Fat Brands Inc. made its initial public offering on the Nasdaq yesterday after reaching its goal of raising $24 million on Friday.
The brand licensing subsidiary of Beverly Hills-based Fog Cutter Capital Group Inc. used federal crowdfunding regulations to sell 2 million shares at $12 each.
Fat Brands Inc., which valued itself at $96 million pre-IPO, used Regulation A+, which allows companies to raise up to $50 million from unaccredited investors.
The company’s stock has dipped slightly since its debut. Shares decreased almost 3 percent today to $11 per adjusted share at the close of markets from $11.32 at gthe end of its first day of trading.
Retail, restaurants and hospitality reporter Caroline Anderson can be reached at email@example.com. Follow her on Twitter @caroline_mander.
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