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  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
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  "authorName": "Pershing Square Holdings",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
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  "pageNumber": 28,
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  "notes": "The slide highlights key structural improvements such as opt-in mechanisms, reduced opportunity cost, and lack of underwriting fees.",
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      "kind": "callout",
      "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. 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.",
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      "text": "If PSTH executes an IBC before SPARC registration statement is declared effective, distribution of SPARs to PSTH shareholders and warrantholders would occur shortly prior to IBC closing; If PSTH does not consummate an IBC, distribution would occur concurrently with return of PSTH capital in trust",
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      "text": "Investors opt-in to the initial business combination (\"IBC\"); Reduced opportunity cost with no investor funding until a target is identified; Amount of capital raised can be precisely tailored to capital requirements of merger partner; Up to 10 years to complete a transaction vs. 2 years for a typical SPAC; No underwriting fees; Pure common stock capital structure other than 20% out-of-the-money warrants on 5.21% of shares outstanding held by Pershing Square funds and SPARC directors",
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      "text": "Pershing Square SPARC Holdings (\"SPARC\")",
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