Fat Brands Stock Price, News & Analysis

FAT Brands Inc. (warrants trading as FATBW) is described in its public materials as a global restaurant franchising company that focuses on acquiring, marketing, and developing restaurant concepts across multiple dining formats. According to company news releases, FAT Brands (Fresh. Authentic. Tasty.) owns a portfolio of branded restaurant concepts and franchises and owns over 2,300 units worldwide. The FATBW ticker represents warrants to purchase Class A Common Stock of FAT Brands Inc., which is listed on The Nasdaq Stock Market LLC.

Company disclosures and press releases consistently describe FAT Brands as a franchising company that works with a range of restaurant formats, including fast casual, quick-service, casual dining, and polished casual dining concepts. Rather than operating a single restaurant chain, the business model centers on owning multiple restaurant brands and developing them through franchising and, in some cases, company-owned locations. The company’s portfolio includes brands such as 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, as stated in multiple news releases.

Earlier descriptions of the business also emphasize its role as a multi-brand restaurant franchising company that develops, markets, and acquires restaurant concepts worldwide. In those materials, FAT Brands notes that it operates restaurant concepts such as Fatburger, Buffalo’s Cafe, Buffalo's Express, and Ponderosa & Bonanza Steakhouses, and that it supports franchisees through in-house teams across operations, construction, purchasing, architecture and design, kitchen design, training, logistics, and marketing. These support functions are presented as a way to help franchisees pursue their entrepreneurial goals while being part of a broader system.

Restaurant Brand Portfolio

Across its public announcements, FAT Brands highlights the breadth of its restaurant portfolio. The brands span several categories of dining and menu focus. For example, news releases describe:

• Fatburger as an all-American, fast-casual burger restaurant with a long legacy, known for grilled-to-perfection, cooked-to-order burgers, with menu items that can include different burger types, fries, and hand-scooped milkshakes made from real ice cream.
• Fazoli’s as a fast and fresh Italian chain that serves Italian food with offerings such as pasta dishes and signature breadsticks, and that operates and franchises locations across numerous U.S. states.
• Great American Cookies as the Original Cookie Cake franchise, founded on a chocolate chip cookie recipe and associated with Cookie Cakes and various cookie-based desserts.
• Marble Slab Creamery as an ice cream concept that developed the frozen slab technique and offers homemade, small-batch ice cream with mix-ins, shakes, and ice cream cakes.
• Pretzelmaker as a brand known for Pretzel Bites and hand-rolled pretzels, as well as all-natural lemonade.

These brand descriptions, taken from FAT Brands’ own press releases, illustrate how the company’s portfolio covers burgers, Italian food, cookies and baked treats, ice cream, pretzels, and other restaurant categories. The portfolio approach allows FAT Brands to operate across multiple segments of the restaurant industry.

Franchising and Growth Approach

Across its news announcements, FAT Brands emphasizes franchising and growth of its brands through new locations, partnerships, and concept development. Examples include the opening of new Fazoli’s locations in U.S. markets, expansion of Fatburger in France, and the continued growth of Great American Cookies and Marble Slab Creamery in specific regions such as the Houston area. These announcements describe how the company works with franchise partners and development groups to open additional units and, in some cases, explore non-traditional locations such as airport employee dining halls.

In addition, FAT Brands has disclosed that it uses financing structures such as whole business securitizations for certain brands, as reflected in an 8-K filing describing amendments to the Fazoli’s securitization. That filing notes features such as anticipated repayment dates and call dates for notes, financial covenants, and provisions allowing sales of company restaurants to franchisees for conversion to franchised restaurants. This indicates that, for some brands, the company may own corporate locations that can be refranchised under its financing arrangements.

Innovation and Payment Options

In a news release, FAT Brands announced that it would accept Bitcoin for franchisee royalty payments, describing itself as the first restaurant franchise to accept royalty payments in cryptocurrency. The company stated that this step was intended to expand forms of payment for franchisees, particularly for international partners, and to use Bitcoin as a tool for streamlining and simplifying the payment process. This disclosure highlights the company’s willingness to adopt alternative payment methods in its franchising operations.

Corporate and Community Initiatives

FAT Brands has also highlighted community-focused efforts through the FAT Brands Foundation, a charitable organization associated with the company. According to a news release, the FAT Brands Foundation was founded to support local non-profit organizations in communities where FAT Brands operates. The foundation has reported awarding grants to numerous local non-profits across multiple U.S. states and Washington, D.C., supporting causes such as youth enrichment, food insecurity, health programs, and assistance for communities impacted by events such as fires in the Los Angeles area.

The foundation is described as a 501(c)(3) organization aimed at partnering with local non-profits to provide programs that help families and communities. FAT Brands’ communications note that the foundation’s giving has increased over time, and that it has raised funds through fundraising initiatives, with the intention of directing donations to the work of supported non-profits.

Listing and Security Information

SEC filings identify FAT Brands Inc. as the issuer of several securities listed on The Nasdaq Stock Market LLC, including Class B Common Stock (symbol FATBB), Series B Cumulative Preferred Stock (symbol FATBP), and warrants to purchase Class A Common Stock (symbol FATBW). An 8-K filing confirms that FATBW represents warrants to purchase Class A Common Stock of FAT Brands Inc. These filings also show that the company files periodic and current reports with the U.S. Securities and Exchange Commission, including Form 8-K reports about material events and earnings announcements.

For investors researching FATBW, it is important to recognize that this ticker refers to warrants, not common stock. The underlying operating business is FAT Brands Inc., the restaurant franchising company described in the company’s press releases and SEC filings.

Management and Governance Disclosures

In an 8-K filing, FAT Brands reported a change in executive leadership, stating that effective September 2, 2025, the Board of Directors appointed Andrew Wiederhorn as President and Chief Executive Officer of the company, a position he previously held. The filing notes that he is the founder and Chairman of the company and that he had provided consulting services after his prior tenure as President and CEO. The filing also indicates that the company expects to enter into a new employment agreement with him, and that he will no longer receive director fees, which are only paid to non-employee directors. Additional information about his background is incorporated by reference to the company’s Annual Report on Form 10-K.

Use of SEC and Investor Information

Another 8-K filing describes how FAT Brands provides earnings information and supplemental financial materials, including press releases announcing financial results and earnings supplements available through its investor communications. The company has also entered into confidentiality agreements with certain holders of notes issued by its securitization subsidiaries, and has agreed to publicly disclose certain information (referred to as Cleansing Material) as part of those arrangements. These disclosures illustrate how the company communicates with investors and debt holders about its financial condition and potential transactions.

Summary

Overall, FAT Brands Inc., whose warrants trade under the symbol FATBW, presents itself in its own disclosures as a global, multi-brand restaurant franchising company with a portfolio of restaurant concepts across several dining categories. The company focuses on acquiring, developing, and marketing restaurant brands and growing them through franchising and selected company-owned operations. Its public materials highlight both operational initiatives, such as brand expansion and financing arrangements, and broader efforts, such as accepting cryptocurrency for royalty payments and supporting community organizations through the FAT Brands Foundation.