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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "PSTH returned $4 billion of capital to shareholders as we were unable to consummate a transaction that both met our criteria and was executable",
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      "text": "Note: SPARC remains subject to SEC 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. No assurance can be given that SPARC will be ultimately effectuated on the above outlined terms or at all. This slide is informational and does not constitute an offer of any securities; please see additional disclaimers related to SPARC at the end of the presentation. (1) De-SPAC Index data per Bloomberg.",
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      "text": "PSTH returned $4 billion of capital to shareholders as we were unable to consummate a transaction that both met our criteria and was executable",
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      "text": "Favorable outcome compared with other SPACs that completed transactions",
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      "text": "Special purpose acquisition rights (\"SPARs\") will not be transferable or quoted until a deal is announced and the post-effective amendment is distributed to SPAR holders",
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      "text": "Scaled down the minimum size to $1.5 billion to broaden the universe of targets",
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      "text": "The De-SPAC Index(1) declined 76% in value over the public life of PSTH",
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      "text": "If SPARC's registration statement becomes effective, we expect to expeditiously distribute SPARs to former PSTH shareholders and warrant holders and begin the search for a transaction",
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      "text": "On February 2, 2023, we filed our fifth amendment to the registration statement with the SEC",
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      "text": "On July 26, 2022, each shareholder received $20.06 of cash per share",
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      "text": "Pershing Square Tontine Holdings (\"PSTH\") and Pershing Square SPARC Holdings (\"SPARC\")",
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