A de-SPAC

Investment Analysis Clubs Macro Economic Trends and Risks
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Maybe this is reflective of the market. A SPAC (Special Purpose Acquisition Corporation) has a fixed amount of time (2 years) to find a business combination and complete a deal. About 10 days ago, I became aware of this “rare” event - a SPAC that could not get past the starting line.

Owned shares of Pershing Square Tontine Holdings (PSTH) and after one failed business combination attempt in 2021, the two years have come to an end. No deal completed, so PSTH is winding up and returning money to shareholders.

Details here:
https://pstontine.com/wp-content/uploads/2022/07/PSTH-Letter…

Though I end up with a small loss, I think, overall, this worked out better for me. Most business combinations in 2022 would likely be trading very red today

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I’m glad to see that the money didn’t “burn a hole in the pocket” of the SPAC managers. Much better to refuse bad deals.

Wendy

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No deal completed, so PSTH is winding up and returning money to shareholders.

Returning 100 cents on the dollar to shareholders, or returning 85 cents, due to “expenses” incurred by the managers who accomplished nothing?

Steve