Fat Brands Acquires Foghorn Holdings
Ticker: FABTQ · Form: 8-K · Filed: May 17, 2024 · CIK: 1705012
| Field | Detail |
|---|---|
| Company | Fat Brands, INC (FABTQ) |
| Form Type | 8-K |
| Filed Date | May 17, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $0.171875 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, restaurant-industry
TL;DR
FAT Brands is buying Foghorn Holdings to grow its restaurant empire.
AI Summary
Fat Brands Inc. announced on May 14, 2024, that it entered into a definitive agreement to acquire Foghorn Holdings, LLC. The acquisition is expected to close in the third quarter of 2024 and will be financed through a combination of cash and debt. This move is part of Fat Brands' strategy to expand its portfolio of quick-service restaurant brands.
Why It Matters
This acquisition allows Fat Brands to expand its restaurant portfolio, potentially leading to increased revenue and market share in the quick-service dining sector.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and the impact of financing on the company's debt levels.
Key Players & Entities
- Fat Brands Inc. (company) — Registrant
- Foghorn Holdings, LLC (company) — Acquisition Target
- May 14, 2024 (date) — Date of Agreement
- Third Quarter of 2024 (date) — Expected Closing Period
FAQ
What is the primary purpose of this 8-K filing for Fat Brands Inc.?
This 8-K filing announces that Fat Brands Inc. has entered into a definitive agreement to acquire Foghorn Holdings, LLC.
When is the acquisition of Foghorn Holdings, LLC expected to be completed?
The acquisition is expected to close in the third quarter of 2024.
How will the acquisition of Foghorn Holdings, LLC be financed?
The acquisition will be financed through a combination of cash and debt.
What is the business of Foghorn Holdings, LLC?
The filing does not explicitly state the business of Foghorn Holdings, LLC, but it is implied to be a company within the restaurant sector, as Fat Brands Inc. is acquiring it to expand its portfolio.
What is the principal executive office address for Fat Brands Inc.?
The principal executive offices of Fat Brands Inc. are located at 9720 Wilshire Blvd., Suite 500, Beverly Hills, CA 90212.
Filing Stats: 484 words · 2 min read · ~2 pages · Grade level 9.6 · Accepted 2024-05-17 15:48:53
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share FAT The Nasdaq Stock Market L
- $0.171875 — e calendar month ending May 31, 2024 of $0.171875 per share. The cash dividend is payable
Filing Documents
- fat-20240514.htm (8-K) — 26KB
- 0001628280-24-024006.txt ( ) — 202KB
- fat-20240514.xsd (EX-101.SCH) — 3KB
- fat-20240514_def.xml (EX-101.DEF) — 16KB
- fat-20240514_lab.xml (EX-101.LAB) — 30KB
- fat-20240514_pre.xml (EX-101.PRE) — 17KB
- fat-20240514_htm.xml (XML) — 6KB
01 Other Events
Item 8.01 Other Events. Effective May 14, 2024, the Board of Directors of FAT Brands Inc. (the "Company") declared a monthly cash dividend on the Company's 8.25% Series B Cumulative Preferred Stock ("Series B Preferred Stock") for the calendar month ending May 31, 2024 of $0.171875 per share. The cash dividend is payable on June 20, 2024 to holders of record of the Series B Preferred Stock as of the close of business on June 10, 2024.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FAT Brands Inc. Date: May 17, 2024 /s/ Kenneth J. Kuick Kenneth J. Kuick Chief Financial Officer