The SPAC (special purpose acquisition company) world is starting to pick up steam once again. Indeed, following an impressive rally earlier this year, SPACs have cooled down considerably. However, the price action of the SPAC sector has started to heat up in recent weeks. For investors in Fast Acquisition (NYSE:FST) and FST stock, this could be a good thing.
It should be noted that Fast Acquisition is a lower-liquidity SPAC, with rather low daily trading volume. However, like many SPACs, there hasn’t been much news to digest. That is, until recently.
Fast Acquisition is set to close its SPAC merger with Golden Nugget casinos and Landry’s Restaurant Group some time in the fourth quarter of 2021. Ahead of this merger, though, investors have other news items to consider.
Let’s dive into what investors may want to consider with FST stock and the upcoming combination
FST Stock Steady Ahead of Merger
Currently, FST stock has held relatively steady in the $12 to $13 band for most of the past month. Following the company’s announced amendment to its merger agreement at the end of June, there really hasn’t been too much new for investors to price in. Accordingly, this is one of the more stable SPACs in the space right now.
However, some recent news came out yesterday that may impact this merger. That is, Landry’s Restaurant Group announced yesterday that the restaurant purveyor would be offering a Bitcoin (CCC:BTC-USD) loyalty program at all of the company’s 500 restaurant locations across the United States. This loyalty program would allow diners to earn $25 in Bitcoin for every $250 spent at the restaurants.
For cryptocurrency enthusiasts, this is certainly an intriguing concept. The integration between cryptos and the real economy is underway. Now Landry’s appears to want to be at the cutting edge of this movement.
Furthermore, for Fast Acquisition and FST stock, this news could turn out to be a big growth catalyst.
Still, FST stock has remained little changed today on the news. What will ultimately come of this loyalty program remains to be seen. However, this is a SPAC merger that I’ll definitely be keeping an eye on from here.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.