FAT Brands, (FAT stands for Fresh. Authentic. Tasty), opened trading today on the NASDAQ under ticker symbol FAT becoming one of a growing list of issuers leveraging Reg A+ to raise capital from both accredited and non-accredited investors quickly followed by a listing on a public exchange. FAT CEO Andy Wiederhorn was on hand at the NASDAQ today to ring the opening bell in recognition of the Initial Public Offering (IPO).
FAT enlisted the assistance of TriPoint Global Equities and its online division BANQ to manage the offering. FAT Brands also “made history” by being the first Reg A+ Issuer listed on a NASDAQ to pay a dividend. FAT Brands intends to pay a quarterly dividend of 4% of the price per share in the IPO, or $0.48 per share, annually ($0.12 per share quarterly). The transfer agent and registrar for the common stock was VStock Transfer.
FAT raised $24 million on a pre-money valuation of $96 million. The per share prices was $12/each and a minimum investment of $600. FAT plans to grow via organic growth and acquisition.
FAT currently owns several restaurant brands with over 300 locations open and under development in 18 countries. The brands include: Fatburger, Buffalo’s Cafe and Buffalo’s Express. FAT also operates Ponderosa & Bonanza Steakhouse concepts.
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