Bill Ackman’s Pershing Square SPARC files for New York listing
The SPARC structure has been devised by Ackman and has never been tested on Wall Street before. The move comes months after the prolific dealmaker abandoned a deal for his $4 billion blank-check company to buy a 10% stake in Universal Music Group, due to concerns from the U.S. Securities and Exchange Commission. The SPARC, an affiliate of Ackman’s Pershing Square Tontine Holdings Ltd, will offer 244.4 million subscription warrants, it said in its filing.
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