Pershing Square Tontine Holdings, Ltd. (PSTH.U), announced the pricing of their record $4.0 billion IPO this morning, making it the largest ever SPAC offering to-date. The units are expected to begin trading today, Wednesday, July 22nd, under the symbol NYSE: PSTH.U.
Pershing Square Tontine intends to pursue merger opportunities with private, large capitalization, high-quality, growth companies and will be led by Bill Ackman, the Founder and CEO of Pershing Square Capital Management. Mr. Ackman will hold the titles of Chairman, Chief Executive Officer and Director for Pershing Square Tontine.
Total SPAC deal count for 2020 year-to-date is now 47 with $18.3 billion in gross proceeds raised. The offering is anticipated to close on Friday, July 24, 2020.
Citigroup Global Markets Inc., Jefferies LLC and UBS Securities LLC are acting as the joint book running managers for the offering. CastleOak Securities, L.P., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC are acting as co-lead managers; and Academy Securities, Inc., C.L. King & Associates, Inc. and Roberts and Ryan Investments Inc. are acting as co-managers. Cadwalader, Wickersham & Taft LLP and Ropes & Gray LLP, were Issuer’s Counsel and Underwriter’s Counsel, respectively. Marcum LLP, acted as auditor.
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...