PSTH stops trading on July 26. There are 4 trading days remaining. Yet the stock has slowly trickled up on high volume, even lately tapping 20.20 and 20.19. Keep in mind NAV is 20.05.
For context, July 11 afterhours was when the press releases came out about the dissolution update. See the spike in volume below and sustained high volume.
Meanwhile the warrants closed at 0.46 today. They were around 0.25 per warrant before the press releases. These warrants expire completely worthless in 4 trading days if SPARs do not get approved.
I’m currently still in my shares obtained at <$20.00.
On Monday there was a notably large call flow for 19c. Who’s buying these?? lol
Also, if you had ITM call options on this, you needed to exercise them to be the shareholder of record on liquidation day, if you didn’t, then you messed up and aren’t entitled to SPARCs if they get approved.
FYI in case any fellow Canadians held PSTH shares through dissolution in a registered investment account. Apparently you need to transfer your escrow units to a non-registered account. I just contacted RBC and they will do it for me within 1 business day.
Not sure if anyone else held PSTH shares through to conversion to the SPAR units, but this is great news.
They only become tradable for 20 business days after announcement of a merger combination.
Once SPARs become eligible to trade, they can be best understood as short-term options to purchase common stock in the soon-to-be public company at the same price at which affiliates of the Pershing Square funds are buying stock in the company. The SPARs will be available for trading for 20 business days at which time they can be exercised or they will expire worthless.
