Nov. 30, 2021
Dear Securities Exchange Commission (SEC) Official, After review of S1 file number 333-261376 outlining the structure of this proposed financial instrument I concluded the potential following benefits for retail investors: 1) The structure enables share holders to maintain ownership in a structure that they can build continuous equity in throughout the IPO process, that are not traditionally offered to retail investors. This could potentially result in proper valuations of companies and less extremes volatility day to day in companies shares. 2) The Special Purpose Acquisition Rights (SPAR) structure has the potential to enable actual proper valuations of companies and instead allocates the volatility and speculation to the SPAR versus the equity shares of the company. 3) Exercise Price of SPARs. The structure allows for continuous investment within a management team. The exercise price will be based on the valuation of the anticipated company and offers an opt in structure for exercised SPARs to have the opportunity to continue investing. The aforementioned reasons as well as several other attributes is why I would recommend Pershing Square SPARC Holding to be declared effective and approved. Thank you very much for your time and consideration,