ACKMAN WILLIAM A 4

What Happened

• Bill Ackman (reported as a 10% owner) completed multiple transactions around Pershing Square Inc.'s combined IPO/private placement (April 28 and April 30, 2026). He made open-market purchases of 81,762 shares at $22.61, 659,540 shares at $23.88 and 58,698 shares at $24.20 (total paid ≈ $19.0M). He also received a large derivative grant (92,878,204 units reported as an award/derivative on 4/28) and several other non‑priced acquisitions, while transferring/contributing shares back to the issuer (6,874,237 shares on 4/30) and contributing/gifting 300,000 shares on 4/28.

Key Details

• Transaction dates: April 28, 2026 and April 30, 2026 (Form 4 filed May 4, 2026).
• Open-market purchases: 81,762 @ $22.61; 659,540 @ $23.88; 58,698 @ $24.20 — total cash spent ≈ $19.0M.
• Other reported acquisitions: 700,000; 168,200; and 4,240 shares (code J, no price listed), plus a 10,489-share award on 4/30 (code A).
• Large derivative award: 92,878,204 (reported 4/28 as an award/derivative); details and conversion terms are in footnotes.
• Dispositions: Gift of 300,000 shares (4/28) and a disposition/transfer to the issuer of 6,874,237 shares (4/30) (both reported at $0).
• Shares owned after transaction: not stated explicitly on the Form 4; see footnotes for potential beneficial‑ownership disclosures (the filer disclaims beneficial ownership except for any pecuniary interest).
• Notable footnotes: transactions relate to the combined IPO/private placement of Pershing Square and Pershing Square USA; some shares were issued or transferred as part of purchase‑price adjustment mechanics and M Unit grants that are redeemable for issuer shares (see footnotes F1, F2, F10, F13, F15–F17).
• Filing timing: Form 4 filed May 4 covering April 28 and April 30 transactions (the filing date is shown on the form).

Context

• The massive derivative/award reported (92.9M units) appears to be related to PSPG M Units and purchase‑price adjustment mechanics; per footnotes, M Units are vested and may be redeemable one‑for‑one for issuer shares subject to PSPG terms — this is a derivative/structural matter related to the IPO transaction, not a simple open‑market buy.
• Gifts or transfers (like the 300k gift and the multi‑million share transfer to the issuer) can reflect corporate or tax/transaction structuring and do not necessarily signal market sentiment.
• As a reported 10% owner (not a routine officer trade), these movements reflect institutional reorganization tied to the combined IPO/private placement and PSPG arrangements; retail investors should treat the open‑market purchases as a straightforward cash purchase signal, while the large awards/transfers reflect transaction mechanics described in the footnotes.