FAST ACQUISITION CORP II (FZT) GOES UP 30% ON TUESDAY, AS BUSINESS COMBINATION WITH FALCON’S BEYOND IS APPROVED BY SHAREHOLDERS
We have written for over two years about Special Purpose Acquisition Companies (“SPAC”s, and the approximately eight companies sponsored by restaurant executives that we have known for many years. Those articles can be accessed by way of the SEARCH function on our HOME PAGE.
It’s fair to say that our discussion of SPACs over the last several years has been generally skeptical relative to the risk and reward profile for the investing public. Justifying our view, now that the SPAC “bubble” has burst, only one hospitality/restaurant participant remains, with a business combination completed and the stock trading at a premium to its original $10/share issue price. Happily, this is a Company that we have viewed favorably and described at great length within these pages.
This Company is FAST Acquisition Corp. II (FZT), sponsored by Sandy Beall and Doug Jacob, merged yesterday with a rapidly growing Hospitality/Entertainment/Intellectual Property Company called Falcon’s Beyond. We will update the outlook in the near future, but, in a nutshell: in addition to their Intellectual Property Development capabilities, Falcon’s Beyond has master planned and helped to execute over $100B of worldwide destination entertainment projects. Among their current assignments, they are actively working with the Saudi’s within a twenty year plan that will deploy something like five trillion dollars building an entertainment district that will encompass about 100 square miles. Also on the hospitality/entertainment side of the business, they have a joint venture with Melia’, a Mallorca, Spain based, publicly held hotel company, that operates worldwide what could be termed a “priceless” portfolio of about 350 resort properties.
Our previous reports (which you can find by way of a SEARCH within our HOME PAGE for FZT) (in particular our report dated 8/24/22, link below) include a number of short descriptive videos which are more entertaining than most research product you will come across. Enjoy!.
Roger Lipton