Listing SPARC warrants on the NYSE requires an NYSE rule change subject to SEC approval, which is being pursued with the NYSE.

Judged as of 2021-08-19. True if, at that date, NYSE rules as they stood did not allow SPARC warrants (warrants of a special purpose acquisition rights company) to be listed, so listing them needed an NYSE rule change filed with and approved by the SEC, and Pershing Square/SPARC was working with the NYSE on such a change. Evidence of this includes an NYSE rule filing (Form 19b-4 / SR-NYSE notice) about listing these rights or warrants, or SPARC's SEC filings describing the need for a rule change. Mostly true if the core point holds (a rule change needing SEC approval was required and was being sought) but a minor detail is off, for example the filing came from a NYSE affiliate or the instrument was labelled differently. Mostly false if listing did need a regulatory step but it was materially different from what was described (for example only an exchange-level approval with no SEC approval), or if no such effort was under way with the NYSE at that time. False if NYSE rules already allowed the listing without any change, or if the evidence shows no rule change was required or pursued.

Set before the research began.

1. E1 Pershing Square Tontine Holdings, Ltd. Releases Excerpt from Pershing Square Holdings, Ltd. Report | Pershing Square Holdings Pershing Square Holdings, Ltd. (subject's own website; press release via Business Wire) · 24 August 2021 Own record

   “The issuance of SPARC warrants will require an SEC-approved NYSE rule change, and a registration statement that is deemed effective by the SEC.”

2. E2 Pershing Square Tontine Holdings, Ltd. Releases Excerpt from Pershing Square Holdings, Ltd. Report | Pershing Square Holdings Pershing Square Holdings, Ltd. (subject's own website; press release via Business Wire) · 24 August 2021 Own record

   “Progress has also been made on the rule change as the NYSE has already drafted a new rule that if approved by the SEC would allow the SPARC warrants to be listed on the Exchange.”

3. E3 Federal Register, Volume 86 Issue 237 (Tuesday, December 14, 2021) U.S. Securities and Exchange Commission, published in the Federal Register via the Government Publishing Office (govinfo.gov) · 14 December 2021

   “On August 24, 2021, New York Stock Exchange LLC (``NYSE'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934”

4. E4 Federal Register, Volume 86 Issue 237 (Tuesday, December 14, 2021) U.S. Securities and Exchange Commission, published in the Federal Register via the Government Publishing Office (govinfo.gov) · 14 December 2021

   “Current Exchange rules for listed warrants, among other things, require that they be exercisable on specified terms into a specified security listed on the Exchange.”

The SEC's Federal Register notice says that NYSE filed a proposed rule change with the SEC under Section 19(b)(1) of the Exchange Act on August 24, 2021, five days after the claim (E3). It also says that NYSE's rules for listed warrants at the time required them to be exercisable into a specified security listed on the Exchange (E4). Together these show that a rule change approved by the SEC was needed, and that NYSE was pursuing one around the date of the claim. Pershing Square's own release adds that NYSE had already drafted the new rule (E1, E2). One caveat: the quoted Federal Register text does not name SPARC, so the link to SPARC rests on the timing and on Pershing Square's release.