Ackman Wins Regulatory Approval for Blank-Check Rights Company

Billionaire investor Bill Ackman won regulatory approval for a new listing vehicle after an affiliated predecessor blank-check company redeemed its investors.

The US Securities and Exchange Commission is allowing Pershing Square SPARC Holdings Ltd. to issue rights in the form of warrants to investors to participate in a future transaction that would take a private business public through a merger, according to a filing and a statement Friday.

Affiliates of the SPARC’s sponsor have committed at least $250 million and as much as $3.5 billion as an anchor investor in an eventual merger. The sponsor is also an affiliate of ...