Pershing Square Tontine Holdings Ltd. Prices Record $4.0 Bn SPAC IPO


Pershing Square Tontine Holdings Ltd. Prices Record $4.0 Bn SPAC IPO

Jul 22, 2020 INTEL by Kristi Marvin

Pershing Square Tontine Holdings, Ltd. (PSTH.U), announced the pricing of their record $4.0 billion IPO this morning, making it the largest ever SPAC offering to-date.  The units are expected to begin trading today, Wednesday, July 22nd, under the symbol NYSE: PSTH.U.

Pershing Square Tontine intends to pursue merger opportunities with private, large capitalization, high-quality, growth companies and will be led by Bill Ackman, the Founder and CEO of Pershing Square Capital Management.  Mr. Ackman will hold the titles of Chairman, Chief Executive Officer and Director for Pershing Square Tontine.

Total SPAC deal count for 2020 year-to-date is now 47 with $18.3 billion in gross proceeds raised. The offering is anticipated to close on Friday, July 24, 2020.

Citigroup Global Markets Inc., Jefferies LLC and UBS Securities LLC are acting as the joint book running managers for the offering. CastleOak Securities, L.P., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC are acting as co-lead managers; and Academy Securities, Inc., C.L. King & Associates, Inc. and Roberts and Ryan Investments Inc. are acting as co-managers. Cadwalader, Wickersham & Taft LLP and Ropes & Gray LLP, were Issuer’s Counsel and Underwriter’s Counsel, respectively. Marcum LLP, acted as auditor.