ACKMAN WILLIAM A 4

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.