LAGUNA BEACH, CA / ACCESSWIRE / August 13, 2020 / Digital Offering, a next generation investment bank is pleased to announce that Digital Offering acted as the financial advisor for the FAT Brands Inc. (NASDAQ:FAT, FATBP, FATBW), underwritten public offering (the "Offering") of 360,000 shares of 8.25% Series B Cumulative Preferred Stock ("Series B Preferred Stock") and 1,899,000 warrant (the "Warrants") to each purchase one share of Common Stock at an exercise price of $5.00 per share, including 99,000 Warrants as a result of a partial exercise of the over-allotment option granted to the underwriter.
The gross proceeds to the Company were approximately $9,000,990 prior to deducting underwriting discounts and offering expenses. The shares of Series B Preferred Stock and Warrants began trading on the Nasdaq Capital Market on July 14, 2020 under the symbols FATBP and FATBW, respectively.
FAT Brands Inc. intends to use the net proceeds of the offering for general corporate purposes, possible future acquisitions and growth opportunities, the redemption of a portion of the outstanding Series A Preferred Stock and payment of a portion of accrued dividends on the outstanding Series A-1 Preferred Stock.
"Digital Offering provided strategic advice to FAT Brands Inc. related to how to execute access to the equity markets in such a difficult and volatile environment," said Andy Wiederhorn, President and Chief Executive Officer of FAT Brands Inc.
"We were pleased to provide FAT Brands with the advise and assistance with their capital raising activities as they continue to execute on their strategy to acquire, market and develop fast casual and casual dining restaurant concepts around the world," stated Mark Elenowitz, Managing Director.
ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering. Digital Offering, LLC acted as financial advisor for the offering. The offering was made pursuant to a registration statement on Form S-1 (No. 333-239032) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and subsequently declared effective on July 13, 2020. A final prospectus related to the offering was filed and made available on the SEC's website.
About FAT Brands Inc.
FAT Brands (NASDAQ: FAT, FATBP, FATBW) is a leading global franchising company that strategically acquires, markets and develops fast casual and casual dining restaurant concepts around the world. The Company currently owns eight restaurant brands: Fatburger, Buffalo's Cafe, Buffalo's Express, Hurricane Grill & Wings, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises over 360 units worldwide.
About Digital Offering, LLC
Digital Offering is the next generation investment bank that specializes in helping high-quality private and public growth companies access U.S. capital markets and achieve their growth objectives. With constantly changing markets and regulation, Digital Offering is applying best practices of traditional investment banking to new securities industry rules to enhance efficiency in capital raising. By leveraging our expertise, strategic alliances and long-standing relationships in the broker-dealer and Registered Investment Advisor industries, we are positioned to widely distribute our offerings to maximize deal awareness among the right investors. For more information visit www.digitaloffering.com
Safe Harbor / Forward-Looking Statements
This press release contains "forward-looking statements" regarding the public offering and the intended use of proceeds from the offering. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of FAT Brands' business and other risks detailed from time to time in the Company's filings with the SEC, and represent the Company's views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. Fat Brands does not assume any obligation to update any forward-looking statements.
Contact: Gordon McBean
O: 866.209.1955
[email protected]
www.digitaloffering.com
SOURCE: BANQ