FAT Brands Inc. (FAT) – A Switch to an ATM Raise

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Tuesday, November 15, 2022

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Proposed Equity Offering. Monday morning, FAT Brands announced an ATM sales agreement to raise a maximum $21.4 million through the sale of Class A common stock and/or the 8.25% Series B Cumulative Preferred. At Friday’s close, a full raise in common would add just under three million shares to the public float.

A Switch. The proposed ATM is a switch from the Class A equity offering floated by the Company just 10 days ago. That offering was tabled after the shares sold off some 17% over the weekend. Under the ATM, FAT can decline to sell shares if the shares cannot be sold at or above a price designated by the Company, which we believe is above $7.00 per share.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 


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