FAST Acquisition Corp. II (NYSE:FZT.U) announced a private placement of 4,000,000 pre-paid warrants at a price of $1.50 per warrant for gross proceeds of $6,000,000 on February 26, 2021. The company has entered into a letter of intent that a warrant purchase agreement will be signed with the investor. The transaction involves participation from FAST Sponsor II LLC. Each warrant is exercisable for one share of class A common stock at a price of $11.50 per share. Once the warrants become exercisable, the company may redeem the outstanding warrants for cash. The transaction will close concurrently with closing of public offering. If the underwriters’ over-allotment option is exercised in full the company will issue 4,400,000 warrants for gross proceeds of $6,600,000. The warrants have 180 days lockup period after the completion of the transaction.