Pershing Square Tontine Holdings, Ltd. — Cyborg Score 2/10

Strategic Profile

Following its announcement in July 2022 to cease operations and liquidate, the company's assets were returned to shareholders. However, Pershing Square Capital Management has launched successor investment vehicles—notably Pershing Square USA, Ltd. (PSUS), which launched in April 2026 and has deployed nearly 85% of capital across 12 companies including Amazon, Microsoft, Uber, and Meta.

Cyborg Score Rationale

PSTH failed to complete a merger within its charter mandate and liquidated in July 2022. The original SPAC structure is no longer operationally active. While the sponsor's successor fund (PSUS) shows activity in 2026, PSTH itself represents a failed investment vehicle with minimal current enterprise value.

Top Insights

• SPAC liquidated after failing to secure merger within 24-month window from July 2020 IPO
• Redemption price set at ~$20.05 per share in July 2022
• Subject to ongoing shareholder litigation regarding Investment Company Act compliance
• Successor vehicle Pershing Square USA (PSUS) launched April 2026 with major tech/growth allocations

Recent Developments

• (July 2022) Announced redemption of all Class A public shares and decision not to consummate business combination
• (April 2026) Sponsor launched successor fund Pershing Square USA (PSUS) with $50M+ in capital deployment

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