchase price of the 373,774 Shares held in the JCP Accounts is approximately $1,765,947, including brokerage commissions.
The Shares purchased by Jumana Capital were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 3,215,000 Shares directly owned by Jumana Capital is approximately $14,242,952, including brokerage commissions. The aggregate purchase price of the call options exercisable into 785,000 Shares owned directly by Jumana Capital is approximately $351,477, including brokerage commissions. |
| Item 4. | Purpose of Transaction |
| | The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
The Reporting Persons intend to engage in discussions with management and the Board of Directors (the "Board") of the Issuer regarding opportunities to enhance stockholder value, and believe there is a significant opportunity for the Issuer to increase its earnings over the coming years.
No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in additional communications with management and the Board of the Issuer, engaging in discussions with stockholders of the Issuer or third parties, including potential acquirers and service providers, about the Issuer and the Reporting Persons' investment, making proposals to the Issuer concerning changes to the capital allocation strategy, capitalization, ownership structure, including a sale of the Issuer as a whole or in parts, Board structure (including Board composition) or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4. |
| Item 5. | Interest in Securities of the Issuer |
| (a) | The aggregate percentage of Shares reported owned by each person named herein is based upon 51,498,994 Shares outstanding as of July 30, 2025, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 4, 2025.
As of the date hereof, JCP Partnership beneficially owned 455,717 Shares, constituting approximately 0.9% of the Shares outstanding. JCP Partners, as the general partner of JCP Partnership, may be deemed the beneficial owner of the 455,717 Shares owned by JCP Partnership, constituting approximately 0.9% of the Shares outstanding. JCP Holdings, as the general partner of JCP Partners, may be deemed the beneficial owner of the 455,717 Shares owned by JCP Partnership, constituting approximately 0.9% of the Shares outstanding.
As of the date hereof, 373,774 Shares were held in the JCP Accounts, constituting approximately 0.7% of the Shares outstanding. JCP Management, as the investment manager of JCP Partnership and the JCP Accounts, may be deemed the beneficial owner of the (i) 455,717 Shares owned by JCP Partnership and (ii) 373,774 Shares held in the JCP Accounts, constituting approximately 1.6% of the Shares outstanding. Mr. Pappas, as the managing member of JCP Management and sole member of JCP Holdings, may be deemed the beneficial owner of the (i) 455,717 Shares owned by JCP Partnership and (ii) 373,774 Shares held in the JCP Accounts, constituting approximately 1.6% of the Shares outstanding.
As of the date hereof, Jumana Capital beneficially owned 4,000,000 Shares, including 785,000 Shares underlying certain call options that are currently exercisable, constituting approximately 7.8% of the Shares outstanding. Mr. Martin, as the Manager of Jumana Capital, may be deemed the beneficial owner of the 4,000,000 Shares owned by Jumana Capital, constituting approximately 7.8% of the Shares outstanding.
Each Reporting Person may be deemed to be a member of a "group" with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and such group may be deemed to beneficially own the 4,829,491 Shares owned in the aggregate by all of the Reporting Persons, constituting approximately 9.4% of the outstanding Shares. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own. |
| (b) | Each of JCP Partnership, JCP Partners, JCP Holdings, JCP Management and Mr. Pappas may be deemed to share the power to vote and dispose of the Shares owned by JCP Partnership.
Each of JCP Management and Mr. Pappas may be deemed to share the power to vote and dispose of the Shares held in the JCP Accounts.
Each of Jumana Capital and Mr. Martin may be deemed to share the power to vote and dispose of the Shares directly beneficially owned by Jumana Capital. |
| (c) | The transactions in the securities of the Issuer by the Reporting Persons during the past 60 days are set forth in Exhibit 1 and are incorporated herein by reference. All of such transactions were effected in the open market unless otherwise noted therein. |
| (d) | No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares. |
| (e) | Not applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer |
| | Jumana Capital has sold short exchange-listed put options referencing an aggregate of 37,500 Shares, which have an exercise price of $5 per Share and an expiration date of September 19, 2025.
Jumana Capital has purchased exchange-listed call options referencing an aggregate of 75,000 Shares, which have an exercise price of $5 per Share and an expiration date of September 19, 2025.
Jumana Capital has purchased exchange-listed call options referencing an aggregate of 660,000 Shares, which have an exercise price of $5 per Share and an expiration date of November 21, 2025.
Jumana Capital has sold short exchange-listed put options referencing an aggregate of 120,000 Shares, which have an exercise price of $5 per Share and an expiration date of February 20, 2026.
Jumana Capital has purchased exchange-listed call options referencing an aggregate of 50,000 Shares, which have an exercise price of $5 per Share and an expiration date of February 20, 2026.
Jumana Capital has sold short exchange-listed put options referencing an aggregate of 2,150,000 Shares, which have an exercise price of $5 per Share and an expiration date of May 15, 2026.
On September 8, 2025, the Reporting Persons entered into a Group Agreement (the "Group Agreement") pursuant to which the parties agreed, among others things, (i) to form a group with respect to coordinating their activities with respect to the Issuer and its securities, (ii) to separately or jointly file Schedule(s) 13D and any amendments thereto with respect to the securities of the Issuer to the extent required by applicable law, and (iii) that expenses incurred in connection with the group's activities would be split among JCP and Jumana, with JCP paying 20% of the expenses and Jumana paying 80% of the expenses. The foregoing description of the Group Agreement is not complete and is qualified in its entirely by reference to the full text of the Group Agreement, which is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer. |
| Item 7. | Material to be Filed as Exhibits. |
| | 1 - Transactions in Securities.
99.1 - Group Agreement, dated September 8, 2025. |
