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Bill Ackman's Pershing Square Tontine Holdings is poised to become the largest special purpose acquisition company, or SPAC, on record when it begins trading on Wednesday. The fund, announced in June, targeted $4 billion in outside capital, which was higher than the initial target of $3 billion. Ackman's hedge fund, Pershing Square Capital, will invest an additional $1 billion to $3 billion, meaning the vehicle's total value could reach $7 billion.Ackman said Wednesday on CNBC's"What's new in our structure is that we're taking no compensation: no management fees, incentive fees ... we're not buying cheap stock.
SPACs are also known as blank-check companies, since investors fork over money without knowing when, or even what for, their capital will be used. Once the SPAC goes public, the goal is then for it to acquire or merge with a private company, thereby taking it public. Investors then have the option to become shareholders in the newly combined company.
For the private company, it's a less risky way to go public on an often accelerated timeline, and without having to jump through all of the SEC's regulatory hoops.for exclusive insights and analysis, and live business day programming from around the world.
Distress play at its finest. Love BillAckman
Why don't you publish a clip of Ackman explaining how you stitched him up with the 15 second clip 'hell is coming' which was incredibly out of context if you heard the full 28 minutes? Glad he called you out today. Seems JoeSquawk STILL doesn't understand what he meant!!
BOSS
Douche.
That's because already made his fortune by spewing his fear mongering nonsense on 3/18 while shorting the market. The Worst of Wall Street.
Get this MF off the air. We don’t want this pos on the air
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Source: WSJ - 🏆 98. / 63 Read more »