Pershing Square Activist Presentation Deck
Pershing Square SPARC Holdings ("SPARC")
Square
Pershing While seeking a transaction for PSTH, we are simultaneously
looking to improve its structure with the launch of SPARC
SPARC
Holdings
SPARC seeks to improve upon PSTH's structure
Investors opt-in to the initial business combination ("IBC”")
Reduced opportunity cost with no investor funding until a target is identified
Amount of capital raised can be precisely tailored to capital requirements of
merger partner
✓
Up to 10 years to complete a transaction vs. 2 years for a typical SPAC
No underwriting fees
Pure common stock capital structure other than 20% out-of-the-money warrants
on 5.21% of shares outstanding held by Pershing Square funds and SPARC
directors
Timing of SPARC distribution assuming receipt of regulatory approval:
► If PSTH executes an IBC before SPARC registration statement is declared
effective, distribution of SPARS to PSTH shareholders and warrantholders
would occur shortly prior to IBC closing
If PSTH does not consummate an IBC, distribution would occur concurrently
with return of PSTH capital in trust
Note: SPARC remains subject to SEC and stock exchange review and will take place if and only once the registration statement has been declared effective by the SEC under
the Securities Act of 1933. No assurance can be given that SPARC will be ultimately effectuated on the above outlined terms or at all. This slide is informational and does not
constitute an offer of any securities; please see additional disclaimers related to SPARC at the end of the presentation.
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