Pershing Square Tontine Holdings ^{Priced, NYSE: PSTH}

We are a newly organized, blank check company. Our sponsor is advised by Pershing Square Capital Management, L.P. ("Pershing Square" or "PSCM"), a registered investment adviser under the Investment Act of 1940, as amended, which was established in 2003 and had approximately $10.7 billion of assets under management and $9.3 billion of net assets under management as of June 9, 2020. Our management team is led by William A. Ackman, our Chairman and Chief Executive Officer, who will work closely with the PSCM investment team and the other employees of, and resources available to, PSCM to fulfill our corporate mission. We intend to pursue merger opportunities with private, large capitalization, high-quality, growth companies where our ownership in the merged company would generally represent a minority of shares outstanding at the time of the merger. Over the past decade, numerous high-quality, venture-backed businesses have achieved significant scale, market share, competitive dominance and cash flow—we call these companies "Mature Unicorns." Many of these companies have chosen to remain private, as there has been, until recently, limited pressure from their investors for liquidity, and large amounts of growth capital available from investors, mutual funds and hedge funds. The recent dislocations in both the stock market and private growth equity markets, combined with a number of high-profile private investment failures and disappointing IPO outcomes, have substantially reduced the amount of private funding available for these companies, while demands for liquidity from their investors have increased.