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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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  "notes": "The slide highlights key structural improvements: opt-in model, reduced opportunity cost, capital tailoring, extended duration, no underwriting fees, and simplified capital structure.",
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      "text": "While seeking a transaction for PSTH, we are simultaneously looking to improve its structure with the launch of SPARC",
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      "text": "Note: SPARC remains subject to SEC and stock exchange review and will take place if and only once the registration statement has been declared effective by the SEC under the Securities Act of 1933.",
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      "text": "Investors opt-in to the initial business combination (\"IBC\"); Reduced opportunity cost; Capital tailored to partner; 10 years vs 2 years; No underwriting fees; Pure common stock structure.",
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      "text": "If PSTH executes an IBC before SPARC registration statement is declared effective, distribution occurs prior to IBC closing. If no IBC, distribution occurs with return of PSTH capital.",
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