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Growth Capitalist News and Analysis of Emerging Growth Company Finance

Growth Capitalist (https://growthcapitalist.com/)

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FAT Brands Starts Strong on Nasdaq

By Teri Buhl | October 30, 2017

On a side street off Times Square brokers and traders lined up earlier this week for a rare treat outside of Nasdaq’s Manhattan market center: free Fatburgers. Mark Elenowitz, the investment banker behind the $24 million Regulation A capital raise of FAT Brands, was glowing with pride. FAT Brands opening IPO day was here and market interest had driven the stock to open above the $12 Reg A offer price. The first trade sold at $12.80 and the stock soared to $13.99 in the morning hours.

Elenowitz and his team at Tripoint Global Equities had worked all weekend to ensure the 2 million shares sold cleared the DTC (Depository Trust Company) and the hundreds of retail investors who bought stock through Tripoint’s online crowdfunding portal, BANQ, had their shares in their retail accounts available to trade immediately.

FAT Brands is controlled by Andy Wiederhorn, head of the investment firm Fog Cutter Capital Group. The Southern California burger joint Fatburger, often touted by Hollywood celebrities, was started by Lovie Yancey and Charles Simpson. Yancey first opened a three-seater burger stand in the late 1940s in front of her house in South Central Los Angeles.

FAT Brands, which stands for Fresh-Authentic-Tasty, owns multiple franchise chains focused on American food served in a fast casual setting. Fatburger is a 65-year-old company fashioned as a self-serve burger joint that competes with In-n-Out and Shake Shack (SHAK). Buffalo’s Café was founded in Roswell, Ga. in 1985, and is known for its chicken wings with 13 different sauces. And the company’s newest acquisition, Ponderosa and Bonanza Steakhouse, is a chain started in 1963 by Dan Blocker, who was known for his role as Hoss Cartwright in the TV western series Bonanza.
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Reverse Merger Attorney Ofsink Pleads Guilty in Pump-and-Dump Scheme

New York securities attorney Darren Ofsink, once an active adviser to emerging growth companies seeking to go public through reverse mergers, pleaded guilty on Oct. 18 to one charge of conspiracy to commit securities fraud, for his role in the $86 million manipulation scheme of CodeSmart Holdings (ITEN).

FAT Brands Readies Close of $24M APO

FAT Brands

Fast-casual dining franchise company FAT Brands expects to close it’s $24 million Reg A offering as soon as Oct. 20, according to company insiders. The quick closing follows reports that the company attracted millions of committed capital on its first day after the Securities and Exchange Commission qualified the offering on October 3. The owner of Fatburger and Buffalo’s Café is selling two million shares at $12, with a minimum investment of $500, from institutional and retail investors. The deal is being sold by Tripoint Global Securities as the exclusive bookrunner.

Zacks Small Cap Research Head and Banker Charged with Insider Trading

The broker-dealer division of Chicago-based Zacks Investment Research, has been charged by the Securities and Exchange Commission for failure to supervise staff who traded on non-public material information. The action is a blow to the nascent Reg A research market, where Zacks has been the first and only traditional sell-side broker to offer equity research on Reg A issuers.

More Headlines

Arcimoto’s Fast Close and Listing a Roadmap for Reg A+ Market
Second Ultra-light Carmaker Seeks to Tap Reg A Market
Boustead Acquires FlashFunders After First-Ever Reg A+ Nasdaq IPO

Emerging Growth News

OTC Markets
OTC Markets Targets Stock Promotion with New Issuer Rules

OTC Markets Group Inc. (OTCM) has released a new stock promotion policy aimed at addressing the chronic problem of fraudulent stock promotion in the microcap market. The new policy requires public companies to quickly correct any false statements or materially misleading information spread by promoters so that public markets are not disrupted.   

Source: www.prnewswire.com

Secondary Market Startup Aims at Chinese Investors Eager for Pre-IPO Shares

An online investment platform that allows Chinese investors to access a number of "alternative" U.S. investments has launched.

Source: www.cnbc.com

Markets

  • Chicken Soup for the Soul Entertainment
    Chicken Soup for the Emerging Growth Market: Media Company Completes Largest Reg A Offering Ever, Lists on Nasdaq

    Chicken Soup for the Soul Entertainment (CSSE), a provider of “positive” family-friendly video content under the name of the popular self-help book publisher, became the first Reg A issuer to list on Nasdaq’s Global Market last week, debuting August 18 after quickly closing a $30 million offering – the largest Reg A offering ever completed.

  • kathy-ireland
    Kathy Ireland Scraps Traditional IPO for a Reg APO

    Former supermodel turned home goods design magnate Kathy Ireland has teamed up with a fashion and beauty company, Level Brands, that is preparing to file to go public via a Regulation A offering. Level Brands had previously filed a confidential S-I filing for a traditional IPO, but switched to Reg A in late July.

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Growth Capital Investor

  • April 26, 2016 Issue
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Reg A Report

  • Enforcement
    Ironridge Quits 3(a)(10) Deals and Settles SEC Action for $4.4M

    Ironridge Global Partners has settled a two-year-old enforcement action with the Securities and Exchange Commission over its use of a previously obscure cause of the bankruptcy code to provide equity financing to distressed microcaps. Without admitting guilt, the fund managers agreed to one count of failing to register as a broker-dealer, and will pay $4.4 million in disgorgement penalties.

  • Consumer
    fatburger
    FAT Burger Hopes Offering a Dividend Sells Its Reg A+ Deal

    A fast casual dining restaurant chain plans to be the first issuer to offer a dividend as a means to sell investors on its Regulation A+ public offering. FAT Brands, which owns the FAT Burger and Buffalo’s Cafe casual restaurant franchises, announced on August 3 it is working exclusively with Tripoint Global Securities to qualify a Tier 2 offering with the hopes of raising $20 million.

  • Enforcement
    Grilled Cheese Truck
    Arrests in Alleged PnD Halt Reg CF Offering of Food Truck Franchisor

    An equity crowdfunding offering by a food truck franchiser has been withdrawn after federal authorities arrested 14 individuals who are accused of being part of a sophisticated ring that manipulated the company’s stock when it traded on the OTCQB from 2014 to 2015. The Reg CF offering by The Grilled Cheese Truck was listed on FlashFunders, owned by Boustead Securities of Irvine, Calif.

Growth Capitalist publishes news and analysis of the markets for emerging growth company investment and finance. Our analysts and correspondents provide news coverage and research on public and private investment in pre-IPO and public reporting high-growth companies valued under $1 billion, via PIPEs, Reg A, Reg D, self-directed IPOs and other alternative offerings.

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