FAT Brands Inc. Announces Closing of Public Offering of Series B Preferred Stock and Warrants
16 Julho 2020 - 6:12PM
Business Wire
FAT Brands Inc. (Nasdaq: FAT, FATBP, FATBW), today announced the
closing of its previously announced underwritten public offering
(the “Offering”) of 360,000 shares of 8.25% Series B Cumulative
Preferred Stock (“Series B Preferred Stock”) and 1,899,000 warrant
(the “Warrants”) to each purchase one share of Common Stock at an
exercise price of $5.00 per share, including 99,000 Warrants as a
result of a partial exercise of the over-allotment option granted
to the underwriter.
The gross proceeds to the Company were approximately $9,000,990
prior to deducting underwriting discounts and offering
expenses.
The shares of Series B Preferred Stock and Warrants began
trading on the Nasdaq Capital Market on July 14, 2020 under the
symbols FATBP and FATBW, respectively.
FAT Brands Inc. intends to use the net proceeds of the offering
for general corporate purposes, possible future acquisitions and
growth opportunities, the redemption of a portion of the
outstanding Series A Preferred Stock and payment of a portion of
accrued dividends on the outstanding Series A-1 Preferred
Stock.
ThinkEquity, a division of Fordham Financial Management, Inc.,
acted as sole book-running manager for the offering. Digital
Offering, LLC acted as financial advisor for the offering.
This offering is being made pursuant to a registration statement
on Form S-1 (No. 333-239032) previously filed with the U.S.
Securities and Exchange Commission (the “SEC”) and subsequently
declared effective on July 13, 2020. A final prospectus related to
the offering was 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.
About FAT Brands Inc.
FAT Brands (NASDAQ: FAT, FATBP, FATBW) 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 eight restaurant brands:
Fatburger, Buffalo’s Cafe, Buffalo’s Express, Hurricane Grill &
Wings, Elevation Burger, Yalla Mediterranean and Ponderosa and
Bonanza Steakhouses, and franchises over 360 units worldwide.
Safe Harbor / Forward-Looking Statements
This press release contains “forward-looking statements”
regarding the public offering and the intended use of proceeds from
the offering. These forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially, including market conditions, risks associated with the
cash requirements of FAT Brands’ business and other risks detailed
from time to time in the Company’s filings with the SEC, and
represent the Company’s views only as of the date they are made and
should not be relied upon as representing our views as of any
subsequent date. Fat Brands does not assume any obligation to
update any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20200716006049/en/
Media Relations: JConnelly Gabriella Daidone
gdaidone@jconnelly.com 973-850-7343
Investor Contact: ICR Ashley DeSimone
IR-FATBrands@icrinc.com 646-677-1827
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