Twin Hospitality Group (TWNP) Registration Filing summary

Company overview and business model

• Operates as a franchisor and operator of Twin Peaks and Smokey Bones, two specialty casual dining restaurant concepts, with a focus on experiential dining and a robust pipeline of nearly 100 signed franchised units as of June 29, 2025.

• Twin Peaks offers a differentiated sports lodge experience with made-from-scratch food, craft beverages, and a unique atmosphere, growing to 115 restaurants by June 2025.

• Smokey Bones specializes in fire-grilled and smoked meats, operating 53 restaurants as of June 2025, and targets a broad demographic with dine-in, takeout, delivery, and catering.

• The company underwent a reorganization and spin-off from FAT Brands in January 2025, becoming an independent, publicly traded holding company with all operations conducted through subsidiaries.

Financial performance and metrics

• Fiscal year 2024 ended December 29, 2024, consisted of 52 weeks; fiscal year 2023 had 53 weeks.

• As of September 28, 2025, outstanding principal on Twin Securitization Notes was approximately $412.3 million, with quarterly principal and interest payments of about $12 million.

• The company did not meet certain equity offering and repayment requirements in 2025, triggering cash flow sweeping events and ongoing negotiations with noteholders.

Use of proceeds and capital allocation

• May receive up to $50 million in gross proceeds from White Lion Capital under a committed equity facility, with about 75% of net proceeds intended for repayment of Twin Securitization Notes and the remainder for working capital and general corporate purposes.