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&vest's SPAC FAST Acquisition II files for a $200 million IPO

February 26, 2021

FAST Acquisition II, the third blank check company formed by &vest targeting dining and hospitality, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Ridgefield, CT-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, FAST Acquisition II would command a market value of $250 million.

The company is led by CEO and Director Sandy Beall, the founder of Ruby Tuesday, co-founder of luxury hotel and resort Blackberry Farm, and Principal of Beall Investments; and Chairman Kevin Reddy, whose previous roles include serving as CEO of Noodles & Company and COO of Chipotle. The company plans to target the restaurant, hospitality, and related sectors in North America.

Management's previous SPACs include Velocity Acquisition (VELOU; +2% from $10 offer price), which went public in February 2021, and FAST Acquisition (FST; +15%), which went public in August 2020 and has a pending merger agreement with Golden Nugget/Landry's parent company Fertitta Entertainment.

FAST Acquisition II was founded in 2020 and plans to list on the NYSE under the symbol FZT.U. The company filed confidentially on January 19, 2021. Jefferies is the sole bookrunner on the deal.