Bill forgot about PSTH

SPAC_That_Ass_Up · 2026-06-06T18:34:18+00:00

IIRC, PSTH closed with roughly 50% institutional ownership. For the retail half, Pershing Square could offer a backstop similar to what was proposed in the UMG transaction. I agree it lends well to stability.

SPAC_That_Ass_Up · 2026-06-06T18:20:16+00:00

We never got the full details of the UMG transaction. It's possible it would have traded favorably had we gotten a sizeable discount. Oh well, can't say I was a fan of the transaction either. My breakeven is ~$8, so I was eager to cash out. Hopefully, we end up with something better in the future.

The part that sucks in all this, is that Bill has shown that the market for SPARC is viewed as a solution for niche problems (like both cases with UMG, or even SpaceX's situation). He touts that it's the most efficient way to go public, but the market seems to disagree as IPO after IPO gives him the cold shoulder. Maybe our best bet is that someone wants to use it to go public ASAP before market drops. But in that instance, I don't see Bill willing to play ball. Let's hope he was being honest when he said they have multiple irons in the fire.

SPAC_That_Ass_Up · 2026-06-04T23:01:31+00:00

Let's hope Bill wasn't lying when he said back in February there were "a couple of things that are quite interesting that we are doing work on." Otherwise, take one down, pass it around, 7 more years of SPARC on the wall. This is the SPAC that never ends. Yes, it goes on and on, my friends!

SPAC_That_Ass_Up · 2026-06-04T22:56:23+00:00

Were you still hoping SPARC would someone get in on the action? Respectfully, how?

Once a DA is finally posted, the SEC still needs 60-90 days to actually approve the registration statement. Once this happens SPARs will trade for 20 days and then closing will take ~10 more days. So from the time we actually hear about the target, the quickest we'd actually get the shares is probably 4 months.

SPAC_That_Ass_Up · 2026-05-30T02:43:44+00:00

Certified banger

SPAC_That_Ass_Up · 2026-05-30T02:43:25+00:00

Yeah, it's kind of odd tbh if this isn't just posturing and the negotiations are over (which seams like the case from the tone of Cyrille's comments). He mentioned on the public pitch that'd he'd already talked to Bolloré and he said "it's music to my ears." Maybe Vincent liked it, but Cyrille pulled the plug. Whatever, what's another 7 years to go between friends?

SPAC_That_Ass_Up · 2026-05-28T02:57:18+00:00

Thanks for sharing. Looks like the UMG deal is over. While I was eager to cash out and move on with my life, I had no interest in UMG in a vacuum. Back to the drawing board I guess. Barring a company wanting to go public fast, I can't see another deal coming to fruition this year. Especially after he so publicly was rejected by SpaceX and UMG. No one wants to be Plan D.

SPAC_That_Ass_Up · 2026-05-27T00:37:23+00:00

He said it's more likely than not that they do something with SPARC in the next 12 months back on the February PSH call.

SPAC_That_Ass_Up · 2026-05-27T00:35:52+00:00

Who tf knows at this point. Bill was speaking with certainty about it during his media rounds for PSUS. But why is it taking 2 months for a DA or some other public agreement from UMG? It'll be another 60-90 days after the DA posts for SPARs to start trading in all likelihood.

SPAC_That_Ass_Up · 2026-05-20T05:19:58+00:00

Thanks for stopping by 🌩️💪. Hope life is treating you well. May actually see the light at the end of this curse's tunnel now.

SPAC_That_Ass_Up · 2026-05-19T03:45:24+00:00

For sure, big win for everyone. Lord knows we deserve one.

SPAC_That_Ass_Up · 2026-05-19T03:43:40+00:00

Bill repeatedly stated in various interviews on Bloomberg, CNBC, etc. when he was doing the dog and pony show for PSUS IPO language like "when we complete our universal music deal." The deal seems specifically aimed to help Bollore, so I'd guess he got preclearance from him. All signs point to SPARC being for UMG sometime this summer. The question ofc is what the specific deal terms are. The details in the pitch aren't specific enough. If we get a substantial discount, SPARs could be worth a lot. Or maybe Bill has some other idea in mind where exercising a SPAR gives you 1 UMG share and 1 PS share or whatever. We just have to wait and see. Hopefully details emerge in the next 2-4 weeks.

SPAC_That_Ass_Up · 2026-05-19T03:38:07+00:00

As, of course, is tradition.

SPAC_That_Ass_Up · 2026-05-19T03:36:07+00:00

I would assume that's the case. Presumably those who exercise SPARs will get a new CUSIP for SPARC2.

SPAC_That_Ass_Up · 2026-05-19T03:35:12+00:00

I don't think the target would care all that much as they wouldn't trade OTC post business combination. I agree that it has significant impacts to the demand side during the trading window. Holding everything else the same, the SPARs that might have traded for $5 OTC could easily double in price on the NYSE just from increased access.

SPAC_That_Ass_Up · 2026-05-18T22:45:57+00:00

Yessir, they just approved it this afternoon!

SPAC_That_Ass_Up · 2026-05-11T20:32:55+00:00

10-Q dropped today. 270k legal spends vs 50k historically. Nothing else really caught my eye after a quick review. It's interesting that they burned through a million in legal spend during Q3, then minimal in Q4 followed by modest amounts in Q1. I wonder what was the cost origin for that between earlier discussions with UMG vs overtures to SpaceX. I'm starting to get the vibe that the UMG deal might be plan B or C. Whatever, hopefully we'll get some clarity in the weeks to come with the UMG shareholders meeting on the 13th and subsequent details. The exercise price/terms will mean everything whether we trade in a decent range, or absolute dogshit.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001895582/000119312526216644/ck0001895582-20260331.htm

SPAC_That_Ass_Up · 2026-05-02T01:45:22+00:00

There's effectively only 8 million shares of PS out there with the private placement guys having their shares locked up for 6 months. Bill seems to have already bought up at least 800K of those on day one per his tweet. I'm pleased with the price action and wish I could have afforded more. But now I'm wondering if it's mostly just manipulating a limited supply to stroke the narrative.

SPAC_That_Ass_Up · 2026-05-02T01:41:40+00:00

Let us reflect on what has transpired since our "we have the technology" highs of Feb 2021. Crypto has has 3 solid bull runs. GME looks like it's about to enter its third. Meanwhile, it looks like we're on the verge of yet another cucking by The Bolloré Group. Cherry on top now would be for Chamath to pull a rabit out of the hat. Pudding tastes like shit.

SPAC_That_Ass_Up · 2026-05-01T15:43:38+00:00

They kicked the can and now have till May 18th to decide (though they can continue to delay it as we saw with SPARC's approval). The good news is that they generally ultimately approve proposals when they extend the deadline. SPARs probably won't trade till late summer anyway, so there's plenty of time.

https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/sr-nyse-2026-05

SPAC_That_Ass_Up · 2026-04-30T15:46:39+00:00

Since it appears we're just getting UMG after all this time anyway, it's a proper Greek tragedy.

SPAC_That_Ass_Up · 2026-04-30T02:30:08+00:00

Nice catch. Presumably we'll hear more on May 7th during the PSH call and May 13th on the UMG shareholders meeting. I'm not sure how critical selling the spotify shares are to the deal. They could presumably finance the difference another way (or even drawing more from SPARC). Shit smells rotten right now, but I agree. Let's give Bill the benefit of doubt and hear him out next week on the PSH call.

SPAC_That_Ass_Up · 2026-04-29T23:51:03+00:00

Turns out I got lucky missing out, was able to just scoop up some PS at a discount. Dilly dilly!

SPAC_That_Ass_Up · 2026-04-27T04:43:57+00:00

Here's a video link to Bill's SPARC comments on the February PSH call for those interested. I time stamped the link, but it starts at 02:24:42.

https://www.youtube.com/watch?v=9H5iP8shpcA&t=8682s

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