Special Opportunities Fund, Inc. (NYSE: SPE) is providing the following update regarding the settlement of a class action lawsuit filed in the Delaware Court of Chancery against FAST Acquisition Corp. (“FAST”). Additional information regarding the lawsuit is also available on the settlement website.

As previously stated, the proposed settlement, which has been approved by the court, provides for a gross cash payment of $12.5 million to former shareholders of FAST’s class A common stock as of August 25, 2022. As of today, SPE continues to expect, based on conversations with the settlement administrator, that the settlement distribution to stockholders, net of expenses, will exceed $0.50 per share. The timing of the distribution of the settlement proceeds is now expected to be no later than June 30, 2024. Stockholders who are members of the class do not need to take action to receive the distribution.