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  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
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  "authorName": "Pershing Square Holdings",
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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": "Pershing Square funds have committed to a large Forward Purchase Agreement. Affiliates of Pershing Square will invest a minimum of $500mm and up to $1.0bn at or before the closing of the business combination, with flexibility to increase up to $3.5bn.",
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      "text": "Pershing Square and SPARC Directors will not receive conventional sponsor incentive. The Sponsor Warrants will be exercisable for 4.95% of the Public Shares, and the Director Warrants for 0.26%.",
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      "text": "SPARC will distribute SPARs to both PSTH shareholders and warrantholders. 1 SPAR per share of Class A Common Stock of PSTH (200,000,000). 2 SPARs per outstanding Distributable Redeemable Warrant (44,444,444).",
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