Special Opportunities Fund Reaches Settlement With FAST Acquisition Corp.; Proposed Settlement, Which Is Subject To Court Approval, Provides For A Cash Payment By The Defendants Of $12.5M
Portfolio Pulse from Benzinga Newsdesk
Special Opportunities Fund, Inc. (NYSE:SPE) has reached a settlement of a class action lawsuit against FAST Acquisition Corp. The proposed settlement, subject to court approval, involves a cash payment of $12.5 million by the defendants. After accounting for litigation expenses, former common stockholders of FAST who received a pro rata liquidation payment should receive an additional payment of at least $0.50 per share in Q1 2024.
October 12, 2023 | 1:31 pm
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POSITIVE IMPACT
The settlement of the lawsuit could potentially reduce the financial burden on Special Opportunities Fund, Inc. (SPE), leading to a positive impact on its stock.
The settlement of the lawsuit means that SPE will no longer have to bear the costs associated with the ongoing litigation. This could potentially free up resources for other uses, which could be viewed positively by investors and lead to an increase in the stock price.
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