FAT Brands Inc. Announces Pricing of Public Offering of Series B Cumulative Preferred Stock
June 17 2021 - 8:01PM
FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT, FATBP,
FATBW), a leading global franchising company and parent company of
iconic brands including Fatburger, Johnny Rockets, and seven other
restaurant concepts, today announced the pricing of an underwritten
public offering of 400,000 shares of 8.25% Series B Cumulative
Preferred Stock at a price to the public of $20.00 per share.
The gross proceeds to the Company are expected
to be $8,000,000 prior to deducting underwriting discounts and
estimated offering expenses. The Company has also granted to the
underwriters a 45-day option to acquire an additional 60,000 shares
of 8.25% Series B Cumulative Preferred Stock to cover
over-allotments, if any.
The offering is expected to close on June 22,
2021, subject to customary closing conditions.
FAT Brands Inc. intends to use the net proceeds
of the offering for general corporate purposes and possible future
acquisitions and growth opportunities.
ThinkEquity, a division of Fordham Financial
Management, Inc., is acting as sole book-running manager for the
offering. Digital Offering, LLC is acting as financial advisor for
the offering.
This offering is being made pursuant to a
registration statement on Form S-1 (No. 333- 256344), as amended,
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) and subsequently declared effective on June 17, 2021. A
preliminary prospectus describing the terms of the proposed
offering has been filed with the SEC and is available on the SEC’s
website located at http://www.sec.gov. A final prospectus related
to the proposed offering will be filed and made available on the
SEC’s website. Electronic copies of the final prospectus may be
obtained, when available, from ThinkEquity, a division of Fordham
Financial Management, Inc., 17 State Street, 22nd Floor, New York,
New York 10004, Telephone: (877) 436-3673, Email:
prospectus@think-equity.com.
The press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About FAT (Fresh. Authentic. Tasty.)
BrandsFAT Brands Inc. (NASDAQ: FAT, FATBP, FATBW) (the
Company) is a leading global franchising company that strategically
acquires, markets and develops fast casual and casual dining
restaurant concepts around the world. The Company currently owns
nine restaurant brands: Fatburger, Johnny Rockets, Buffalo’s Cafe,
Buffalo’s Express, Hurricane Grill & Wings, Elevation Burger,
Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and
franchises approximately 700 units worldwide. For more information,
please visit www.fatbrands.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to significant business,
economic and competitive risks, uncertainties and contingencies
including, but not limited to, uncertainties surrounding the
severity, duration and effects of the COVID-19 pandemic, many of
which are difficult to predict and beyond our control, which could
cause our actual results to differ materially from the results
expressed or implied in such forward-looking statements. We refer
you to the documents we file from time to time with the Securities
and Exchange Commission, such as our reports on Form 10-K, Form
10-Q and Form 8-K, for a discussion of these and other risks,
uncertainties and contingencies. We undertake no obligation to
update any forward-looking statement to reflect events or
circumstances occurring after the date of this press release.
Investor Relations:ICRLynne
CollierIR-FATBrands@icrinc.com 646-430-2216
Media Relations:JConnellyErin
Mandzikemandzik@jconnelly.com 862-246-9911
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