Pershing Square Announces IPO Pricing, Expected to Raise $5 Billion

Pershing Square USA, Ltd. ("PSUS"), an investment company managed by Pershing Square Capital Management, L.P. ("PSCM"), and Pershing Square Inc. ("PSI"), the parent company of PSCM, announced the pricing of the combined initial public offering of the common shares of beneficial interest of PSUS and the initial public offering of the common stock of PSI. The PSUS Shares and the PSI Shares are expected to begin trading on the New York Stock Exchange on April 29, 2026, under the symbol "PSUS" for the PSUS Shares and under the symbol "PS" for the PSI Shares. The Combined IPO is expected to close on April 30, 2026, subject to the satisfaction of customary closing conditions. In connection with the closing of the Combined IPO, PSUS and PSI expect to close the previously announced combined private placement of PSUS Shares and PSI Shares. Gross proceeds to PSUS from the Combined IPO and Combined Private Placement, before deducting sales loads, placement fees and offering expenses, are expected to be $5 billion.