PERSHING SQUARE TONTINE HOLDINGS, LTD.

(PSTH)
Delayed Nyse  -  04:00 2022-07-25 pm EDT
20.14 USD   +0.05%
07/12PERSHING SQUARE TONTINE : Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination - Form 8-K
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07/12PERSHING SQUARE TONTINE HOLDINGS, LTD. : Other Events, Financial Statements and Exhibits (form 8-K)
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07/12Pershing Square Tontine to Shut Down After Failing to Complete Initial Business Combination
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Pershing Square Tontine Holdings Releases Letter to Shareholders

08/19/2021 | 09:15pm EDT

On August 20, 2021, Pershing Square Tontine Holdings, Ltd (PSTH) announced that a purported shareholder filed a lawsuit on August 17th claiming that PSTH has been operating as an illegal investment company because, among other claims, PSTH invested its IPO proceeds in securities. This is of course something all SPACs do as they preserve funds necessary to complete their initial business combinations. As the law professors who brought the case should very well know, holding cash and government securities while seeking a business combination does not make PSTH an illegal investment company, nor does it make any of the hundreds of other SPACs that do the same, illegal investment companies either. While we believe the lawsuit is meritless, the nature of the suit and legal system make it unlikely that it can be resolved in the short term. Even if the case were dismissed expeditiously, the plaintiff can then appeal. As a result, the mere existence of the litigation may deter potential merger partners from working with PSTH on a transaction until the lawsuit is finally resolved.


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Managers and Directors
William Albert Ackman Chairman & Chief Executive Officer
Benny Hakim Chief Financial Officer
Michael Gonnella Chief Financial Officer
Lisa Hall Gersh Independent Director
Michael Ovitz Independent Director
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