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FAT Brands Inc | 8.25% Series B Cumulative Preferred Stock (FATBP)
Prospectus excerpt: FAT Brands Inc., which we refer to as “we,” “us” or the “Company”, is offering on a firm commitment basis 360,000 shares of our 8.25% Series B Cumulative Preferred Stock (which we refer to as the “Series B Preferred Stock”) and warrants (which we refer to as the “Warrants”) which are initially exercisable to purchase up to an aggregate of 1,800,000 shares of our common stock, par value $0.0001 per share (which we refer to as the “Common Stock”), including shares of Common Stock that are issuable upon exercise of the Warrants. Each share of Series B Preferred Stock that we sell in this offering will be accompanied by five Warrants to each purchase one share of Common Stock at an exercise price of $5.00 per share of Common Stock. Each share of Series B Preferred Stock and accompanying Warrant is being offered at a price of $25.000, for an aggregate offering amount of $10,000,000. The shares of Series B Preferred Stock and Warrants will be issued separately but can only be purchased together in this offering. Each Warrant will be exercisable beginning on the earlier of one year from the date of issuance or the consummation of a consolidation, merger or other business combination transaction between the Company and its parent, Fog Cutter Capital Group Inc. Each Warrant will thereafter remain exercisable at any time until July 16, 2025 and will expire on the five year anniversary of the date of issuance. Full Prospectus PDF », Secondary Prospectus PDF », FAT Page »
Series: | B | Redeemable?: | Yes | Call Date: | 7/16/2021 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 360,000 | Overallotment: | 54,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $14.91 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-10.09 (-40.36%) | Annualized Dividend: | 2.0625 | Recent Ex-Date: | 5/9/2024 | Current Yield: | 13.83% | Original Coupon: | 8.25% | Pay Period: | Monthly | CDx3 Compliance Rating: |
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FAT Brands is a holding company. Through its subsidiaries, Co. is engaged in multi-brand restaurant franchising. Co.'s restaurant brands: Fatburger, which serves a variety of burgers, French fries, onion rings, soft-drinks and milkshakes; Johnny Rockets, which is an international restaurant franchise; Buffalo's Cafe, which provides chicken wings; Ponderosa and Bonanza Steakhouse, which provides a range of steak, chicken and seafood entrees; Hurricane Grill & Wings, which is a tropical beach themed casual dining restaurant; Yalla Mediterranean, which provides Mediterranean cuisine; and Elevation Burger, which is a fast-casual burger, fries, and shakes chain. Preferred: FATBP Open the FAT Information Page »
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