Blank Check IPOs (SPACS) Message Board

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Technology Stocks : Blank Check IPOs (SPACS)

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From: Glenn Petersen	7/24/2020 9:49:51 AM
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A $5 billion SPAC is now public Bill Ackman's Pershing Square Tontine goes public 5.5% above its IPO price Published: July 22, 2020 at 10:17 a.m. ET By Tomi Kilgore MarketWatch Shares of Pershing Square Tontine Holdings Ltd. PSTH.UT, +2.01%, the "blank check" company formed by billionaire hedge fund manager Bill Ackman, started trading Wednesday 5.5% above its initial public offering price. The special purpose acquisition company (SPAC) said its IPO of 200 million shares priced at $20 a share. The first trade was at $21.10 at 10:03 a.m. Eastern for 9.99 million shares. The stock has pulled back slightly since, to trade up 5.0%. Including a $1 billion commitment from Ackman's Pershing Square funds to buy at least $1 billion worth of equity units, the SPAC will have a minimum of $5 billion of cash equity capital, which it plans to use to take one private company public. The SPAC went public at a time that the Renaissance IPO ETF IPO, -2.62% has run 46.7% over the past three months, while the S&P 500 SPX, -1.23% has gained 16.6%. marketwatch.com

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