Bill Ackman-backed Pershing Square SPARC files for IPO

Bill Ackman-backed Pershing Square SPARC files for IPO

November 26, Reuters -- Pershing Square SPARC Holdings Ltd., the special purpose acquisition rights company of billionaire Bill Ackman, filed for a public offering of its warrants in the United States.

The SPARC structure was designed by Ackman and has never been tested on Wall Street before. The deal was made months after a prolific dealmaker abandoned a $4 billion blank-check company's $4 billion deal to buy a 10% stake in Universal Music Group, due to concerns from the U.S. Securities and Exchange Commission.

The SPARC, an affiliate of Ackman's Pershing Square Tontine Holdings Ltd, will offer 244.4 million subscription warrants, it said in its filing. The holder will be given the right to purchase common stock at a minimum price of $10 per share.

The SEC will have to approve a proposal submitted by the New York Stock Exchange to allow listing and trading of subscription warrants by acquisition vehicles.

The warrants are going to be listed on the NYSE, if approved.