FAST Acquisition Corp (NYSE: FST) announced this morning that it has come to a partial agreement with regard to the suit brought by Special Opportunities Fund (NYSE:SPE) over the distribution of the SPAC’s funds in its upcoming liquidation.
FAST earlier announced that it would liquidate shortly after August 25, but its up to $33 million termination fee from the scuppered combination with Fertitta Entertainment would not be among the funds that were to go out pro rata to shareholders. Last week, Special Opportunities filed a lawsuit to prevent the SPAC’s sponsor from walking away with this cash.
This interim agreement would smooth out some details with the liquidation just around the corner. Setting aside the wider question of the termination fee, the parties have agreed that FAST’s sponsor will be allowed to use available funds to pay down $4.5 million in taxes, $3 million in professional fees, $1 million to pay back a working capital loan, $1 million in defense costs for the lawsuit itself, plus whatever expenses necessary to continue to bind Fertitta to the breakup fee terms.
This adds up to approximately $9.5 million in allowances, which if taken purely from the fee rather than FAST’s estimated $200.4 million trust, would leave $23.5 million from the full fee on the table. Special Opportunities plans to continue to pursue the lawsuit, arguing that FAST’s Board has a fiduciary duty to distribute all remaining net assets to all shareholders.
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...