Common Stock, $0.001 par value per share

Rocky Mountain Chocolate Factory, Inc.

265 Turner Drive, Durango, CO, 81303

This Statement is filed by: (i) Global Value Investment Corporation, a Delaware corporation ("GVIC"); (ii) Jeffrey R. Geygan, who serves as a director of GVIC, and is the controlling person of GVIC; (iii) James P. Geygan, who serves as the chief executive officer and a director of GVIC; (iv) Stacy A. Wilke, who serves as the chief financial officer of GVIC; (v) Kathleen M. Geygan, who serves as a director of GVIC; and (vi) Shawn G. Rice, who serves as a director of GVIC. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." GVIC serves as investment adviser to managed accounts (collectively, the "Accounts"), and may be deemed to have beneficial ownership over the Common Stock held for the Accounts. GVIC owns 6,213 shares of Common Stock in its corporate capacity. Mr. Jeffrey Geygan, Mr. James Geygan, Ms. Wilke, Ms. Geygan, and Mr. Rice each own shares of Common Stock in their individual capacities. These shares may be deemed to be indirectly beneficially owned by GVIC. Mr. Jeffrey Geygan owns 185,041 shares in his individual capacity. Mr. James Geygan owns 8,600 shares in his individual capacity. Ms. Wilke owns 8,650 shares in her individual capacity. Ms. Geygan owns 108,036 shares in her individual capacity. Mr. Rice owns 5,325 shares in his individual capacity.

The address of the principal business and principal office of each of the Reporting Persons is 1433 N. Water Street, Suite 400, Milwaukee, WI 53202.

The principal business of GVIC is acting as an investment manager. The principal occupation of Mr. Jeffrey Geygan is acting as a director of GVIC. The principal occupation of Mr. James Geygan is acting as the chief executive officer of GVIC. The principal occupation of Ms. Wilke is acting as the chief financial officer of GVIC. The principal occupation of Ms. Geygan is acting as a director of GVIC. The principal occupation of Mr. Rice is acting as a director of GVIC.

During the past five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding such person 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.

Mr. Jeffrey Geygan, Mr. James Geygan, Ms. Wilke, Ms. Geygan, and Mr. Rice are citizens of the United States of America. GVIC is a Delaware corporation.

Item 5 is amended and restated as follows: The responses of the Reporting Persons to rows 7, 8, 9, 10, 11 and 13 on the cover pages of this Statement are incorporated herein by reference. As of 4:00 p.m., Eastern time, on December 22, 2025, the Reporting Persons beneficially owned 1,966,219 shares of Common Stock, representing approximately 21.14% of the outstanding shares of Common Stock. Percentage calculated is based on 7,800,508 shares of Common Stock, $0.001 par value outstanding as of October 10, 2025, as reported in the Form 10-Q for the fiscal quarterly period ended August 31, 2025, of Rocky Mountain Chocolate Factory, Inc., plus 1,500,000 shares of Common Stock, $0.001 par value, issued on December 18, 2025, pursuant to an offering of Common Stock, $0.001 par value, as reported in the Form 8-K filed by the Issuer with the U.S. Securities and Exchange Commission on December 19, 2025. Each Reporting Person, as 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, may be deemed to be the beneficial owner of the shares of Common Stock directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of his, her or its pecuniary interest therein.

See above.

Except as set forth in Exhibit 14, none of the Reporting Persons has effected any transactions in the Common Stock in the 60 days prior to the date of this Statement.

No other person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.

Not applicable.