Special Opportunities Fund Reaches Settlement With FAST Acquisition Corp.
13 October 2023 - 12:25AM
Business Wire
Special Opportunities Fund, Inc. (NYSE: SPE) today announced
that it has reached a settlement of a class action lawsuit filed in
the Delaware Court of Chancery against FAST Acquisition Corp.
regarding the distribution of FAST’s net assets.
The proposed settlement, which is subject to court approval,
provides for a cash payment by the defendants of $12.5 million.
Phillip Goldstein, Chairman of SPE and a managing partner of
Bulldog Investors, LLP, SPE’s investment advisor, stated: “Assuming
the Court approves the proposed settlement, we anticipate that,
after accounting for litigation expenses, former common
stockholders of FAST who received a pro rata liquidation payment of
$10.0275 per share from the trust account on or about August 26,
2022 should receive an additional payment of at least $0.50 per
share in the first quarter of 2024.”
Morris Kandinov LLP is serving as counsel to SPE in the
litigation.
About Special Opportunities Fund, Inc. and Bulldog Investors,
LLP:
Special Opportunities Fund, Inc. is an SEC-registered closed-end
investment company. (specialopportunitiesfundinc.com) that often
employs activist strategies, including litigation, to enhance the
value of its investments.
Bulldog Investors, LLP is an SEC-registered investment adviser
that manages Special Opportunities Fund and separately-managed
accounts. (www.BulldogInvestors.com)
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