Ackman’s blank check company completes $4bn IPO

Pershing Square Tontine Holdings raised $4 billion in an IPO priced at $20 per share on July 22, according to an announcement from the hedge fund firm Pershing Square Capital.

The so-called blank check company was formed for effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combinations with a private company.

The Special Purpose Acquisition Company or SPAC will merge with one private company and take it public through a transaction in which stockholders will hold a minority interest in the newly public company.

The entity . . .

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