The Sponsor Warrants will likely be worthless if PSTH does not complete a high-quality transaction on favorable terms.

This is a conditional prediction: if Pershing Square Tontine Holdings (PSTH) did not consummate a high-quality transaction on favorable terms, the Sponsor Warrants would be worthless. Judge it at PSTH's deadline to complete a deal or wind up, around July 2022. If PSTH did not complete an initial business combination, it is true if the Sponsor Warrants expired, were forfeited or were cancelled without the sponsor receiving any value. It is mostly true if they became worthless with only a negligible residual or a technical detail differing. It is false if the sponsor still realized material value from them, for example through conversion, sale or transfer into a successor vehicle (such as SPARC rights) at meaningful value. Use mixed or mostly false for partial value retained, according to how much. If PSTH did complete a transaction, the condition was not met: judge it mostly true if the outcome is consistent with the stated logic and mixed if it cannot be tested.

Set before the research began.

1. E1 EX-99.1 - SEC.gov Pershing Square Tontine Holdings, Ltd. (Exhibit 99.1 to SEC filing) · 11 July 2022 Own record

   “There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.”

2. E2 Tax Consequences of Pershing Square SPAC Liquidation Akin Gump Strauss Hauer & Feld LLP · 24 July 2022

   “Warrants will receive no consideration from the company and will expire worthless.”

3. E3 Bill Ackman’s Long-Running SPAC Drama Is Finally Over. Or Is It? Institutional Investor · 13 July 2022

   “Warrants expire worthless — including the one that Pershing Square owns.”

4. E4 Pershing Square Holdings, Ltd. Pershing Square Holdings, Ltd. (2022 Interim Report and Unaudited Condensed Interim Financial Statements, June 30, 2022) Own record

   “As a result, the forward purchase agreement has terminated and the Sponsor Warrants have expired. Once the liquidation of PSTH is completed, PSTH will distribute the remaining cash in the entity, if any, to PSTH Sponsor which holds PSTH’s Class B common stock and the Sponsor Warrants.”

The condition was met: PSTH announced in July 2022 that it would liquidate without completing a deal, and that its warrants would get no redemption rights or liquidating distributions and would expire worthless (E1). Two independent sources confirm this. Institutional Investor reported that the warrants expired worthless, including the one Pershing Square owns (E3), and Akin Gump said the warrants would receive no consideration (E2). Pershing Square Holdings' interim report states the Sponsor Warrants have expired (E4). It also mentions leftover PSTH cash, "if any," going to the sponsor, but that is an uncertain amount tied to the sponsor's role as the holder of both its Class B shares and the warrants, not value realized from the warrants.