Special Opportunities Fund, Inc. has reached an agreement with FAST Acquisition Corp. to prevent the distribution of the Company’s net assets to Class B shares until the Court rules on whether they must be equitably distributed to all stockholders. Under the agreement, the Class A shares will be redeemed promptly after August 25, 2022 and the winding up and dissolution of the Company will proceed. However, unless prior notice is given to SPE, the Company is limited to paying only the following approximate amounts: (a) $4.5 million in taxes; (b) $1 million to reimburse a working capital loan; (c) $3 million in professional fees previously incurred; (d) $1 million for defense costs in connection with the litigation; and (e) expenses incurred to enforce the Termination and Settlement Agreement with Fertitta Entertainment, Inc., if necessary.
Morris Kandinov LLP is representing Special Opportunities Fund in the litigation. The case is Special Opportunities Fund, Inc. v. FAST Acquisition Corp., et al., No. 2022-0702 (Del. Ch.).
