FAT Brands Announces Record and Distribution Dates for Special Stock Dividend in connection with Twin Hospitality Spin-Off
FAT Brands Inc. (NASDAQ: FAT) has announced a special stock dividend distribution of Twin Hospitality Group Inc. shares to its stockholders. The distribution will represent approximately 5% of Twin Hospitality's fully diluted Class A Common Stock, with FAT Brands retaining the remaining shares.
Stockholders will receive 0.1520207 share of Twin Common Stock for each share of FAT Brands Class A and Class B Common Stock held as of January 27, 2025 (record date). The distribution is scheduled for January 29, 2025, with Twin Hospitality beginning trading on Nasdaq under the symbol 'TWNP' the following day.
The distribution involves Twin Hospitality Group, which operates Twin Peaks and Smokey Bones restaurant brands. Fractional shares will be sold in the open market with proceeds distributed to eligible stockholders. Warrant holders must exercise their warrants before the record date to receive the distribution.
FAT Brands Inc. (NASDAQ: FAT) ha annunciato una distribuzione speciale di dividendi azionari delle azioni di Twin Hospitality Group Inc. ai suoi azionisti. La distribuzione rappresenterà circa il 5% delle azioni ordinarie di Classe A completamente diluite di Twin Hospitality, con FAT Brands che manterrà le rimanenti azioni.
Gli azionisti riceveranno 0.1520207 azioni delle Twin Common Stock per ogni azione di FAT Brands di Classe A e Classe B detenuta al 27 gennaio 2025 (data di registrazione). La distribuzione è programmata per il 29 gennaio 2025, con Twin Hospitality che inizierà a essere quotata su Nasdaq con il simbolo 'TWNP' il giorno successivo.
La distribuzione riguarda il Twin Hospitality Group, che gestisce i marchi ristorativi Twin Peaks e Smokey Bones. Le azioni frazionarie saranno vendute sul mercato aperto con i proventi distribuiti agli azionisti idonei. I detentori di warrant devono esercitare i loro warrant prima della data di registrazione per ricevere la distribuzione.
FAT Brands Inc. (NASDAQ: FAT) ha anunciado una distribución especial de dividendos en acciones de Twin Hospitality Group Inc. para sus accionistas. La distribución representará aproximadamente el 5% de las acciones ordinarias de Clase A totalmente diluidas de Twin Hospitality, con FAT Brands reteniendo las acciones restantes.
Los accionistas recibirán 0.1520207 acciones de Twin Common Stock por cada acción de FAT Brands de Clase A y Clase B que posean a fecha de 27 de enero de 2025 (fecha de registro). La distribución está programada para el 29 de enero de 2025, y Twin Hospitality comenzará a cotizar en Nasdaq bajo el símbolo 'TWNP' al día siguiente.
La distribución involucra a Twin Hospitality Group, que opera las marcas de restaurantes Twin Peaks y Smokey Bones. Las acciones fraccionarias se venderán en el mercado abierto y los ingresos se distribuirán a los accionistas elegibles. Los titulares de warrants deben ejercer sus warrants antes de la fecha de registro para recibir la distribución.
FAT Brands Inc. (NASDAQ: FAT)는 주주에게 Twin Hospitality Group Inc. 주식의 특별 배당금 분배를 발표했습니다. 이 배당금은 Twin Hospitality의 5%에 해당하는 보통주 클래스 A의 완전히 희석된 주식을 나타내며, FAT Brands는 나머지 주식을 보유합니다.
주주는 2025년 1월 27일(기준일) 기준으로 보유한 FAT Brands 클래스 A 및 클래스 B 보통주 1주당 0.1520207주의 Twin Common Stock을 받게 됩니다. 이 배당금 분배는 2025년 1월 29일로 예정되어 있으며, 다음 날 Twin Hospitality는 Nasdaq에서 'TWNP'이라는 기호로 거래를 시작합니다.
이 배당금 분배는 Twin Peaks와 Smokey Bones 레스토랑 브랜드를 운영하는 Twin Hospitality Group과 관련이 있습니다. 분할 주식은 공개 시장에서 판매되며, 수익은 자격이 있는 주주에게 분배됩니다. 워런트 보유자는 배당금을 받기 위해 기준일 이전에 워런트를 행사해야 합니다.
FAT Brands Inc. (NASDAQ: FAT) a annoncé une distribution de dividendes spéciaux en actions de Twin Hospitality Group Inc. à ses actionnaires. La distribution représentera environ 5% des actions ordinaires de Classe A totalement diluées de Twin Hospitality, FAT Brands conservant les actions restantes.
Les actionnaires recevront 0.1520207 action de Twin Common Stock pour chaque action de Classe A et Classe B de FAT Brands détenue au 27 janvier 2025 (date d'enregistrement). La distribution est prévue pour le 29 janvier 2025, avec Twin Hospitality débutant à être cotée sur le Nasdaq sous le symbole 'TWNP' le lendemain.
La distribution concerne le Twin Hospitality Group, qui exploite les marques de restaurants Twin Peaks et Smokey Bones. Les actions fractionnaires seront vendues sur le marché libre et les produits seront distribués aux actionnaires éligibles. Les détenteurs de warrants doivent exercer leurs warrants avant la date d'enregistrement pour recevoir la distribution.
FAT Brands Inc. (NASDAQ: FAT) hat eine besondere Dividendenverteilung von Aktien der Twin Hospitality Group Inc. an ihre Aktionäre angekündigt. Die Verteilung wird etwa 5% des voll verwässerten Stammkapitals der Klasse A von Twin Hospitality ausmachen, während FAT Brands die restlichen Aktien behält.
Die Aktionäre erhalten 0.1520207 Stammaktien von Twin für jede gehaltene Stammaktie der Klassen A und B von FAT Brands zum Stichtag 27. Januar 2025. Die Verteilung ist für den 29. Januar 2025 geplant, und Twin Hospitality wird am folgenden Tag an der Nasdaq unter dem Symbol 'TWNP' gehandelt.
Die Verteilung betrifft die Twin Hospitality Group, die die Restaurantmarken Twin Peaks und Smokey Bones betreibt. Bruchteilaktien werden am offenen Markt verkauft, und der Erlös wird an berechtigte Aktionäre verteilt. Inhabern von Warrants müssen ihre Warrants vor dem Stichtag ausüben, um die Verteilung zu erhalten.
- Creation of a new publicly traded entity (TWNP) from existing assets
- Special stock dividend distribution to existing shareholders
- FAT Brands maintains majority ownership of Twin Hospitality
- Company operates 2,300+ units worldwide across 18 restaurant brands
- Only 5% of Twin Hospitality being distributed to shareholders
- Potential market value dilution for existing FAT shares post-spin-off
- Additional complexity in trading during distribution period
Twin Hospitality to Commence Trading as Standalone Public Company
LOS ANGELES, Jan. 16, 2025 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT), a leading global franchising company and parent company of 18 iconic brands, is pleased to announce that its Board of Directors has approved the distribution of a special stock dividend to FAT Brands’ common stockholders of shares of Class A Common Stock (“Twin Common Stock”) of Twin Hospitality Group Inc. (“Twin Hospitality”), the operating unit for its Twin Peaks and Smokey Bones restaurant brands. The distributed shares will represent approximately
The distribution of shares of Twin Common Stock will be made on a pro rata basis to all holders of FAT Brands’ Class A Common Stock and Class B Common Stock as of the close of trading on January 27, 2025 (the “record date”). The distribution will take the form of a special dividend of 0.1520207 share of Twin Common Stock distributed with respect to each one share of FAT Brands Class A Common Stock and Class B Common Stock outstanding as of the record date. The shares of Twin Common Stock are expected to be delivered after the close of trading on January 29, 2025 (the “distribution date”), subject to the satisfaction or waiver of certain conditions, and commence trading on the Nasdaq Global Market under the symbol “TWNP” on the next trading day.
No fractional shares of Twin Common Stock will be distributed. Instead, the fractional shares will be aggregated and sold in the open market, with the net proceeds distributed pro rata in the form of cash payments to FAT Brands stockholders who would otherwise be entitled to receive a fractional share of Twin Common Stock.
Holders of FAT Brands’ outstanding Warrants (NASDAQ: FATBW) who wish to receive the distribution of Twin Common Stock are reminded to exercise their Warrants for Class A Common Stock in advance of the record date. Warrants that are not exercised prior to the record date will not receive the distribution of Twin Common Stock, but instead will have their exercise price adjusted downward under the warrant agency agreement. The current exercise price of the Warrants is
No vote or action is required by the FAT Brands common stockholders to receive the special stock dividend of Twin Common Stock, which will be issued in book-entry form. The FAT Brands common stockholders who hold their shares through brokers or other nominees will have shares of Twin Common Stock credited to their accounts by their nominees or brokers.
FAT Brands plans to send an information statement regarding the distribution and the spin-off to its common stockholders. The information statement will include further details about the distribution and will also be posted under the Investor Relations tab on FAT Brands’ website at: https://ir.fatbrands.com/news/default.aspx
Beginning after the record date up to and including the distribution date, it is expected that there will be two ways to trade FAT Brands Class A Common Stock and Class B Common Stock – either with or without the distribution of Twin Common Stock.
- A ‘regular way’ market in which shares of FAT Brands Class A Common Stock (NASDAQ: FAT) and Class B Common Stock (NASDAQ: FATBB) will trade with an entitlement to receive shares of Twin Common Stock on the distribution date.
- An ‘ex-distribution’ market in which shares of FAT Brands Class A Common Stock (NASDAQ: FATAV) and Class B Common Stock (NASDAQ: FATBV) will trade without an entitlement to receive shares of Twin Common Stock on the distribution date (identified by the letter "v" at the end of the trading symbol).
Beginning on the day following the distribution date, all shares of FAT Brands Class A Common Stock and Class B Common Stock and Twin Common Stock will be separately traded only on a “regular way” market. Investors are encouraged to consult with their financial and tax advisors regarding the particular consequences of the special dividend and specific implications of buying or selling shares of either company on or before the distribution date.
The financial advisors in this transaction are Clear Street, BTIG, Roth Capital Partners and ICR Capital. Greenberg Traurig, LLP is serving as legal counsel.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Twin Peaks
Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks franchises and owns 115 restaurants in the United States and Mexico. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business, surrounded by scenic views and wall-to-wall TVs. For more information, visit twinpeaksrestaurant.com.
Forward Looking Statements
This 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, many of which are difficult to predict and beyond our control, which could cause our actual results, including the anticipated consummation and consequences of the distribution and spin-off transaction discussed in this press release, to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the Registration Statement on Form 10 filed by Twin Hospitality Group Inc., and the documents filed by FAT Brands Inc. from time to time with the SEC, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these 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:
ICR
Michelle Michalski
IR-FATBrands@icrinc.com
646-277-1224
Media Relations:
FAT Brands Inc.
Erin Mandzik
emandzik@fatbrands.com
860-212-6509
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FAQ
What is the stock dividend ratio for FAT Brands' Twin Hospitality spin-off?
When will Twin Hospitality (TWNP) start trading on Nasdaq?
What percentage of Twin Hospitality will FAT Brands distribute to shareholders?
How will FAT Brands handle fractional shares in the Twin Hospitality distribution?
What happens to FAT Brands warrant holders during the Twin Hospitality spin-off?
