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.
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...