FAST Acquisition II in a press release said it received notice from the NYSE that the SPAC is not in compliance with listing rules for failing to file a quarterly report for the period ended March 31. As a result, the SPAC faces delisting from the exchange.
FAST III has until November to file the 10-K and regain compliance. The SPAC said it is working to complete the report after determining it should follow new accounting standards for its warrants. That folows the SEC’s staff statement in April that warrants should be treated as liabilities, not equity assets.
The SPAC is focused on acquisition targets in the restaurant, hospitality, consumer, and related sectors in North America with an enterprise value of $800 million or greater. Read more.
