Company: FWRG
Filing Date: 2025-08-07
Form Type: 424B3
Source: 0001628280-25-038995
Chunk: 11

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-07
Form: 424B3
Chunk 11
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, joint ventures or capital commitments; and

• general market, political and economic conditions, including local conditions in the markets in which we operate, as well as global geopolitical tensions.

These broad market and industry factors may decrease the market price of our common stock, regardless of our actual financial performance. The stock market in general has from time to time experienced extreme price and volume fluctuations, including recently. In addition, in the past, following periods of volatility in the overall market and decreases in the market price of a company’s securities, securities class action litigation has often been instituted against these companies. This litigation, if instituted against us, could result in substantial costs and a diversion of our management’s attention and resources, which could have a material adverse effect on our business, financial condition and results of operations.

The market price of our common stock could be negatively affected by sales of substantial amounts of our common stock in the public markets.

As of August 1, 2025, we had 61,023,971 shares of common stock outstanding. Of our issued and outstanding shares, all of the shares of common stock sold in this offering are freely transferable, except for any shares held by our “affiliates,” as that term is defined in Rule 144 under the Securities Act. Following the closing of this offering, approximately 15.88% of our outstanding common stock will be indirectly beneficially owned by Advent, and can be resold into the public markets in the future in accordance with the requirements of Rule 144.

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We, the selling stockholders and our executive officers and directors have agreed, subject to specified exceptions, not to directly or indirectly:

• sell, offer, contract or grant any option to sell (including any short sale), pledge, transfer, establish an open “put equivalent position” within the meaning of Rule 16a-1(h) under the Exchange Act,

• otherwise dispose of any shares of common stock, options or warrants to acquire shares of common stock, or securities exchangeable or exercisable for or convertible into shares of common stock currently or hereafter owned either of record or beneficially, or

• publicly announce an intention to do any of the foregoing for a period of 30 days after the date of this prospectus without the prior written consent of the underwriters.

This restriction terminates after the close of trading of the common stock on and including the 30th day after the date of this prospectus. The underwriters may, in their sole discretion