FAT Brands Announces Confidential Submission of Registration Statement for Twin Peaks

Rhea-AI Summary

FAT Brands (NASDAQ: FAT) has confidentially submitted a registration statement to the SEC to make its Twin Peaks and Smokey Bones units standalone public companies. This move is still subject to various conditions, including SEC approval and the FAT Brands board's final approval. FAT Brands is a global franchising company owning 18 restaurant brands and over 2,300 units worldwide. Twin Peaks, a sports lodge restaurant with nearly 115 locations, offers made-from-scratch food and a sports-centric dining experience.

Positive

• FAT Brands aims to make Twin Peaks and Smokey Bones standalone public companies, potentially increasing their market visibility and valuation.
• FAT Brands owns 18 diverse restaurant brands, providing a broad revenue base and reducing risk.
• The company operates over 2,300 units globally, showcasing strong market presence and operational scale.
• Twin Peaks has nearly 115 locations in the US and Mexico, indicating a significant market footprint.

Negative

• The completion of the registration process for Twin Peaks and Smokey Bones is subject to SEC approval and FAT Brands board approval, introducing uncertainty.
• This press release does not provide specific financial data, leaving investors without key performance insights for decision-making.

News Market Reaction

+1.28%

1 alert

+1.28% News Effect

On the day this news was published, FAT gained 1.28%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LOS ANGELES, May 14, 2024 (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 the operating unit for its Twin Peaks and Smokey Bones restaurant brands has confidentially submitted a registration statement to the Securities and Exchange Commission to become a standalone public reporting company.

Completion of the potential transaction remains subject to various conditions, including effectiveness of the registration statement and final approval of the board of directors of FAT Brands Inc. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

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 is rapidly approaching 115 locations in the US 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. At every Twin Peaks, guests are immediately welcomed by a friendly Twin Peaks Girl and served up a menu made for MVPs. From its smashed and seared-to-order burgers to its in-house smoked brisket, and wings, guests can expect menu items that satisfy every appetite. To learn more about franchise opportunities, visit twinpeaksfranchise.com. 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 consummation of the potential transaction, 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 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 did FAT Brands announce regarding Twin Peaks on May 14, 2024?

FAT Brands announced the confidential submission of a registration statement to the SEC to make Twin Peaks a standalone public reporting company.

What conditions must be met for Twin Peaks' registration statement to be effective?

The registration statement must be approved by the SEC and the FAT Brands board of directors.

How many restaurant brands does FAT Brands own?

FAT Brands owns 18 restaurant brands.

How many units does FAT Brands operate worldwide?

FAT Brands operates over 2,300 units globally.

What type of dining experience does Twin Peaks offer?

Twin Peaks offers a sports lodge dining experience with made-from-scratch food, the coldest beer, and wall-to-wall TVs.