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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 16, 2022

 

FAT Brands Inc.

(Exact name of Registrant as Specified in Its Charter)

 

Delaware   001-38250   82-1302696

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

9720 Wilshire Blvd., Suite 500

Beverly Hills, CA

   90212
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (310) 319-1850

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class  

Trading Symbol(s)

   Name of each exchange on which registered
Class A Common Stock   FAT   The Nasdaq Stock Market LLC
Class B Common Stock   FATBB   The Nasdaq Stock Market LLC
Series B Cumulative Preferred Stock   FATBP   The Nasdaq Stock Market LLC
Warrants to purchase Class A Common Stock   FATBW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 
 

 

Item 8.01 Other Events.

 

On various dates during the fiscal year ending December 26, 2021, FAT Brands Inc. (the “Company”) declared and paid quarterly cash dividends on its Class A Common Stock (CUSIP 30258N105). The table below summarizes the income tax treatment of each cash dividend paid by the Company in fiscal 2021 to holders of its Class A Common Stock.

 

Record

Date

  Payment Date  Dividend per Share  

 

Ordinary Income

  

Capital Gain Income

  

 

Return of Capital

 
5/3/2021  5/7/2021  $0.13   $-    -%  $-    -%  $0.13    100.00%
6/14/2021  6/21/2021  $0.13   $-    -%  $-    -%  $0.13    100.00%
9/6/2021  9/15/2021  $0.13   $-    -%  $-    -%  $0.13    100.00%
11/17/2021  12/1/2021  $0.13   $-    -%  $-    -%  $0.13    100.00%
Total     $0.52   $-    -%  $-    -%  $0.52    100.00%

 

On various dates during the fiscal year ending December 26, 2021, the Company declared and paid quarterly cash dividends on its Class B Common Stock (CUSIP 30258N600). The table below summarizes the income tax treatment of each cash dividend paid by the Company in fiscal 2021 to holders of its Class B Common Stock.

 

Record

Date

  Payment Date  Dividend per Share  

 

Ordinary Income

  

Capital Gain Income

  

 

Return of Capital

 
9/6/2021  9/15/2021  $0.13   $-    -%  $-    -%  $0.13    100.00%
11/17/2021  12/1/2021  $0.13   $-    -%  $-    -%  $0.13    100.00%
Total     $0.26   $-    -%  $-    -%  $0.26    100.00%

 

On various dates during the fiscal year ending December 26, 2021, the Company declared and paid monthly cash dividends on its 8.25% Series B Cumulative Preferred Stock (CUSIP 30258N501) (“Series B Preferred Stock”). The table below summarizes the income tax treatment of each cash dividend paid by the Company in fiscal 2021 to holders of its Series B Preferred Stock:

 

Record

Date

  Payment Date  Dividend per Share  

 

Ordinary Income

  

Capital Gain Income

  

 

Return of Capital

 
1/13/2021  1/20/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
2/10/2021  2/22/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
3/10/2021  3/22/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
4/10/2021  4/20/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
5/10/2021  5/20/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
6/10/2021  6/21/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
7/10/2021  7/20/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
8/10/2021  8/20/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
9/10/2021  9/20/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
10/8/2021  10/20/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
11/12/2021  11/22/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
12/10/2021  12/20/2021  $0.171875   $-    -%  $-    -%  $0.171875    100.00%
Total     $2.060000   $-    -%  $-    -%  $2.060000    100.00%

 

As a result of the above-referenced cash dividends paid on the Company’s Class A Common Stock, and a non-taxable distribution paid on August 23, 2021 consisting of 0.10 shares of Class B Common Stock for each outstanding share of Class A Common Stock held of record on August 16, 2021, on various dates during the fiscal year ending December 26, 2021 the Company reduced the exercise price of its outstanding Warrants to purchase Class A Common Stock (CUSIP 30258N121) (the “Warrants”). The Warrants were originally exercisable for an exercise price of $5.00 per share. The table below summarizes the adjusted exercise price per share of the Warrants on each adjustment date, and the fair market value of each adjustment for U.S. federal income tax purposes under I.R.C. Section 305(c).

 

Adjustment Date  Adjusted Exercise Price per share   FMV of Adjustment per share 

5/3/2021

  $

4.8867

   $0.112065 

6/14/2021

  $

4.7727

   $0.113308 

8/16/2021

  $3.9992   $0.768712 

9/6/2021

  $3.8809   $0.043518 

11/17/2021

  $3.7616   $0.079757 

 

The Company encourages each holder of Class A Common Stock, Class B Common Stock, Series B Preferred Stock and Warrants to consult with their own tax advisors with respect to the federal, state, local and foreign income tax effects of these dividends and adjustments.

 

 
 

 

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 thereunto duly authorized.

 

Date: February 16, 2022

 

  FAT Brands Inc.
     
  By:  /s/ Kenneth J. Kuick
    Kenneth J. Kuick
    Chief Financial Officer

 

 

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