Want to Own a Piece of Fatburger? You May Soon Be Able toTHE ASSOCIATED PRESS
New York (AP) -- Soon, anyone with $500 can buy a piece of Fatburger.
Fat Brands, the owner of restaurant brands Fatburger and chicken-wing chain Buffalo's Cafe, plans to sell shares to the public next month in an effort to raise $20 million. It will use that money to expand its business and pay down debt.
The Beverly Hills, California-based company plans to file for its initial public offering through a set of rules known as Regulation A+, which makes it easier for small companies to raise money. Right now, it's only gauging interest from possible investors and plans to sell its stock in September.
Fat Brands says investors will have to invest a minimum of $500 when it goes public. It expects its shares to trade on a stock exchange under the ticker symbol "FAT."
The company said it makes money from the royalties and fees it charges franchisees, and doesn't own or operate any restaurants.
There are more than 160 Fatburger locations around the world, and 20 stand-alone locations of Buffalo's Cafe.