If SPARC is approved by the SEC and its warrants by the NYSE and PSTH has not entered a merger, Pershing Square intends to seek PSTH shareholder approval to return the $4 billion of cash held in trust.

This is a conditional promise. First establish whether all three conditions held: the SEC approved SPARC, the NYSE approved the SPARC warrants for listing, and PSTH had not entered into a merger. If all three held: TRUE if PSTH sought shareholder approval (a proxy statement or vote) to return about $4 billion of trust cash; MOSTLY TRUE if PSTH returned the trust cash to shareholders by another route without seeking a vote; FALSE if PSTH neither sought approval nor returned the cash. If the conditions did not hold, the promise was not triggered. Score that case MIXED, unless PSTH clearly abandoned returning the trust cash altogether (FALSE). If PSTH instead completed a merger, the condition failed and the case is likewise MIXED.

Set before the research began.

1. E1 EX-99.1 - SEC.gov U.S. Securities and Exchange Commission (EDGAR), exhibit to PSTH filing · 11 July 2022

   “will redeem all of its outstanding shares of Class A common stock (the “public shares”), effective as of July 26, 2022, because the Company will not consummate an initial business combination within the time period required by its Second Amended and Restated Certificate of Incorporation”

2. E2 EX-99.1 - SEC.gov U.S. Securities and Exchange Commission (EDGAR), exhibit to PSTH filing · 11 July 2022

   “The Redemption Amount will be paid on July 26, 2022 to the beneficial owners of public shares held in street name without any required action on their part.”

3. E3 Pershing Square Tontine Holdings, Ltd. Releases Letter to Shareholders | Pershing Square Holdings Pershing Square Holdings, Ltd. (website) · 11 July 2022 Own record

   “Two years later, we are returning our $4 billion of capital in trust to shareholders as we have been unable to consummate a transaction that both meets our investment criteria and is executable.”

4. E4 Pershing Square SPARC Holdings, Ltd. Announces Approval of Proposed Changes to the New York Stock Exchange Listing Rules Business Wire (distributing a press release issued by Pershing Square SPARC Holdings, Ltd.) · 26 May 2026 Own record

   “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.”

The evidence shows that PSTH redeemed its public shares and returned the trust cash in July 2022 because it could not complete a business combination, with no shareholder vote mentioned [E1][E2][E3]. It does not show whether the SEC had approved SPARC or the NYSE had approved the SPARC warrants for listing by then [E4], so it cannot settle whether the conditions held, and that decides between a mixed and a mostly true score.