A special-purpose acquisition company, or SPAC, sponsored by Bill Ackman’s Pershing Square Capital Management, made its debut on the New York Stock Exchange on Wednesday in the largest-ever blank-check initial public offering. The offering includes 200 million units at $20 each, raising $4 billion in proceeds. Each unit consists of one common share and one-ninth of a warrant, exercisable at $23. Trading started at $21.10.
SPACs raise money from IPO investors, and then the cash sits in a trust until sponsors agree to a merger...
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July 22, 2020 at 09:13PM
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Bill Ackman’s Blank-Check Company Just Started Trading. What You Need to Know. - Barron's
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