PSTH - Pershing Square gains after Ackman says actively working to find a deal

Pershing Square Tontine Holdings (NYSE:PSTH) rose 2.2% after Bill Ackman said the firm is actively working to find an alternative transaction. "We are continuing to work on potential, actually one thing in particular, that we think is interesting, but we are still  nowhere in a position to have a view of its executability,"  Ackman said on a quarterly conference call. "The hopeful worst case is we get SPARC approved relatively soon. We are able to return people's capital," Ackman said. (made comments around 50 min mark) He added that the best case scenario is "we get a transaction done and announced in the relative short term hopefully and we thereafter launch SPARC Holdings." Ackman said separately that the Pershing Square hedge fund has been building a new position in an undisclosed name. Recall August, Bill Ackman turns to SPARC structure to save Pershing Square Tontine after lawsuit. Also see, Could SPACs turn

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Pershing Square gains after Ackman says actively working to find a deal