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.
BM Acquisition Corp. (NASDAQ:BMOKU) has filed for a $60 million IPO to bring another first-time, Asia-based team to the market. The new SPAC is serving up 1/2 warrants in each of its units and the team will have 18 months under its initial search window to close a deal. It may extend this, but only...
At the SPAC of Dawn The Fed’s rate decision day has finally come and futures are slightly green in anticipation. De-SPACs have largely opted not to hedge their bets on the event with several making large-scale equity capital raises directly on its eve. Four companies alone raised over $1 billion in secondary offerings this week,...
Pioneer Acquisition I Corp. (NASDAQ:PACHU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PACHU”, Wednesday, June 18, 2025. The new SPAC aims to combine with a target company in the healthcare sector, which could include medical device manufacturers, digital healthcare firms...
Axiom Intelligence Acquisition Corp. 1 (NASDAQ:AXINU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “AXINU”, Wednesday, June 18, 2025. The new SPAC plans to combine a European infrastructure target company potentially in the energy, digitization or transportation spheres. Axiom 1’s management...
Solarius Capital (NASDAQ:INACU) has filed for a $150 million IPO to seek out a financial services target with a team making its first step into SPACs. The new SPAC is offering investors a 1/2 warrant in each unit and it will overfund its trust to 100.5% with $10.05 per unit in the trust account from...