Cadwalader Guides Pershing Square SPARC Launch and SPAR Distribution

October 03, 2023

Cadwalader represented Pershing Square SPARC Holdings, Ltd. (SPARC) in its successful launch following the SEC declaring SPARC’s registration statement effective, announced on September 29. SPARC will shortly be distributing special purpose acquisition rights (SPARs) at no cost to former security holders of Pershing Square Tontine Holdings, Ltd. (PSTH).

SPARC will immediately begin to pursue business combination opportunities with private, high-quality, growth companies, including carve-out transactions with large capitalization public or private companies. Pershing Square SPARC Sponsor, LLC, an affiliate of Pershing Square Capital Management, L.P., serves as the sponsor of SPARC.

SPARC is targeting companies who seek to raise a minimum of $1.5 billion of capital for primary and/or secondary issuances with effectively no upper limit to the size of the company or the amount of capital raised.

The Cadwalader team was led by Corporate partners Stephen Fraidin and Gregory Patti, and includes Corporate partner Erica Hogan, Tax partner Andrew Carlon, and Corporate associates Lauren Russo, Peter Bariso and Christal McCamy.  Steve and Greg previously led a Cadwalader team in the $4 billion launch of PSTH in 2020

To learn more about this news, please see the official SPARC release.