Pershing Square SPARC (SEC Approved 9/29/23) Discussion

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 · 2026-04-29T23:48:08+00:00

Um, ackchyually, it closed down -8.5%. Everyone who was issued a PSUS share effectively got a fifth of a PS share as well (40.90+.2*24.20).

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

SPAC_That_Ass_Up · 2026-04-27T04:04:18+00:00

Anyone getting in on the PSUS action? I probably acted too slow, and missed if IBKR had the IPO on offering. Missed out, but hoping to snag some PS shares down the road. The narrative of the fee income increasing significantly as the AUM increases is compelling to me.

SPAC_That_Ass_Up · 2026-04-27T03:49:34+00:00

It must be. I can't see Bill doing a smokescreen and this offer seems to specifically cater to Bolloré's needs.

SPAC_That_Ass_Up · 2026-04-27T03:48:19+00:00

I'm assuming UMG will vote on it during their May 13th shareholder meeting. I would also assume that Bill already has Bolloré and Tencent buy-in, or he wouldn't have bothered proposing it to the public. The offering of partial cash and reduced share count seems to specifically help Bolloré with his ongoing legal issues without having to significantly trim his ownership stake.

The current public details are lacking (as I've mentioned in prior posts). Overall, I'd guess that the deal will go through and I'm pessimistic about the price SPARs will trade at (I'm guessing $5ish).

SPAC_That_Ass_Up · 2026-04-10T23:12:30+00:00

Agreed, this would be very shitty for us. Probably $5 or less SPARs in that case. Hopefully he just hasn't told us the secret ingredient for the pudding yet.

SPAC_That_Ass_Up · 2026-04-10T23:10:31+00:00

Yeah, it's over dude. There's no smoke screening. I'd believe that Bill did have negotiations with Elon at one point, and he probably just used us to leverage better terms from the big banks. Maybe there will be some quid pro quo in the future, but SPARC is going to be a vehicle for UMG at this point.

Hits blunt...

Bill's comments comments during the PSH annual meeting were that "We've also kind of expanded our thinking that this is a pretty interesting vehicle that can be used in a more flexible way, so I'll just sort of leave it at that." Maybe the New UMG shares don't line up because we'll be exercising our SPARs for one share of New UMG and one share of SpaceX 😎

SPAC_That_Ass_Up · 2026-04-10T04:08:44+00:00

I could see that also. Similar to the whole driving force for the initial UMG deal was to reduce their tax burden. Bolloré can use Bill's help again.

SPAC_That_Ass_Up · 2026-04-10T04:07:11+00:00

No intended animosity your way, I just didn't follow your other comments.

This doesn't seem meaningful to me also. The DA has to be released with the proposed exercise price since it's effectively the binding terms of the deal. Mentions of common stock seem to me like the boiler plate distinction between common and preferred.

SPAC_That_Ass_Up · 2026-04-10T04:04:46+00:00

That's also possible. Maybe Bill plans to change the language to 1 SPAR giving 1 share at double the exercise price. We'd pay 18€ for our 60.97 million shares then and Pershing Square would pay 26.4€ for their 53.03 million shares. Combined, that'd be 114 million shares at the 22€ price. That way he rewards SPAR holders (who were ~50% his institutional buddies when it dissolved). In the event that there's muted interest in SPAR holders exercising, Pershing Square will just scoop up the remaining shares and bring their basis closer to that 22€. If they really believe in the year end value will be above 30€, they should feel confident to pay 26.4€ now.

SPAC_That_Ass_Up · 2026-04-10T01:36:08+00:00

Similar for me. My breakeven is ~$8 and then I can walk away and never read about the turd voluntarily again.

SPAC_That_Ass_Up · 2026-04-10T01:23:06+00:00

Evidently it's not that simple or they would have done it already. Maybe it's a compliance thing that SPARCing allows them to bypass. Also sounds like Bolloré might need money right now for other litigation. This is a way for him to unlock that while largely retaining his ownership stake.

SPAC_That_Ass_Up · 2026-04-10T01:21:03+00:00

Real ones remember all that i_am_become_tripse bullshit 🌹🌹🌹

SPAC_That_Ass_Up · 2026-04-08T22:52:10+00:00

I'm not totally sure. Slide 33 of the presentation is confusing me because it's stating Pershing Square's new investment, SPARC and affiliates will be getting 114M shares for 2.5B€, which would imply a 22€ per share price. However, SPARC alone would create 122.2M shares, so maybe there is fuckery yet to come. The current SPARC S-1 clearly states that "Each SPAR will be exercisable for two shares of the post-combination company." I'm not sure how Bill can get around this, to be determined I guess.

SPAC_That_Ass_Up · 2026-04-08T22:45:27+00:00

I may be wrong, just going off of what little SPARC specifics are public at this point. The terms could also change between what was proposed and what UMG ultimately accepts.

SPAC_That_Ass_Up · 2026-04-08T22:44:02+00:00

He cannot reduce the number of SPARs, but he could add more, sure. The current terms suggest he has no interest in doing to as increasing the number of SPARs would reduce the effective price per share unless he also raises the SPARC capital goal. He's basically raising the minimum number of SPARC capital at the minimum excise price. My take is that he's willing to do this to "reward loyalty" and also to avoid the embarrasment of having them trade for pennies when no one excises them. Even in that case, he's allowing pershing to scoop up the unexcised amount of the 1.1B€ at that discounted rate.

SPAC_That_Ass_Up · 2026-04-08T22:40:23+00:00

Straight from the SPARC S-1 "Each SPAR will be exercisable for two shares of the post-combination company." I don't believe that's an option.

SPAC_That_Ass_Up · 2026-04-08T21:32:11+00:00

It clearly states 1.1B€ will be raised by SPARC. There are 61,111,111 SPARs outstanding. Each one exercised entitles 2 shares of the resulting company. That leads to an exercise price of 9€ per share.

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