71531R117

Pershing Square Tontine Holdings, Ltd.

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A special purpose acquisition company, or SPAC, launched in 2020 by billionaire hedge fund manager Bill Ackman and his firm Pershing Square Capital Management. Its purpose was to raise money through an initial public offering and use it to buy a private company and take it public. The name "tontine" comes from a seventeenth-century financial arrangement invented by banker Lorenzo Tonti, in which a shared fund's payouts shift to the surviving members over time. After failing to complete a merger within its two-year window, the company liquidated in 2022 and returned its capital to shareholders.

Redeemable Tontine Warrant expiring 07/24/2025