SA: Ackman: Pershing Square Tontine Holdings won’t do Q1 M&A deal, but firm plans second SPAC

SEEKING ALPHA reports:

– Pershing Square Holdings (OTCPK:PSHZF) wrote in its annual report Monday that its hot SPAC Pershing Square Tontine Holdings (NYSE:PSTH) won’t be announcing an M&A deal before Q1 ends Wednesday. But the parent firm added that it still plans to launch a Pershing Square Tontine Holdings II.

– “While we previously believed that we would be able to announce a potential transaction by the end of this quarter, we will not be in a position to do so,” Pershing Square chief Bill Ackman wrote in the report. “We do not intend to make any announcements about PSTH’s transaction progress until we enter into a definitive agreement.”

– PSTH was trading some 2.2% lower on the news at $23.90 shortly after 11:30 a.m. ET. Similarly, parent firm Pershing Square, which lists in London but also trades thinly on the U.S. OTC market, was changing hands in the United States at $34.97, down 0.9% on the session.

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