Fat Brands, Inc FAT → Twin Hospitality Group Inc. TWNPQ
| Parent | Fat Brands, Inc FAT |
|---|---|
| Spinco | Twin Hospitality Group Inc. TWNPQ |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 0.1520207 Twin Hospitality Class A shares for each FAT Brands share |
| Ratio note | The same ratio applied to both FAT Brands share classes; only about 5 percent of the spinco was distributed. |
| Parent retains | 94.24% |
| Checked against EDGAR | 2026-08-22 |
Data trap
Barely a separation in economic terms: FAT Brands kept about 94 percent of the Class A shares and all of the super-voting Class B, leaving roughly a five percent float, and its voting power stayed near 99 percent. Twelve months later the parent's bankruptcy pulled the spinco into the same Chapter 11 case. Note also that the announcement postdates the Form 10 filing by three days, which is unusual but filing-sourced, and that the pre-distribution filing's 4:30 p.m. time is superseded by 4:31 p.m. in the completion filing.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2024-11-04Separation announced
- 2024-11-01Form 10 filed
- 2025-01-10Form 10 last amended
- 2025-01-17Form 10 effective
- 2025-01-27Record date
- —When-issued trading opens
- 2025-01-29Distribution
- 2025-02-27First standalone earnings
- —Index inclusion announced
Performance since separation
| Twin Hospitality Group Inc. since separation, to delisting 2026-02-04 | no price coverage |
|---|---|
| Fat Brands, Inc over the same window | no window — the spinco is unpriced |
| S&P 500 (SPY) over the same window | no window — the spinco is unpriced |
| Russell 2000 (IWM) over the same window | no window — the spinco is unpriced |
| Excess over the S&P 500 | — |
| Excess over the Russell 2000 | — |
Twin Hospitality Group Inc. stopped trading on 2026-02-04 — acquired, taken private or wound up — so this return runs to that date, not to today. It is kept here deliberately: dropping deals that ended in an acquisition would flatter every base rate on this site, because being bought is often the best outcome a spin-off has. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Filings
Every fact on this page comes from one of these.
- 10-12B/Afiled 2025-01-10 · 0001493152-25-001566Amendment 3 to the Form 10
- 8-Kfiled 2025-01-17 · 0001493152-25-002824Form 10 declared effective; final information statement with the ratio, the January 27 record date and the January 30 regular-way start
- 8-Kfiled 2025-01-30 · 0001493152-25-004240Completion: separation completed January 29, 2025 at 4:31 p.m. Eastern
- 8-Kfiled 2026-01-27 · 0001493152-26-003699Chapter 11 petitions filed jointly with the parent on January 26, 2026
- 25-NSEfiled 2026-06-04 · 0001354457-26-000530Delisting determination; trading suspended February 4, 2026
Notes
FAT Brands' partial separation of its Twin Peaks restaurant business, distributing only about five percent while retaining control. Both companies filed for Chapter 11 in January 2026 and the spinco's return runs to the trading suspension. Classified non_focus_increasing: the Form 10's own risk factors admit the overlap plainly — 'We and FAT Brands are both engaged in the restaurant business' — and FAT Brands retains the contractual right to compete directly, including opening restaurants near existing Twin Peaks locations. This is a carve-out of two brands from a larger multi-brand restaurant-franchising portfolio, not a change of industry. The distribution is a taxable dividend, not the usual tax-free spin-off.