Aug. 26, 2021
To whom it may concern, I am a shareholder of both Pershing Square Tontine Holdings common stock (PSTH) and Pershing Square Tontine Holdings Warrants (PSTH.WS). I am writing in support of the proposed rule change, SR-NYSE-2021-45. The proposed change will have numerous positive effects on PSTH and PSTH.WS shareholders. First, it will relieve shareholders of significant opportunity cost while the Pershing Square team seeks a merger transaction. Opportunity cost is the primary drawback of the current SPAC structure of PSTH, and this rule change would greatly reduce this burden. Second, it will allow shareholders to sell their Subscription Warrants to another party if they are not happy with the Acquisition target chosen by the firm. The opt-in, as opposed to opt-out, structure of Subscription Warrants is much more shareholder friendly than a traditional SPAC. Finally, this rule proposal is a positive development for the IPO market generally and will level the playing field for retail investors by increasing competition. Thank you for your time and consideration in this matter. I hope that you will see the benefit of this change in promoting just and equitable principles of trade, and that it is designed to protect investors and the public interest by enhancing competition among market participants. Regards, Justin