Earlier today, Bill Ackman and Pershing Square filed for the largest ever SPAC with the $3.0 billion Pershing Square Tontine Holdings Ltd. (PSTH.U).
I guess size does matter, because Ackman didn’t just nudge past Churchill Capital III’s highwater mark of $1.1 billion, but blew right past it and threw in a couple of massive forward purchases for good measure.
But as recently as May 20th, only one month ago, the DRS filing shows that PSTH.U was originally only a $1.0 billion SPAC with a $750 million committed Forward Purchase (plus a $1.5 billion uncommitted Forward Purchase).
However, since many of you have most likely already taken a look at this prospectus, you know that there are a lot of moving parts to this SPAC. And many of those parts are relatively novel. As such, reviewing this filing and writing a post is going to take a little longer than normal. Look for a full write-up tomorrow.
However, in the meantime, the headline details are that PSTH.U has a $20.00 unit that includes the first ever “1/9th” warrant. However, if you’re a shareholder of record and do not redeem your share at the combination vote, you get a “2/9ths distributable” warrant as well, as an incentive to stay in the deal. Which, would effectively get you a 1/3 warrant when all is said and done.
Naturally, I have some thoughts on this, but as stated above, since there are so many new features to this transaction, I need to spend more time with it. Check back tomorrow.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...