Pershing Square SPARC Holdings, Ltd./DE: insider trades · United States · SEC (Form 4)

About Pershing Square SPARC Holdings, Ltd./DE

Pershing Square SPARC Holdings, Ltd. is a U.S. blank-check, SPAC-like acquisition vehicle rather than a conventional operating company. It was incorporated in Delaware on November 3, 2021, and was formed to complete a merger, stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company’s principal office is in New York at 787 Eleventh Avenue, 9th Floor, New York, NY 10019, United States. It is registered with the SEC and is classified under SIC code 6770 (Blank Checks). ([sec.gov](https://www.sec.gov/Archives/edgar/data/1895582/000119312521340602/d175920ds1.htm?utm_source=openai)) From an operating perspective, Pershing Square SPARC Holdings does not generate revenue from products or services. Its business model is to serve as a transaction platform: it was designed to distribute special purpose acquisition rights, or SPARs, which are subscription warrants intended to provide holders the ability to buy common shares after a future business combination. The SEC filings make clear that the vehicle is not restricted to any particular industry or sector, giving management wide latitude in identifying a target. As a result, its competitive position is best understood in the context of public M&A, sponsor-backed acquisition vehicles, and the broader alternative to the traditional SPAC structure, rather than as an operating company competing in a product market. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1895582/000119312523247555/d305814d424b3.htm?utm_source=openai)) Its strategic differentiation comes from its sponsorship and governance. The sponsor is affiliated with Pershing Square Capital Management, L.P., the investment firm founded and led by Bill Ackman. That backing gives SPARC a recognizable brand and a measure of institutional credibility in a market where execution, capital discipline, and sponsor alignment matter materially. Pershing Square has positioned SPARC as a more structured alternative to a conventional SPAC, aiming to reduce some of the issues that historically affected blank-check vehicles. The initial distribution of SPARs became effective on September 30, 2023, after the SEC declared the registration statement effective on September 29, 2023. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1895582/000119312523247555/d305814d424b3.htm?utm_source=openai)) Recent news remains highly deal-driven. In April 2026, Pershing Square indicated that it had proposed a combination with Universal Music Group in which UMG would merge with SPARC, and the resulting company would become a Nevada corporation listed on the NYSE. This underscores that SPARC is still in the target-search and transaction-negotiation phase, with no established operating business of its own. For investors, the main considerations are deal execution, regulatory approvals, sponsor alignment, and the possibility that no transaction is ultimately completed. That makes Pershing Square SPARC Holdings best viewed as a listed acquisition structure in the United States, not as a conventional equity story. ([sec.gov](https://www.sec.gov/Archives/edgar/data/2026053/000114036126014335/ny20040230x18_s1a.htm?utm_source=openai))