Special Opportunities Fund Provides Update On FAST Acquisition Corp. Settlement

Rhea-AI Summary

Special Opportunities Fund, Inc. (NYSE: SPE) provides an update on the settlement of a class action lawsuit against FAST Acquisition Corp., approving a $12.5 million gross cash payment to former shareholders of FAST's class A common stock as of August 25, 2022. The net settlement distribution to stockholders is expected to exceed $0.50 per share, with a distribution timeline by June 30, 2024. Stockholders in the class do not need to take action to receive the distribution.

SADDLE BROOK, N.J.--(BUSINESS WIRE)-- Special Opportunities Fund, Inc. (NYSE: SPE) is providing the following update regarding the settlement of a class action lawsuit filed in the Delaware Court of Chancery against FAST Acquisition Corp. (“FAST”). Additional information regarding the lawsuit is also available on the settlement website.

As previously stated, the proposed settlement, which has been approved by the court, provides for a gross cash payment of $12.5 million to former shareholders of FAST’s class A common stock as of August 25, 2022. As of today, SPE continues to expect, based on conversations with the settlement administrator, that the settlement distribution to stockholders, net of expenses, will exceed $0.50 per share. The timing of the distribution of the settlement proceeds is now expected to be no later than June 30, 2024. Stockholders who are members of the class do not need to take action to receive the distribution.

Stockholders are invited to contact Aaron Morris of Morris Kandinov LLP, aaron@moka.law, for additional information.

About Special Opportunities Fund, Inc. and Bulldog Investors, LLP:

Special Opportunities Fund, Inc. is an SEC-registered closed-end investment company that, under appropriate circumstances, employs activist strategies, including litigation, to enhance the value of its investments. (www.specialopportunitiesfundinc.com)

Bulldog Investors, LLP is an SEC-registered investment adviser that manages SPE and separately managed accounts. (www.bulldoginvestors.com)

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506317442/en/

U.S. Bank Global Fund Services – John Buckel (414) 516-1514

Source: Special Opportunities Fund, Inc.

FAQ

What is the update regarding the settlement provided by Special Opportunities Fund, Inc. (NYSE: SPE)?

Special Opportunities Fund, Inc. (NYSE: SPE) provides an update on the settlement of a class action lawsuit against FAST Acquisition Corp., approving a $12.5 million gross cash payment to former shareholders of FAST's class A common stock as of August 25, 2022.

What is the expected net settlement distribution per share for stockholders of FAST Acquisition Corp. (NYSE: SPE)?

The net settlement distribution to stockholders is expected to exceed $0.50 per share.

When is the timeline for the distribution of the settlement proceeds expected to be completed?

The distribution timeline for the settlement proceeds is expected to be no later than June 30, 2024.

Do stockholders in the class need to take any action to receive the distribution?

Stockholders in the class do not need to take any action to receive the distribution.

Who can stockholders contact for additional information regarding the settlement?

Stockholders can contact Aaron Morris of Morris Kandinov LLP at aaron@moka.law for additional information.