Fat Brands approves distribution of special stock dividend

Fat Brands (FAT) is pleased to announce that its Board of Directors has approved the distribution of a special stock dividend to Fat Brands’ common stockholders of shares of Class A Common Stock of Twin Hospitality Group, the operating unit for its Twin Peaks and Smokey Bones restaurant brands. The distributed shares will represent approximately 5% of the fully diluted shares of Class A Common Stock of Twin Hospitality, and the remaining shares of Twin Hospitality will continue to be held by FAT Brands immediately following the distribution. The distribution of shares of Twin Common Stock will be made on a pro rata basis to all holders of Fat Brands’ Class A Common Stock and Class B Common Stock as of the close of trading on January 27. The distribution will take the form of a special dividend of 0.1520207 share of Twin Common Stock distributed with respect to each one share of Fat Brands Class A Common Stock and Class B Common Stock outstanding as of the record date. The shares of Twin Common Stock are expected to be delivered after the close of trading on January 29, subject to the satisfaction or waiver of certain conditions, and commence trading on the Nasdaq Global Market under the symbol “TWNP” on the next trading day.