Pershing Square Tontine (PSTH) De-SPAC play

– Mispriced right to invest alongside Bill Ackman on similar terms as him.
– Complex PSTH SPAC is set to liquidate and distribute a trust value of $20.05/share + half of SPAR.
– Each full SPAR will give the right to invest in Ackman’s new venture whatever that might be.
– Historically investors have attached high value for the possibility to invest alongside Ackman.
– Currently, investors are paying only $0.03 for what could be worth $1/share.
– Risk of SEC not allowing such vehicle to proceed or SPARs remaining unlisted.

$PSTH.WT valuation:
– Investors will receive $20.05/share in trust value upon redemption of SPAC shares at the end of July.
– SPARs are being valued at only $0.03 and could potentially fetch $1/share in a more optimistic environment.

Exp. gain: Potential multi-bagger upside on a SPAR cost basis.

Full PSTH.WT write-up (free guest account required):

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