Pershing Square SPARC Holdings, Ltd. Announces Approval of Proposed Changes to the New York Stock Exchange Listing Rules
Changes permit SPARC’s subscription rights to be listed and trade on the NYSE
Pershing Square SPARC Holdings, Ltd. (“SPARC” or the “Company”) today announced that the Securities and Exchange Commission (“SEC”) has approved a change to the New York Stock Exchange listing rules that will enable SPARC’s subscription rights (“SPARs”) to trade on the NYSE in the future, a milestone that further cements SPARC as the most efficient and cost-effective way for a large private company to go public.
Backed by Pershing Square, SPARC is a new kind of acquisition vehicle built to take large private companies public without the cost, uncertainty, and complexity of a traditional IPO. Unlike a conventional IPO, where the IPO price, offering size, and, most importantly, whether the offering gets done at all, remain unknown until the day of pricing, SPARC offers a target company certainty about the minimum offering size – with Pershing Square as an anchor investor – and the IPO price with no underwriting fees, shareholder warrants or founder stock. SPARC is targeting transactions which require $1.5 billion of primary and/or secondary capital, with no upper limit on transaction size. SPARC’s subscription rights are now expected to trade on the NYSE during a 20 business day period commencing after SPARC has entered an agreement with a business combination counterparty and the SEC has declared effective a registration statement relating to the transaction.
