FST - Fast Acquisition Corp. sinks as SPAC deal for billionaire Tilman Fertitta's firm collapses

Fast Acquisition Corp. (NYSE:FST) is sinking some 5% Thursday on word that its planned SPAC merger with billionaire Tilman Fertitta’s Fertitta Entertainment appears to be falling apart. FST fell as much as 5.6% before partly recovering to trade at $10.11 shortly before 11 a.m. ET, down 4.9%. Fast Acquisition (FST) fell after the company disclosed in an 8-K filing that it received a letter Wednesday from Fertitta Entertainment that “purported” to terminate the two firms’ merger deal, which valued Fertitta Entertainment at some $6.6B. FST wrote in the 8-K that Fertitta Entertainment announced plans to cancel the deal based on terms that allow either side to back out if the merger didn’t close by Dec. 1, which it failed to do. However, FST said it responded in writing to Fertitta Entertainment that the agreement’s terms don’t allow such a cancellation because Fertitta’s “actions and failures to fulfill its obligations under

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Fast Acquisition Corp. sinks as SPAC deal for billionaire Tilman Fertitta’s firm collapses