Falcon's Beyond Global, Inc 8-K, filed May 6, 2024
Falcon's Beyond Global, Inc. (FBYD)
About this 8-K
Falcon's Beyond Global, Inc filed this 8-K on May 6, 2024.
Items reported
- Item 8.01: Other events
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Item 8.01. Other Events.
As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report”), the Company was served with a complaint (the “Guggenheim Complaint”) on March 27, 2024 in which Guggenheim Securities, LLC (“Guggenheim”) alleges breach of a contract with Guggenheim. Guggenheim alleges that the Company owes certain fees and expenses of $11,056,512.70 for services allegedly performed by Guggenheim in connection with the Company’s business combination transaction with FAST Acquisition Corp. II which was consummated on October 6, 2023 (the “Business Combination”). The disclosure herein supplements and supersedes the disclosure relating to the Guggenheim Complaint in the Annual Report.
As part of the Company’s accounting approach to transaction expenses related to the Business Combination, prior to the Company’s receipt of the Guggenheim Complaint, the Company accrued $11.1 million as of December 31, 2023 with respect to a contract with Guggenheim. The Company intends to vigorously defend itself against the claims alleged in the Guggenheim Complaint and contest the amounts Guggenheim asserts are owed.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this Form 8-K, words such as “intends” and similar expressions identify forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those expressed in or implied by the forward-looking statements, including risks related to the Guggenheim Complaint described herein, as well as the risks disclosed under the caption “Risk Factors” in the Annual Report and the Company’s other filings with the SEC. The forward-looking statements herein speak only as of the date of this Form 8-K, and the Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 6, 2024 | FALCON’S BEYOND GLOBAL, INC. | |
| By: | /s/ Bruce A. Brown | |
| Name: | Bruce A. Brown | |
| Title: | Chief Legal Officer and Corporate Secretary | |
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