ACKMAN WILLIAM A 4
4 · Pershing Square SPARC Holdings, Ltd./DE · Filed Apr 23, 2026
Research Summary
AI-generated summary of this filing
Pershing Square SPARC CEO Bill Ackman Reports Sponsor Interest Transfer
What Happened
- William A. Ackman (CEO) and related Pershing Square reporting persons disclosed an “other acquisition or disposition” on April 21, 2026 that reports 0 shares traded. The filing documents a transfer of approximately 1.8% of the membership interest in the Sponsor from PSLP to PS Redemption, L.P. (RedemptionCo). That membership interest represents a proportionate number of the Issuer’s common shares and Sponsor Warrants.
- Importantly, the transfer did not change the Sponsor’s aggregate ownership of the Issuer’s Common Stock or Sponsor Warrants — the Form 4 shows no shares bought or sold (0 shares, N/A price).
Key Details
- Transaction date reported: 2026-04-21. Form 4 filed: 2026-04-23 (timely).
- Reported trades: two “other” dispositions (code J) showing 0 shares; one entry notes a derivative-related disposition (also 0).
- Shares owned/changed: No change in aggregate issuer common stock or Sponsor Warrants ownership by the Sponsor per the filing.
- Notable footnotes: the transfer was to RedemptionCo to effect redemptions of certain PSLP limited partner interests (Footnote 1/4). Sponsor previously received 422,533 founder shares pre-IPO (Footnote 2). Sponsor Warrants and forward-purchase rights and restrictions are described (Footnotes 7–11).
- Filing made jointly by William A. Ackman, Pershing Square Capital Management, L.P., and PSCM GP, LLC (Footnote 3). Each disclaims beneficial ownership except to the extent of any pecuniary interest (Footnote 5).
Context
- This filing documents an internal reallocation of Sponsor membership interests tied to a limited partner redemption program — not a personal open-market buy or sale by Ackman. Because no shares or warrants changed the Sponsor’s aggregate economic exposure, the transaction should not be read as a routine insider buy/sell signal.
- The filing includes detailed sponsor-related rights (forward purchase agreements and non-transferability/time-based restrictions on Sponsor Warrants and forward purchase shares) that are relevant to the Sponsor’s potential future equity ownership but do not reflect immediate trading activity.
Insider Transaction Report
Form 4
ACKMAN WILLIAM A
DirectorChief Executive Officer10% Owner
Transactions
- Other
Common Stock
[F1][F2][F3][F4][F5]2026-04-21−0→ 422,533 total(indirect: See footnotes) - Other
Sponsor Warrants
[F10][F11][F1][F3][F4][F5]2026-04-21−0(indirect: See footnotes)→ See footnote 10
Holdings
- 250,000(indirect: See footnotes)
Forward Purchase Shares
[F6][F7][F3][F4][F5]→ See footnote 6 (250,000 underlying) - 3,250,000(indirect: See footnotes)
Forward Purchase Shares (Right to buy)
[F8][F9][F3][F4][F5]→ See footnote 8 (3,250,000 underlying)
Footnotes (11)
- [F1]On April 21, 2026, approximately 1.8% of the membership interest in the Sponsor (as defined below) were transferred from PSLP (as defined below) to PS Redemption, L.P. ("RedemptionCo"), which was formed for the purpose of giving effect to the redemption of certain limited partner interests of PSLP in connection with a special redemption opportunity that was consummated on April 21, 2026. The membership interest transferred to RedemptionCo represents a proportionate number of shares of the Issuer's common stock, par value $0.0001 per share ("Common Stock") and Sponsor Warrants (as defined below) held by the Sponsor. The transfer of the membership interest did not result in a change of aggregate ownership of the Issuer's common stock and Sponsor Warrants by the Sponsor.
- [F10]Prior to the Issuer's initial public distribution, Sponsor purchased, in a private placement, an aggregate of $35,892,480 of sponsor warrants ("Sponsor Warrants"), which will be exercisable, in the aggregate, for an amount of shares up to 4.95% of the outstanding shares (on a fully diluted basis) of the post-combination company, at a per share exercise price equal to 120% of the Final Exercise Price. The actual percentage of shares on a fully diluted basis into which the Sponsor Warrants are exercisable will be depend on and be decreased ratably in the event that (1) the aggregate funds raised at the closing of the business combination from the exercise of the SPARs and the amount purchased by SPARC Master LP pursuant to the Additional Forward Purchase Agreement, if any, is less than (2) the amount of funds that would have been raised if 100% of the issued SPARs had been exercised at the closing of the business combination.
- [F11](Continued from Footnote 10) The Sponsor Warrants will generally not be transferable, assignable or salable until three years after the consummation of the Issuer's business combination, and expire 10 years after the date of the Issuer's business combination.
- [F2](Continued from Footnote 1) The 422,533 shares of the Issuer's Common Stock were issued to the Sponsor prior to the Issuer's initial public distribution. The aggregate voting power of the 422,533 shares of Common Stock is equal to 100% of the total voting power of the Issuer's Common Stock outstanding immediately following the initial public distribution.
- [F3]In addition to William A. Ackman, a citizen of the United States of America, this Form 4 is being filed jointly by Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), and PSCM GP, LLC, a Delaware limited liability company ("PS Management" and collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").
- [F4]Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PSLP"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PSLP and PS International, the "Pershing Square Funds") and RedemptionCo. The Pershing Square Funds and RedemptionCo are the members of Pershing Square SPARC Sponsor, LLC, a Delaware limited liability company ("Sponsor"). Pershing Square is the non-member manager of the Sponsor. Pershing Square also advises PS SPARC I Master, L.P. ("SPARC Master LP").
- [F5]Pershing Square, as the investment adviser to the Pershing Square Funds and RedemptionCo, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of William A. Ackman's position as Chief Executive Officer of Pershing Square and as the managing member of PS Management, William A. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.
- [F6]Reflects securities acquirable by the Pershing Square Funds in connection with that certain committed forward purchase agreement ("Committed Forward Purchase Agreement"), dated September 29, 2023, between the Issuer and the Pershing Square Funds. Pursuant to the Committed Forward Purchase Agreement, the Pershing Square Funds are obligated to purchase, in one or more private placements to occur simultaneously with the closing of the Issuer's business combination, at least $250,000,000 and up to $1,000,000,000 of common shares of the surviving entity of the Issuer's business combination based upon the final exercise price (the "Final Exercise Price") of the Issuer's subscription warrants, referred to as SPARs, which will be publicly announced in connection with the business combination and which will be at least $10.00.
- [F7](Continued from Footnote 6) For purposes of this Form 4, the Reporting Persons have assumed a Final Exercise Price equal to $10.00 and therefore the Pershing Square Funds will be obligated to purchase 250,000 forward purchase shares ("Forward Purchase Shares") of the Issuer, at a price of $10.00 per Forward Purchase Share. The obligation of the Pershing Square Funds to purchase the Forward Purchase Shares may be allocated among the Pershing Square Funds from time to time. The Forward Purchase Shares will generally not be transferable, assignable or salable until 180 days after the consummation of the Issuer's business combination.
- [F8]Reflects securities acquirable by SPARC Master LP in connection with that certain additional forward purchase agreement ("Additional Forward Purchase Agreement"), dated September 29, 2023, between the Issuer and SPARC Master LP. Pursuant to the Additional Forward Purchase Agreement, SPARC Master LP has the right, but not the obligation, to purchase, in one or two tranches, a number of common shares of the surviving entity of the Issuer's business combination up to an amount equal to $3,500,000,000 less the amount obligated to be purchased by the Pershing Square Funds pursuant to the Committed Forward Purchase Agreement.
- [F9](Continued from Footnote 8) For purposes of this Form 4, the Reporting Persons have assumed a Final Exercise Price equal to $10.00 and therefore the SPARC Master LP will have the right, but not the obligation, to purchase up to 3,250,000 additional forward purchase shares ("Additional Forward Purchase Shares") of the Issuer, at a price of $10.00 per Additional Forward Purchase Share. SPARC Master LP's right to purchase the Additional Forward Purchase Shares may be transferred, in whole or in part, to any entity that is managed by Pershing Square, but not to third parties. The Additional Forward Purchase Shares will generally not be transferable, assignable or salable until 180 days after the consummation of the Issuer's business combination.