Nov 26 (Reuters) - Pershing Square SPARC Holdings Ltd, the
special purpose acquisition rights company of billionaire
investor Bill Ackman, on Friday filed for a public offering of
its warrants in the United States.
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
The SPARC, an affiliate of Ackman's Pershing Square Tontine
Holdings Ltd, will offer 244.4 million subscription
warrants, it said in its filing. (https://bit.ly/3HYH5ja)
Each warrant will give the holder the right to purchase
common stock at a minimum price of $10 per share.
The listing will require the SEC to approve a proposal
submitted by the New York Stock Exchange, to allow listing and
trading of subscription warrants by acquisition vehicles.
If approved, the warrants will be listed on the NYSE, the
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh