FAT Brands (FAT) said late Thursday it has approved a special dividend dividend consisting shares of of Twin Hospitality Group, the operating unit for its Twin Peaks and Smokey Bones restaurant brands.

The company said it will issue 0.1520207 shares of Twin Hospitality stock distributed for each share of FAT Brands stock after the close of trading on Jan. 29, to shareholders as of Jan. 27.

Twin Hospitality shares are to begin trading the next day on Nasdaq under the symbol "TWNP."

The distributed shares will represent about 5% of the diluted shares of Twin Hospitality, with the remaining shares held by FAT Brands, the company said.