FATBP - FAT Brands surge premarket on merger announcement with Fog Cutter Capital Group

FAT Brands (FAT) to combine with Fog Cutter Capital Group (FCCG), the company’s controlling stockholder.The merger will aid FAT Brands with increased financial flexibility and simplified corporate structure.In connection with merger, The company has declared a special stock dividend payable only to holders of its common stock other than Fog Cutter, consisting of 0.2319998077 shares of FAT Brands’ 8.25% Series B Cumulative Preferred Stock (FATBP) for each outstanding share of common stock held by such stockholders, with the value of any fractional shares to be paid in cash. Payable on December 23 with a record date of December 21. Andy Wiederhorn, President and CEO of FAT Brands, stated “We have taken a number of steps in 2020 to bolster our balance sheet and ensure that FAT Brands is as nimble and opportunistic as possible, especially in this environment. As we have disclosed in the past, FAT Brands has considered a combination

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FAT Brands surge premarket on merger announcement with Fog Cutter Capital Group