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.

This is a conditional promise. First establish from SEC and NYSE records whether both conditions were met during 2022: the SEC approved the subscription warrant listing rule, and SPARC's registration statement was declared effective. If both were met in 2022: TRUE if SPARs were distributed to PSTH shareholders and warrant holders by 31 December 2022; MOSTLY FALSE if they were distributed only after 31 December 2022; FALSE if they were never distributed, or if Pershing Square announced it would not distribute them. If either condition was not met during 2022, the promise was never triggered and a non-distribution in 2022 does not break it. Score this case as MIXED, unless Pershing Square dropped the plan altogether despite the conditions later being met (FALSE).

Set before the research began.

1. E1 Pershing Square SPARC Holdings, Ltd. Announces Launch and SPAR Distribution Business Wire (issued by Pershing Square SPARC Holdings, Ltd.) · 29 September 2023 Own record

   “Pershing Square SPARC Holdings, Ltd. (“SPARC”) today announced that the SEC has declared SPARC’s registration statement effective. SPARC will shortly be distributing special purpose acquisition rights (“SPARs”) at no cost to former securityholders of Pershing Square Tontine Holdings, Ltd. (“PSTH”).”

2. E2 Ackman Pulls NYSE Rule Change Proposal｜SPACInsider SPACInsider · 28 April 2022

   “Pershing Square noted today that, “In view of the Securities and Exchange Commission’s recently proposed rule changes and policy guidance with respect to special purpose acquisition vehicles, we understand that the approval of the NYSE rule change as currently proposed would not likely have occurred at this time.””

3. E3 Pershing Square Tontine Holdings, Ltd. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination Business Wire (PSTH press release page; sidebar item from Pershing Square SPARC Holdings, Ltd.) · 11 July 2022 Own record

   “Pershing Square SPARC Holdings, Ltd. (“SPARC”), an affiliate of Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH), notes the withdrawal of the New York Stock Exchange’s proposed amendment to its listing rules that would have allowed SPARC warrants (“SPARs” or generically “subscription warrants”) to trade on the NYSE.1”

The promise depended on two conditions being met in 2022, and neither was. In April 2022 Pershing Square withdrew the proposed NYSE subscription-warrant listing rule, saying approval would likely not have come at that time (E2, confirmed by E3), so the rule was not approved in 2022. SPARC's own release says the SEC declared its registration statement effective only in late September 2023, when it announced it would shortly distribute SPARs to former PSTH securityholders (E1). Because the promise was never triggered in 2022 and the plan was not dropped, the criteria score this as mixed.