FAT Brands completes spin-off of Twin Hospitality; distributes 5% stake to shareholders

Fat Brands, Inc

On Jan 29, 2025, FAT Brands completed the spin-off of Twin Hospitality (TWNP) via a pro rata distribution of 5.0% of Twin shares to FAT stockholders as of Jan 27.
Stockholders received 0.1520207 shares of Twin Class A common per FAT Class A or B share held; Twin started trading on Nasdaq under TWNP.
FAT Brands retained approx. 80.1% ownership in Twin; entered Master Separation and Tax Matters Agreements on Jan 24 to govern ongoing relationship.
Master Separation Agreement includes registration rights, anti-dilution option, cross-indemnities, and employee non-solicit for 2 years.
Tax Matters Agreement allocates tax liabilities and provides for potential future additional distributions of remaining Twin shares.

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