. He also committed to put up to $3 billion of his firm's own funds into the SPAC, potentially bringing the company's total value to $7 billion.
Now that the SPAC is public, its goal is to merge with a private company to take it public. Ackman has been down this road before — his fund Pershing Square Capital in 2011 helped Justice Holdings raise $1.4 billion, which it used the next year to merge with Burger King Worldwide and take it public.
A previous regulatory filing for the fund said that it will focus on pursuing merger opportunities with private, large capitalization, high-quality, growth companies, or so-called "mature unicorns." Going public through a SPAC is increasing in popularity amid market volatility this year due to the coronavirus pandemic. So far in 2020, 47 SPACs have held IPOs, raising gross proceeds of $18.3 billion, according toGet your daily markets analysis with our Markets newsletter. Sign up now.
I love how a company with no concrete plan or income stream can climb 9% on speculation alone. Speaks to a true bubble in risk assets.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the life of a pregnant mental health counselor during COVID-19 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. No one cares.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Bill Ackman's blank check company raises $4 billion in biggest U.S. SPAC IPOBillionaire investor Bill Ackman backed Pershing Square Tontine Holdings Ltd has raised $4 billion in its U.S. initial public offering, in the largest listing ever by a special purpose acquisition company (SPAC).
Source: Reuters - 🏆 2. / 97 Read more »
Bill Ackman: 'We are long-term bullish on America' but betting against high-yield companiespos Ackman is a hack! 👎
Source: CNBC - 🏆 12. / 72 Read more »
Ackman: Pershing Square 'taking no compensation' for new SPAC investment vehicle“There’s literally no compensation to the sponsor,” Bill Ackman says about Pershing Square Tontine Holdings, which will be the largest SPAC to date. Get this MF off the air. We don’t want this pos on the air 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. BOSS
Source: CNBC - 🏆 12. / 72 Read more »
VCs want 'to make the most money without rules,' says Steve Blank - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Facts.. I hate Facebook now
Source: BusinessInsider - 🏆 729. / 51 Read more »