Twin Hospitality Group Inc., a Delaware-based company specializing in retail eating places, has made an important announcement today regarding its upcoming separation from FAT Brands Inc. This strategic move involves a spin-off that will result in Twin Hospitality Group becoming an independent entity.
The U.S. Securities and Exchange Commission (SEC) declared effective the registration statement related to the spin-off on January 17, 2025. This registration includes a preliminary information statement detailing the business and management of Twin Hospitality Group post-separation. The final information statement, also dated January 17, 2025, has been made available to investors.
Scheduled to occur on January 29, 2025, the spin-off will grant FAT Brands' shareholders ownership in Twin Hospitality Group. Shareholders of FAT Brands' Class A and Class B common stock on record as of January 27, 2025, will receive 0.1520207 shares of Twin Hospitality Group's Class A Common Stock for each share they own. This distribution is contingent upon certain conditions outlined in the information statement.
It is expected that "when-issued" trading of Twin Hospitality Group's Class A Common Stock will begin one day prior to the Distribution Date. Regular trading on the Nasdaq Global Market under the ticker symbol "TWNP" is anticipated to commence on January 30, 2025, the first trading day following the Distribution Date.
This announcement, including the attached Exhibit 99.1, is based on a press release statement and is not considered filed for Section 18 of the Securities Exchange Act of 1934 purposes, nor is it incorporated by reference into any of the company's filings under the Securities Act of 1933 or the Exchange Act.
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