Fat Brands slips after co quickly scraps stock offering

Fat Brands

07/11/2022 14:10

** Fat Brands Inc's  FAT.O  shares down ~3% before the bell,
but paring earlier premarket loss of ~9%, after restaurant
franchiser pulls stock offering
    ** Fatburger, Johnny Rockets chains owner says it withdraws
"opportunistic in nature" offering due to current terms and
market conditions  urn:newsml:reuters.com:*:nGNX4FcrhF
    ** Co late Fri announced proposed offering for working
capital and general corp purposes, without disclosing deal size
    ** "We will continue to monitor market conditions and
evaluate whether to pursue another offering in the future,” CEO
Andy Wiederhorn says in statement
    ** Co has 15.3 mln shares outstanding and ~4 mln of public
float, per Refinitiv data
    ** Shares on Fri closed up 2.5% at $7.70, but have lost 27%
YTD
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))