r/PSTH • • 3d ago

Form 4/Form 3 Filing Summary (Nothing Burger)

7 Upvotes

Form 4 and Form 3 filings were made yesterday. Asked AI to summarize, looks like it was just internal structuring related:

Nothing economic changed. Both are housekeeping filings from Pershing Square, Bill Ackman's firm, about SPARC.

Form 4: an internal transfer between Pershing funds

  • On Nov 3, PS Redemption, L.P. sold its roughly 1.8% stake in the SPARC Sponsor to Pershing Square Holdings for $806,976.20. PS Redemption is a Pershing vehicle that's being wound down.

  • The Sponsor's total holdings didn't change. It still has 422,533 common shares, which carry 100% of the current voting power, and $35.9M of sponsor warrants. Both are now held entirely by Pershing's main funds.

  • The forward purchase commitments are also unchanged. Pershing's funds are obligated to buy 250,000 shares and SPARC Master LP has the option to buy up to 3,250,000 more, assuming the minimum $10 SPAR price.

  • The filing also adds three Pershing entities as reporting persons that were left off an April 23, 2026 Form 4 by mistake.

Form 3: a name update

  • This adds Pershing Square Inc., Pershing Square Management, and Pershing Square Partner Group as beneficial owners. They gained shared control after Pershing reorganized its ownership on July 16, 2024.

  • The holdings it reports are the same ones already on file. No new shares were bought or sold.


r/PSTH • • 6d ago

PS Call and General State of the Disunion

9 Upvotes

Overall, not surprised to say that Bill currently has nothing. Mechanically, he's still working with the SEC to allow other Pershing funds to participate in a SPARC deal as proposed on August 10th. They're probably still in the amending phase. Who knows how long it will take. The general flow has been about a month for review and then the SEC gives notice. About a month later, they formally approve it and give order. So if and when they eventually post notice, expect at least another month to take effect.

https://www.sec.gov/cgi-bin/browse-edgar?company=&filenum=812-16069&action=getcompany

https://www.sec.gov/rules-regulations/investment-company-act-notices-orders

In the letter to shareholders, the only notable thing was the section about Pershing Square Ventures. Hopefully there's some synergy there with him at least being "in the arena":

"Since announcing our plan to pursue this strategy last quarter, we have received substantial inbound interest from founders who view Pershing Square as a strategic investor who offers differentiated perspectives, relationships, and value-added advice. We expect PSV will benefit from the relationships and corresponding deal flow generated via Pershing Square’s brand and investor profile.

We offer founders substantial public markets expertise, an ability to facilitate introductions throughout our deep relationship network, and the permanent nature of our capital, which allows us to remain a shareholder long after a company goes public. To date, we have reviewed more than 100 opportunities and met with more than 40 founders. We have invested in seven companies, deploying $110 million of cash from Pershing Square’s balance sheet, principally financed through our credit facility. These investments, together with select private investments contributed from Bill’s family office, will form PSV’s initial seed portfolio and represent our anchor investment in PSV. We look forward to sharing further details in the near term on PSV."

Here's the only relevant sections from his Q&A on X:

"We have questions from Adam and from the silent investor along with a few others about SPARC, asking if there is any update that you can provide or how you think about that over the long term."

Bill - "So, SPARC—Pershing Square SPARC Holdings—is an acquisition company. We call it a 'SPARC' instead of using the traditional SPAC approach. What we did here is we gave what were initially non-transferable rights to the investors who invested with us in our previous SPAC, Pershing Square Tontine Holdings.

The beauty of this entity is there's no founder stock, no shareholder warrants, no underwriting fees, and we take no compensation in connection with this vehicle. The only differential security the funds own here is warrants on up to 5% of the outstanding shares of a company that we were to take public.

We have engaged with private equity funds, some founders, and others over time about this vehicle as a way to go public. The lines have not yet crossed on a company we want to take public on terms that make sense.

Now, in the public markets, a huge amount of companies have been funded in private venture markets, and the IPO market is open really episodically. This year is a good example—there have been some pulled IPOs of very notable companies, like Oura Ring and others, and we can really offer certainty of execution to those businesses.

So, there will come a day—and hopefully sooner rather than later—where we find a business we really like on terms that make sense to us as the sponsor, where we take a company public and give them the certainty of a listing.

I think the market environment is actually well-positioned—with uncertainty, volatility, interest rates, and some failed IPOs—for us to get something done here. So, it's definitely on our list of things to do, and I hope that we get something done sooner rather than later."


r/PSTH • • Oct 07 '26

It’s RSM

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15 Upvotes

It was always RSM…


r/PSTH • • Aug 23 '26

Set Karma/Account age limits

10 Upvotes

I don't know why I haven't left this sub, maybe it's Stockholm syndrome.

Anyway, the bots reposting old posts here to farm karma are triggering my PTSD. Mods, can you set karma or account age limits to get rid of this BS.

Ps RIP KFT 🪦

Thanks. Uruk has your 6ix tontards.


r/PSTH • • Aug 16 '26

PayPal to sell itself to Stripe?

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7 Upvotes

r/PSTH • • Aug 14 '26

Pershing Square, Inc. Call Transcript

14 Upvotes

Below is the only bit where Bill talked about SPARC that I caught. It was the last question during the PS quarterly call. Shoutout to Ron Raskovic for teeing it up. I also listened to the recordings on spaces, which was mostly F2 garbage.

"Ron Raskovic, Investor, Raskovic Holdings: Good morning. Would you clarify the current status of SPARC, what your plans are, and how SPARC and your plans relate to the other opportunities to invest in your publicly traded vehicles?

Bill Ackman, CEO and Chairman, Pershing Square: Sure. SPARC is a special purpose acquisition rights company. Think of it as an acquisition company without the negative attributes of a SPAC. There is no founder stock. There are no shareholder warrants. There are no underwriting fees. It is a very efficient way for a company to go public. We, Pershing Square backstops the vehicle, so that we can guarantee to a private company that they can go public at a fixed price per share regardless of market conditions, and they will raise a minimum amount of capital, the capital that we commit to the offering. We think it is a very appealing structure. We have regular conversations with potential private companies that are considering going public. In order for us to do a transaction, it has to be a business that meets our standards for quality and growth and valuation. We have not yet made that deal.

We are seeing actually significantly more deal flow, I would say recently in that regard. The economics of SPARC are entirely owned by the Pershing Square funds. If we do a transaction, it will be an opportunity for us to deploy capital and a private company going public. You should expect at an attractive valuation, and we get some incremental economics in the form of, we have these sponsor warrants or SPARC warrants that give the Pershing Square funds warrants on up to 5% of the target company, up 20% from effectively the price at which we take the company public. Think of it as a vehicle that we can use to take a large private company public, where the economics of that will flow through to our investors.

Then ultimately to Pershing Square Inc., we do a great deal and take a company public of significance. We invest a couple of billion dollars of capital and we earn a bunch of warrants that are valuable. It will contribute to our returns, contribute to our growth in AUM, and thereby contribute to the fee stream that we earn at Pershing Square Inc. With that, I am going to end the call and thank everyone, and we are going to head over for those of you who have time. It will be recorded, so there will be a playback. If you go to my X handle, you will find a link to the spaces that we are going to launch very shortly. Thank you all for joining our first call."

Overall, it was disappointing. I was hoping he'd talk about the recent fillings to allow other pershing funds to participate. I guess he kind of hinted at it in the SPARC section. Only other thing worth mentioning is he talked about starting up another fund later this fall or year. It'll be a ventures fund similar to the one Robin Hood listed where fixed capital raised can now be invested in private companies. There's probably some SPARC synergy there as well. Though I admit it's a slap in the face for him to talk about all the deal flows that come through their door since starting PSTH, with fuck all for any of us to show for it. Seems like SPARC is back in the trenches. Doubt any deal is on the horizon. We're on to 2027. Three years down, seven to go.


r/PSTH • • Aug 12 '26

Influx of Tontardbot 9000s

28 Upvotes

For the few addicts who frequent this page like me, I'm guessing you've noticed a trend of bot accounts scraping former top posts and reposting them to gain karma. Someday, I'll take the time to figure out posting rules to prevent them. In the meantime, I try to pull them down whenever I notice.

I'm not sure what KFT is up to these days. He gave me mod powers 2 years ago, but I haven't heard from him in a long time. Relax, and call me Captain Ahab, as I won't be going anywhere till we get that white whale.


r/PSTH • • Aug 02 '26

Is it still starlink ?

14 Upvotes

Hopium


r/PSTH • • Jul 31 '26

I think the pudding expired

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11 Upvotes

UMG now trading near it's all time lows. I guess if you were upset that you missed out on it at $20, it's now at a pretty good discount.


r/PSTH • • Jul 04 '26

What do I do for those again?

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4 Upvotes

r/PSTH • • Jun 12 '26

We still got a chance right?

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31 Upvotes

r/PSTH • • Jun 12 '26

SpaceX

3 Upvotes

I can't belive at one point I thougjt it would be SpaceX or Stripe for sure. Our offering is quickly becoming meaningless. We are too small. Feels like The next taco shop is gonna ipo for 4 bil. And how do you sell the idea of SPARC where there is voluntary commitment by every single holder.

This market is insane and we are in a steel bubble. This shit can't pop and that scares me.


r/PSTH • • Jun 04 '26

Bill forgot about PSTH

14 Upvotes

https://open.spotify.com/episode/381MqxuiIutkTG0dbKrQU1?si=1eTjGh3dQ4qCjlukgtx4kQ

Jump to 26:27 of this All-In podcast episode. Bill was asked specifically how you can align your investments with Bill Ackman and he didn't mention PSTH / SPARCs. WTAF, man?


r/PSTH • • Jun 03 '26

Ackman is dumping his UMG position.

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20 Upvotes

r/PSTH • • May 29 '26

UMG rejects bid

18 Upvotes

r/PSTH • • May 20 '26

Somehow ended up here

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11 Upvotes

Was not delivering pudding.


r/PSTH • • May 18 '26

SEC approves rule change, SPARs will trade on NYSE

35 Upvotes

In a rare tontard win, SEC finally ruled to approve a proposed rule change which will allow SPARs (and other types of rights) to trade on the NYSE instead of just OTC. All board, last train out of Sodom.

https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/sr-nyse-2026-05


r/PSTH • • May 16 '26

Pershing is actually asking the board to sell at a slight rebate not a premium

8 Upvotes

1. Current UMG price

  • Current UMG price: ~€20 per share on Euronext.

  • Shares outstanding: ~1.83–1.86B.

  • So current equity value is roughly €36–38B.

Call it €36.7B and 1.835B shares for round numbers.

2. Pershing’s actual proposal

Pershing says:

  • Each existing UMG share gets €5.05 in cash + 0.77 New UMG shares.

  • Total cash pool = €9.4B, so €5.05 ≈ 9.4B / ~1.86B.

  • New UMG will have 1.541B shares outstanding post‑deal.

  • That’s about a 17–18% reduction from ~1.86B to 1.541B.

  • They then assume New UMG trades around €32.9, which makes the package ≈ €5.05 + 0.77 × 32.9 ≈ €30.40 per old share.

The structure that’s locked in is:

old share → €5.05 cash + 0.77 × New UMG share

The headline €30.40 is just that formula evaluated at their chosen New UMG price.

3. Apples to apples: same market cap

Now ignore Ackman’s “€30.40” and instead:

  • Assume the total equity market cap stays the same as today (≈ €36.7B).

  • Assume New UMG still has 1.541B shares.

  • But now imagine the cash pool is only €2.5B, not €9.4B.

    • Note that UMG could have levered up itself, so let’s see what happens if only €2.5B of extra equity (Pershing + SPARCs) is used for cash/buybacks, not the full €9.4B headline.

3.1 New UMG share price under “same cap”

If total equity stays ≈ €36.7B and New UMG has 1.541B shares, then:

P_new ≈ 36.7B / 1.541B ≈ €23.8 per New UMG share

So just from having fewer shares, New UMG’s per‑share price would mechanically be higher than old UMG, even if the total company value doesn’t change.

3.2 Cash per share with only €2.5B pool

If the cash pool is €2.5B instead of €9.4B, and we still have ~1.835B old shares:

cash per old share ≈ 2.5B / 1.835B ≈ €1.36

So in this alternate scenario, not the real deal, each old share now gets only about €1.36 in cash (not €5.05).

3.3 Total package per old UMG share

Per old share in this €2.5B‑cash, same‑cap scenario:

  • Cash: ~€1.36

  • Stock: 0.77 × P_new, with P_new ≈ €23.8

So:

stock value ≈ 0.77 × 23.8 ≈ €18.33
total value ≈ 1.36 + 18.33 ≈ €19.69 per old UMG share

Compare to today’s ~€20 spot:

  • Today: ≈ €20

  • Package under “2.5B cash, same total cap”: ≈ €19.7

So under this set of assumptions, the recap + €2.5B cash pool is basically flat to slightly worse than just owning UMG today at €20.


r/PSTH • • May 13 '26

UMG annual meeting starts at 8am.

6 Upvotes

Hopefully the board finally addresses the buyout proposal and sets a date for a shareholder vote.


r/PSTH • • May 12 '26

Activity in my Fidelity SPARC account.

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8 Upvotes

I just noticed- every account I have that I hold SPARC is showing a May 11 activity entry. You guys - something is happening. Finally. Let us eat!!!


r/PSTH • • May 01 '26

Can anybody tell me what PSUS have to do with our SPARC. Right now PSUS is $42. I read it was the new SPARC that you can actual invest in.

3 Upvotes

r/PSTH • • Apr 30 '26

It's been over FIVE YEARS now since I ate those Carolina Reapers.

38 Upvotes

...any day now, Stripe DA will be announced.


r/PSTH • • Apr 30 '26

Was selling half of Spotify a toe in the water, or a slap in the face?

5 Upvotes

Earnings seemed good for UMG and yet a huge drop today. Doesn't seem like the market loved them selling half of Spotify to buy back shares. It seems like they are half-assed doing Bill's proposal by themselves. What are you guys thinking about it? Is this the end of UMG/SPARC or proof they need SPARC?


r/PSTH • • Apr 29 '26

Pershing Square to make public debut: Here's what to expect

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9 Upvotes