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Fat Brands, Inc. received an updated ownership report from HOT GFG LLC and Rachel Serruya on a Schedule 13G/A. This amendment reflects that HOT GFG sold shares of Class A common stock between February 21, 2024 and November 13, 2025, reducing its position to 5 percent or less of that class.
As of this amendment, HOT GFG states it beneficially owns no Class A common shares and holds 1,544,623 shares of the company’s Series B Cumulative Preferred Stock. The reporting persons certify the securities are not held for the purpose of changing or influencing control of Fat Brands.
FAQ
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What does the FAT Brands (FABTQ) Schedule 13G/A filed by HOT GFG report?
The Schedule 13G/A reports updated ownership in Fat Brands by HOT GFG LLC and Rachel Serruya. It reflects sales of Class A common stock through November 13, 2025 and confirms their holdings are not intended to change or influence control of the company.
How many FAT Brands securities does HOT GFG report owning in this 13G/A?
HOT GFG reports beneficial ownership of no Class A common shares and 1,544,623 shares of Series B Cumulative Preferred Stock. These figures come directly from the ownership discussion describing current holdings as of the date of Amendment No. 1.
Why was this FAT Brands (FABTQ) Schedule 13G/A amendment filed?
The amendment was filed to reflect the sale by HOT GFG of Class A common stock of Fat Brands from February 21, 2024 to November 13, 2025. Those transactions changed their ownership level, requiring an update to the previously filed Schedule 13G.
Who are the reporting persons in the FAT Brands (FABTQ) Schedule 13G/A?
The reporting persons are HOT GFG LLC, a Delaware limited liability company, and Ms. Rachel Serruya. Serruya is the sole Director and President of HOT GFG and may be deemed to have voting and investment power, although she disclaims beneficial ownership except for any indirect pecuniary interest.
What ownership threshold does HOT GFG report in FAT Brands common stock?
The filing states the reporting persons now own 5 percent or less of the Class A common stock. Item 5 of the document explicitly characterizes their position as ownership of 5 percent or less of that class after the reported sales.
Does the FAT Brands (FABTQ) 13G/A indicate any intent to influence control of the company?
No. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of Fat Brands. It also confirms they are not held in connection with any transaction having that purpose or effect, aside from certain proxy-nomination activities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Fat Brands, Inc
(Name of Issuer)
Class A Common Stock, par value $0.0001 per share
(Title of Class of Securities)
30258N105
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
30258N105
1
Names of Reporting Persons
HOT GFG LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,794,766.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,794,766.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,794,766.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
30258N105
1
Names of Reporting Persons
Serruya Rachel
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,794,766.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,794,766.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,794,766.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Fat Brands, Inc
(b)
Address of issuer's principal executive offices:
9720 WILSHIRE BLVD.,, 9720 WILSHIRE BLVD.,, BEVERLY HILLS, CALIFORNIA, 90212.
Item 2.
(a)
Name of person filing:
This Schedule 13G/A (this "13G/A") is being filed jointly by HOT GFG LLC, a Delaware limited liability company ("HOT GFG"), and Ms. Rachel Serruya, an individual (together with HOT GFG, the "Reporting Persons").
The securities reported in this 13G/A are held directly by HOT GFG. Ms. Rachel Serruya is the sole Director and President of HOT GFG, and as such, Ms. Rachel Serruya may be deemed to have voting and investment power over such securities held by HOT GFG. Ms. Rachel Serruya disclaims beneficial ownership of such securities for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), except to the extent of her indirect pecuniary interest therein, if any, and this 13G/A shall not be deemed an admission that she is the beneficial owner of such securities for purposes of Section 13(d) or 13(g) of the Exchange Act or for any other purposes.
The Reporting Persons have previously entered into a Joint Filing Agreement, dated March 8, 2022 and incorporated as Exhibit 99.1 to the Schedule 13G filed on March 8, 2022, pursuant to which the Reporting Persons have agreed to file jointly the Schedule 13G and any subsequent amendments thereto in accordance with the provisions of Rule 13d-1(k)(1) under the Exchange Act.
This Amendment No. 1 amends the Schedule 13G filed on March 8, 2022 to reflect the sale by HOT GFG of shares of Class A Common Stock ("Common Shares") of Fat Brands, Inc. ("Issuer") from February 21, 2024 to November 13, 2025. The percentages in this filing are based on 16,668,520 Common Shares issued and outstanding as of October 24, 2025 as reported in Issuer's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on November 13, 2025.
As of the date of this Amendment No. 1, HOT GFG beneficially owns no Common Shares and 1,544,623 shares of Issuer's Series B Cumulative Preferred Stock.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of HOT GFG is 210 Shields Court, Markham, Ontario L3R 8V2, Canada.
The address of the principal business office of Ms. Rachel Serruya is 1179 Katella Street, Laguna Beach, California 92651.
(c)
Citizenship:
HOT GFG is a Delaware limited liability company.
Ms. Rachel Serruya is a citizen of the United States of America.
(d)
Title of class of securities:
Class A Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
30258N105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
HOT GFG LLC 1,794,766
Rachel Serruya 1,794,766
(b)
Percent of class:
HOT GFG LLC 1.1%
Rachel Serruya 1.1%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
HOT GFG LLC 0
Rachel Serruya 0
(ii) Shared power to vote or to direct the vote:
HOT GFG LLC 1,794,766
Rachel Serruya 1,794,766
(iii) Sole power to dispose or to direct the disposition of:
HOT GFG LLC 0
Rachel Serruya 0
(iv) Shared power to dispose or to direct the disposition of:
HOT GFG LLC 1,794,766
Rachel Serruya 1,794,766
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
HOT GFG LLC
Signature:
/s/ Rachel Serruya
Name/Title:
Rachel Serruya, Sole Director and President
Date:
02/13/2026
Serruya Rachel
Signature:
/s/ Rachel Serruya
Name/Title:
Rachel Serruya
Date:
02/13/2026
Exhibit Information
Joint Filing Agreement, dated March 8, 2022, by and between the Reporting Persons (incorporated by reference to Exhibit 99.1 to the Reporting Persons' Schedule 13G filed on March 8, 2022.
