On July 22, 2020, Bill Ackman and Pershing Square Capital Management’s sponsored SPAC, Pershing Square Tontine Holdings, raised $4 billion in an initial public offering by issuing 200 million units at an offering price of $20.00 per unit. Each of the 200 million units has an offering price of $20.00 and consists of one share of Class A common stock and one-ninth of one Redeemable Warrant. Loop Capital Markets served as a co-lead manager on the deal.
Pershing Square Tontine Holdings intends to deposit all the net proceeds from this offering into a trust account located in the United States.
The proceeds will not be released until the earliest to occur of: the completion of an initial business combination, the redemption of any shares of the Class A Common Stock issued in this offering that are properly submitted in connection with a stockholder vote to amend the amended and restated certificate of incorporation, and the redemption of the shares of Class A Common Stock issued in this offering if unable to complete an initial business combination.