FAT Brands Inc. (FABT)

FAT Brands Inc. was a multi-brand restaurant franchisor based in Beverly Hills, California. The company was formed in 2017 under Andrew Wiederhorn, who served as chairman and chief executive officer, and its shares began trading on Nasdaq in October 2017 following a small initial public offering. It was named for Fatburger, the burger chain that served as its first brand.

FAT Brands built its portfolio through acquisitions funded largely with debt. Over the following years it added brands including Buffalo's Cafe, Ponderosa and Bonanza steakhouses, Hurricane Grill & Wings, Johnny Rockets, Marble Slab Creamery, Great American Cookies, Pretzelmaker, Round Table Pizza and Fazoli's, among others. It acquired Twin Peaks through Twin Hospitality Group, which was listed separately on Nasdaq in early 2025.

The company operated mainly as a franchisor, collecting royalties and fees from franchisees across many restaurant concepts in the United States and internationally, with a small number of company-owned locations. Its securitized debt structure, with several whole-business securitization facilities, formed a large part of its capital base, alongside preferred stock and notes.

Financial pressure grew over time as debt service, dividend payments on preferred stock and operating results weighed on liquidity, and the company disclosed substantial leverage. On January 8, 2026, Nasdaq notified FAT Brands that its stock had traded below the minimum bid price for 30 consecutive business days. On January 26, 2026, the company and certain subsidiaries filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas, citing its liabilities and liquidity situation. Restaurant operations continued during the case.

On January 28, 2026, Nasdaq staff informed the company that its securities no longer qualified for listing under Listing Rules 5101, 5110(b) and IM-5101-1, given the bankruptcy filing and concerns about compliance with continuing listing requirements. FAT Brands stated that it would not appeal. Trading of its securities was suspended with effect from February 4, 2026, and the securities moved to over-the-counter quotation, with later symbols carrying a Q suffix, such as FABTQ for the common stock.

Nasdaq's decision to remove the securities from listing was dated May 11, 2026. A Form 25 notification was filed with the SEC on May 14, 2026, and the removal became effective at the open of trading on May 26, 2026. FAT Brands continued to pursue its restructuring in bankruptcy court.