California-based FAT Brands Inc. has completed its merger with its controlling stockholder Fog Cutter Capital Group Inc., which now holds about 81.2% of the casual dining chain, according to a Dec. 30 regulatory filing.

The restaurant operator's president and CEO, Andy Wiederhorn, said the deal will help "eliminate limitations that restrict our ability to use common stock for accretive acquisitions and capital raising."

As part of the transaction, FAT Brands took over all of Fog Cutter Capital's assets, including its net operating loss carryforwards and wholly owned subsidiaries Homestyle Dining LLC, Fog Cap Development LLC, Fog Cap Acceptance Inc. and BC Canyon LLC.

The company also declared a special stock dividend of 0.2319998077 shares of FAT Brands' 8.25% series B cumulative preferred stock for its common stock holders. The dividend had a record date of Dec. 21 and was paid Dec. 23.

Fog Cutter Capital did not receive any proceeds from the special dividend.