Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Pershing Square Tontine Holdings / Equity Bottom-Up

Pershing Square Tontine Holdings (PSTH US)

<ul>
 <li>
<a href="https://smartkarma.com/entities/pershing-square-tontine-holdings-a">Pershing Square Tontine Holdings</a> (PSTH) was the largest-ever Special Purpose Acquisition Company (SPAC), raising $4 billion in its July 2020 IPO.</li>
 <li>The company, led by prominent investor Bill Ackman, failed to complete a business combination within its two-year timeframe, leading to its liquidation in July 2022.</li>
 <li>PSTH's most notable attempt at a transaction, a complex deal to acquire a 10% stake in Universal Music Group, was abandoned due to regulatory concerns from the U.S. Securities and Exchange Commission (SEC).</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Pershing Square Tontine Holdings (PSTH) was the largest-ever Special Purpose Acquisition Company (SPAC), raising $4 billion in its July 2020 IPO.
  The company, led by prominent investor Bill Ackman, failed to complete a business combination within its two-year timeframe, leading to its liquidation in July 2022.
  PSTH's most notable attempt at a transaction, a complex deal to acquire a 10% stake in Universal Music Group, was abandoned due to regulatory concerns from the U.S. Securities and Exchange Commission (SEC).
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Pershing Square Tontine Holdings (PSTH US) - Feb 2026

Alpha-Centric ESG Research

Kyle Rudden

Whether we call this a SPAC bubble that has burst or a SPAC bull-run "correcting" itself, one thing is clear – the global SPAC market is cooling off. Cooling off... but not dead. SPACs are likely to play a much larger role in global equity markets than they have historically, and Asia is poised to play a larger role within that larger global equity markets role. We are already seeing evidence of this.Specifically, the recent increase in SPAC-related interest and activity in Asia by: 1) SPAC sponsors (growing number of Asia-based sponsors and foreign SPACs seeking Asia-based targets), 2) Asia's unicorns (several have announced huge SPAC deals), and 3) Asia's financial exchanges (which are increasingly enabling local SPAC listings, such as Singapore Exchange's new framework).It is still too soon to call anything an Asia SPAC "boom," but the growth is tangible and immediate enough for optimism. It motivated me to finally write about a topic I have been meaning to cover – i.e., ESG issues related to the SPAC vehicle itself, as well as to how SPACs are applied in supporting sustainability-related tech startups (e.g., electric vehicles, batteries/storage, clean energy).

Whether we call this a SPAC bubble that has burst or a SPAC bull-run "correcting" itself, one thing is clear – the global SPAC market is cooling off. Cooling off... but not dead. SPACs are likely to play a much larger role in global equity markets than they have historically, and Asia is poised to play a larger role within that larger global equity markets role. We are already seeing evidence of this.Specifically, the recent increase in SPAC-related interest and activity in Asia by: 1) SPAC sponsors (growing number of Asia-based sponsors and foreign SPACs seeking Asia-based targets), 2) Asia's unicorns (several have announced huge SPAC deals), and 3) Asia's financial exchanges (which are increasingly enabling local SPAC listings, such as Singapore Exchange's new framework).It is still too soon to call anything an Asia SPAC "boom," but the growth is tangible and immediate enough for optimism. It motivated me to finally write about a topic I have been meaning to cover – i.e., ESG issues related to the SPAC vehicle itself, as well as to how SPACs are applied in supporting sustainability-related tech startups (e.g., electric vehicles, batteries/storage, clean energy).

SPACs and ESG: Issues Related to the SPAC Vehicle Itself and Sustainability Use Cases

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments Nassim Taleb, the celebrated Black Swan author and mathematician, has published a paper trashing bitcoin.  In the paper (excerpts below), Taleb claims the theoretical value of bitcoin is zero, saying it is not a currency, can be neither a short or long term store of value, cannot operate as a reliable inflation hedge and, “worst of all”, does not constitute “not even remotely” a tail protection vehicle for catastrophic episodes (i.

Headline Developments Nassim Taleb, the celebrated Black Swan author and mathematician, has published a paper trashing bitcoin.  In the paper (excerpts below), Taleb claims the theoretical value of bitcoin is zero, saying it is not a currency, can be neither a short or long term store of value, cannot operate as a reliable inflation hedge and, “worst of all”, does not constitute “not even remotely” a tail protection vehicle for catastrophic episodes (i.

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

Equity Capital Markets

DD3 Acquisition Corp II / Equity Capital Markets

<ul><li>DD3 Acquisition Corp. II (DDMX)<a href="https://www.globenewswire.com/news-release/2021/11/19/2338254/0/en/DD3-Acquisition-Corp-II-Stockholders-Approve-Business-Combination-with-Codere-Online.html" target="_blank" rel="noopener">shareholders approve</a> the merger with Codere Online. Set to close on 11/30 followed by ticker change to CDRO.</li><li>Yunhong International (ZGYH) <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1773086/000110465921142009/tm2133495d1_8k.htm" target="_blank" rel="noopener">will liquidate</a> as opposed to extending. It will dissolve and return $10.31 per public share.</li><li>SoFi Technologies, Inc. (SOFI)<a href="https://www.businesswire.com/news/home/20211119005721/en/SoFi-Technologies-Inc.-Announces-%C3%A2%C2%80%C2%9CRedemption-Fair-Market-Value%C3%A2%C2%80%C2%9D-in-Connection-With-Redemption-of-its-Outstanding-Warrants" target="_blank" rel="noopener">Announces “Redemption Fair Market Value”</a> in Connection With Redemption of its Outstanding Warrants</li></ul>

DD3 Acquisition Corp. II (DDMX)shareholders approve the merger with Codere Online. Set to close on 11/30 followed by ticker change to CDRO.Yunhong International (ZGYH) will liquidate as opposed to extending. It will dissolve and return $10.31 per public share.SoFi Technologies, Inc. (SOFI)Announces “Redemption Fair Market Value” in Connection With Redemption of its Outstanding Warrants

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Pershing Square Tontine Holdings / Equity Capital Markets

SPACs have been around for a long time but the market exploded in 2H20 and 1Q21.  This Original seeks to provide a lot of information surrounding US SPACs, including a SPAC's lifecycle, various entry points to invest, differences when compared to a traditional IPO, what areas of the market are attracting the most SPAC activity, and emerging structures and changes in the SPAC market.  While these equities are helping a lot of companies get public and lining the pockets of sponsors, SPACs have not historically been good investments.  Lots of investors claimed this time was different, but the last quarter or so may have begun to reveal the same cracks.

SPACs have been around for a long time but the market exploded in 2H20 and 1Q21.  This Original seeks to provide a lot of information surrounding US SPACs, including a SPAC's lifecycle, various entry points to invest, differences when compared to a traditional IPO, what areas of the market are attracting the most SPAC activity, and emerging structures and changes in the SPAC market.  While these equities are helping a lot of companies get public and lining the pockets of sponsors, SPACs have not historically been good investments.  Lots of investors claimed this time was different, but the last quarter or so may have begun to reveal the same cracks.

SPACs: Capitalize on Structure/Catalysts to Find Entry Points to Go Long but Longer Term, Go Short

United States

Pershing Square Tontine Holdings, Ltd. operates as a blank check company. The Company aims to acquire a business via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

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Pershing Square Tontine Holdings (PSTH US)

Primer: Pershing Square Tontine Holdings (PSTH US) - Feb 2026

Pershing Square Tontine Holdings (PSTH) was the largest-ever Special Purpose Acquisition Company (SPAC), raising $4 billion in its July 2020...

αSK Primers

Weekly Innovation Review (WIRE) #37

Nassim Taleb, the celebrated Black Swan author and mathematician, has published a paper trashing bitcoin. In the paper, Taleb claims the...

Granite Bay Capital

A Rare Liquidation Appears.

DD3 Acquisition Corp. II (DDMX) shareholders approve the merger with Codere Online. Set to close on 11/30 followed by ticker change to CDRO.

SPAC Track

SPACs: Capitalize on Structure/Catalysts to Find Entry Points to Go Long but Longer Term, Go Short

Better understand the structure, lifecycle, investment timing, and emerging trends in the SPAC market that exist today to help you decide at what...

Robert C Prather Jr

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Primer: Pershing Square Tontine Holdings (PSTH US) - Feb 2026

Pershing Square Tontine Holdings (PSTH) was the largest-ever Special Purpose Acquisition Company (SPAC), raising $4 billion in its July 2020...

αSK Primers

SPACs and ESG: Issues Related to the SPAC Vehicle Itself and Sustainability Use Cases

In Asia there is an undeniable upswell in SPAC activity – by SPAC sponsors, crown-jewel unicorns, and bourses like SGX. This covers ESG issues...

Kyle Rudden

Weekly Innovation Review (WIRE) #37

Nassim Taleb, the celebrated Black Swan author and mathematician, has published a paper trashing bitcoin. In the paper, Taleb claims the...

Granite Bay Capital

A Rare Liquidation Appears.

DD3 Acquisition Corp. II (DDMX) shareholders approve the merger with Codere Online. Set to close on 11/30 followed by ticker change to CDRO.

SPAC Track

SPACs: Capitalize on Structure/Catalysts to Find Entry Points to Go Long but Longer Term, Go Short

Better understand the structure, lifecycle, investment timing, and emerging trends in the SPAC market that exist today to help you decide at what...

Robert C Prather Jr