ClaimsBill Ackman

“As a result of the above, PSTH shareholders will receive $20 per share in cash and one SPARC warrant for each share that they own.”

Bill Ackman, PSTH CEO, in investor letter 19 August 2021 Pershing Square Holdings, Ltd. Provides Update to Investors (Pershing Square Holdings)

Promise Their own work or organisation

PSTH shareholders will receive $20 per share in cash and one SPARC warrant per share owned, following the cash return.

Mixed Partly true and partly false in roughly equal measure.

Promise: Commitments to the person's or organisation's own future action, with something to deliver: was it delivered?

Said for an organisation they lead or work for; it counts on both records.

What would count as true or false

Judge when PSTH returned its trust cash. The claim has two parts: (a) about $20 per share in cash, and (b) one SPARC warrant (or SPAR/subscription right) per share owned. TRUE: PSTH shareholders received about $20 per share in cash and one SPARC warrant or SPAR per share. MOSTLY TRUE: both parts were delivered, with a small difference in the cash amount (for example interest added to the $20, or a few cents less) or a minor change to the warrant terms. MIXED: only one of the two parts was delivered (for example the cash but no SPARC warrants or SPARs). MOSTLY FALSE: both were delivered only in substantially reduced form (for example clearly less cash and a fraction of a warrant per share). FALSE: neither was delivered as described.

Set before the research began.

Evidence (4)

  1. E1 EX-99.1 - SEC.gov U.S. Securities and Exchange Commission (filed by Pershing Square Tontine Holdings, Ltd.) · 11 July 2022

    “Net of taxes, the Company currently expects the per-share redemption price for the public shares will be approximately $20.05 (as finally determined, the “Redemption Amount”).”

  2. E2 Pershing Square SPARC Holdings, Ltd. Announces Launch and SPAR Distribution Business Wire (for Pershing Square SPARC Holdings, Ltd.) · 29 September 2023 Own record

    “SPARC will be distributing 50,000,000 SPARs distributed in respect of the 200,000,000 shares of PSTH Class A common stock then outstanding, such that PSTH stockholders will receive one SPAR for every four shares of PSTH Class A common stock owned.”

  3. E3 8-K U.S. Securities and Exchange Commission (filed by Pershing Square Tontine Holdings, Ltd.) · 24 November 2021

    “(i) 200 million SPARs in respect of shares of PSTH’s Class A common stock (or one SPAR per share of Class A common stock)”

  4. E4 Pershing Square SPARC Launch Raises Tax Questions - Akin Gump Akin Gump Strauss Hauer & Feld LLP · 24 January 2024

    “That means former shareholders of the failed SPAC PSTH (who had their $4 billion in cash returned to them in July 2022) just received”

Reasoning

PSTH's July 2022 SEC filing gives an expected per-share redemption price of about $20.05 (E1). Akin Gump confirms that shareholders had their $4 billion in cash returned in July 2022 (E4). That fits roughly $20 per share on 200 million shares, so the cash part was delivered. The warrant part was cut back: the 2021 plan was one SPAR per share (E3), but the 2023 SPARC launch distributed 50 million SPARs on 200 million shares, or one SPAR for every four shares (E2). Since the cash was delivered in full but the rights came at only a quarter of the promised ratio, the claim holds up only in part.

Cite this claim

Bill Ackman, “PSTH shareholders will receive $20 per share in cash and one SPARC warrant per share owned, following the cash return.” (said 19 August 2021). Verdict: mixed. Reliability API, claim c_50e3357c8ec4, method 0.1.0+c876030c, dataset release v1.1.2. https://epistacklabs.com/claims/c_50e3357c8ec4

This claim is in dataset release v1.1.2, with the same verdict.

Reply to this claim

For Bill Ackman, or someone speaking for them: a correction or counter-evidence. Replies are read before anything is shown; an approved reply shows your name, role, date, statement and link. Your email address is never shown and is deleted 30 days after the decision (privacy).

More promise claims by Bill Ackman

  1. Mixed Promise 2022
    “If the subscription warrant listing rule is approved and SPARC’s registration statement is declared effective by the SEC, we intend to distribute SPARs to PSTH shareholders and warrant holders later…”

    If the SEC approves the subscription warrant listing rule and declares SPARC's registration statement effective, Pershing Square intends to distribute SPARs to PSTH shareholders and warrant holders in 2022.

  2. Resolved true Promise 10 March 2026
    “In the combined offering, investors in the IPO of PSUS will receive shares in PSI for no additional consideration.”

    In the combined offering, investors in the PSUS IPO will receive PSI shares at no additional consideration (20 PSI shares per 100 PSUS shares bought).

All of them

Verdicts are made automatically; how verdicts are made.