Deals 07/22/2020

Loop Capital Markets participates as co-lead manager on the $4 billion initial public offering of special purpose acquisition company (“SPAC”) Pershing Square Tontine Holdings Ltd.

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.