Harvard Corporate Governance

NOVEMBER 1, 2023

Securities and Exchange Commission (SEC) declared effective a registration statement for Pershing Square SPARC Holdings, Ltd., which is contemplating a unique variation on the traditional special purpose acquisition company (SPAC) structure. What Is a SPARC? more…)

223

223

Law 360 M&A

OCTOBER 6, 2023

Hedge fund giant Bill Ackman is pitching his so-called SPARC — named for a funding vehicle designed to acquire a private company and take it public — as an investor-friendly alternative to a special-purpose acquisition company, or SPAC.

Marketability 40

Marketability 40

Appraisal Rights

SEPTEMBER 15, 2021

After litigation was filed alleging that the SPAC was acting (improperly) as an investment company instead of an operating company, Ackman denied the merits of the lawsuit but also reversed course and aborted pursuit of the Universal Music stake.

40

40

Musings on Markets

JUNE 9, 2021

For decades, the process that companies in the United States have used to go public has followed a familiar script. The company files a prospectus, providing prospective investors with information about its business model and financials, and hires an investment banker or bankers to manage the issuance process.

Start-ups 52

Start-ups Marketability Banking Corporate Finance 52