Form 8-K - Current report
July 31 2023 - 4:27PM
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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): July 25, 2023
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
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
Effective
July 25, 2023, the Board of Directors (the “Board”) of FAT Brands Inc. (the “Company”) increased
the size of the Board from eleven to twelve persons and appointed two new independent directors to fill the vacancies on the Board for
a term expiring at the Company’s 2023 Annual Meeting of Stockholders. The new directors are Peter R. Feinstein and Matthew H. Green,
who have also been appointed to the Audit Committee of the Board.
Mr.
Feinstein is an experienced operator of restaurant and entertainment properties, including Fatburger, Sugar Factory, El Dorado Cantina,
Country Star Restaurants and Sapphire Gentlemen’s Club. He is also a retired certified public accountant, having served in senior
management and audit roles with Kenneth Leventhal & Co. and Fox & Co. Mr. Feinstein received a Bachelor of Science degree in
Accounting from UCLA. Mr. Feinstein is a part owner of two Fatburger franchisees that own stores in Nevada which pay to the Company
a standard royalty rate on net sales plus marketing fees, which amounted to an aggregate of $0.4 million in 2022 and $0.2
million in 2023 through the date of this report.
Mr.
Green is an experienced finance professional based in London, over 30 years’ experience as a merchant banker, focused primarily
on the real estate, infrastructure, and energy sectors for clients including private equity firms, pension funds, sovereign wealth funds
and family offices. Mr. Green received a bachelors degree in business administration from the University of Washington.
Each
of Messrs. Feinstein and Green will receive standard compensation from the Company for non-employee directors, consisting of annual cash
compensation of $120,000 and an annual equity award of stock options to acquire 30,636 shares of Class A common stock of the Company
vesting over three years.
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:
July 31, 2023
|
FAT
Brands Inc. |
|
|
|
|
By:
|
/s/
Kenneth J. Kuick |
|
|
Kenneth
J. Kuick |
|
|
Chief
Financial Officer |
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