Director tied to PERSHING SQUARE INC. (PS) acquires stock via placement

Rhea-AI Filing Summary

PERSHING SQUARE INC. director David Coppel Calvo reported indirect acquisitions of Common Stock tied to a combined private placement completed with Pershing Square USA, Ltd. On April 30, 2026, entities associated with him received two grants of 450,000 shares each for no cash consideration.

According to the footnotes, one block reflects shares directly held by Pacat LP, over which he has voting and dispositive power, and another reflects shares directly held by Crecer C LP, where he may share voting and dispositive power, totaling 3,126,557 shares after the second transaction. The shares were issued as part of a structure where each initial investor acquired 1.5 issuer shares for every 5 PSUS common shares purchased in the related private placement. He disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Coppel Calvo David

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	450,000	$0.00	--
Grant/Award	Common Stock	450,000	$0.00	--

Holdings After Transaction: Common Stock — 3,126,557 shares (Indirect, See Footnotes)

Footnotes (1)

1. On April 30, 2026, the Issuer and Pershing Square USA, Ltd. ("PSUS") completed a combined transaction, consisting of (i) an initial public offering (the "PS IPO") and a concurrent private placement (the "PS Private Placement") of Issuer common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement" and together with the PS Private Placement, the "combined private placement") of PSUS's common shares of beneficial interest ("PSUS Common Shares"). Reflects the acquisition of Issuer common stock in connection with the combined private placement. In connection with the PS Private Placement, each initial investor acquired 1.5 shares of Issuer common stock for no additional consideration for every 5 PSUS Common Shares that the investor purchased in the PSUS Private Placement. Reflects shares directly held by Pacat LP, where the Reporting Person has voting and dispositive power over the shares held by Pacat LP. Reflects shares directly held by Crecer C LP, where the Reporting Person may be deemed to have shared voting and dispositive power over the shares held by Crecer C LP. The Reporting Person disclaims beneficial ownership over the shares reported herein, except to the extent of his pecuniary interest therein.

Key Figures

First grant size: 450,000 shares Second grant size: 450,000 shares Holdings after second transaction: 3,126,557 shares +2 more

5 metrics

First grant size 450,000 shares Common Stock acquired on April 30, 2026, indirect

Second grant size 450,000 shares Additional Common Stock acquired on April 30, 2026, indirect

Holdings after second transaction 3,126,557 shares Common Stock indirectly held following second acquisition

Share allocation ratio 1.5 shares per 5 PSUS shares Issuer stock received for PSUS private placement purchases

Transaction price $0.0000 per share Reported price for both Common Stock acquisitions

Key Terms

combined private placement, initial public offering, common shares of beneficial interest, disclaims beneficial ownership, +1 more

5 terms

combined private placement financial

"completed a combined transaction, consisting of (i) an initial public offering ... and (ii) ... the "combined private placement""

initial public offering financial

"an initial public offering (the "PS IPO") and a concurrent private placement"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

common shares of beneficial interest financial

"PSUS's common shares of beneficial interest ("PSUS Common Shares")"

Common Shares of Beneficial Interest are units that represent ownership in a company or organization, like owning a piece of a pie. They give investors voting rights and a chance to share in profits, making them important for those looking to invest and have a say in how the organization is run.

disclaims beneficial ownership financial

"The Reporting Person disclaims beneficial ownership over the shares reported herein"

voting and dispositive power financial

"the Reporting Person has voting and dispositive power over the shares held by Pacat LP"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Coppel Calvo David

(Last) (First) (Middle)

C/O PERSHING SQUARE INC.,

787 ELEVENTH AVENUE, 9TH FLOOR

(Street)

NEW YORK NEW YORK 10019

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
PERSHING SQUARE INC. [ PS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/30/2026		A(1)(2)		450,000	A	(2)	3,126,557	I	See Footnotes(3)(5)
Common Stock	04/30/2026		A(1)(2)		450,000	A	(2)	450,000	I	See Footnotes(4)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On April 30, 2026, the Issuer and Pershing Square USA, Ltd. ("PSUS") completed a combined transaction, consisting of (i) an initial public offering (the "PS IPO") and a concurrent private placement (the "PS Private Placement") of Issuer common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement" and together with the PS Private Placement, the "combined private placement") of PSUS's common shares of beneficial interest ("PSUS Common Shares").

2. Reflects the acquisition of Issuer common stock in connection with the combined private placement. In connection with the PS Private Placement, each initial investor acquired 1.5 shares of Issuer common stock for no additional consideration for every 5 PSUS Common Shares that the investor purchased in the PSUS Private Placement.

3. Reflects shares directly held by Pacat LP, where the Reporting Person has voting and dispositive power over the shares held by Pacat LP.

4. Reflects shares directly held by Crecer C LP, where the Reporting Person may be deemed to have shared voting and dispositive power over the shares held by Crecer C LP.

5. The Reporting Person disclaims beneficial ownership over the shares reported herein, except to the extent of his pecuniary interest therein.

	/s/ Halit Coussin, as Attorney-In-Fact	05/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Pershing Square Inc. (PS) director David Coppel Calvo report on this Form 4?

He reported indirect acquisitions of Pershing Square Inc. Common Stock. Two separate grants of 450,000 shares each were received through entities associated with him as part of a combined private placement completed on April 30, 2026.

How many Pershing Square Inc. (PS) shares are shown as held after these transactions?

After the second transaction, entities associated with him are shown holding 3,126,557 Common Stock shares. A separate entry shows 450,000 shares held after the first transaction, reflecting positions at Pacat LP and Crecer C LP noted in the footnotes.

Did David Coppel Calvo pay cash for the Pershing Square Inc. (PS) shares acquired?

No cash consideration was paid for the issuer shares in these transactions. The acquisitions arose from the combined private placement structure, where investors received issuer stock based on their purchases of PSUS common shares in the related private placement.

How were the Pershing Square Inc. (PS) shares allocated in the combined private placement?

Each initial investor in the PSUS private placement acquired 1.5 Pershing Square Inc. Common Stock shares for every 5 PSUS common shares purchased. This ratio determined how many issuer shares investors, including entities linked to the director, received.

Through which entities are the Pershing Square Inc. (PS) shares held?

The filing states that some shares are directly held by Pacat LP, where he has voting and dispositive power. Other shares are directly held by Crecer C LP, where he may share voting and dispositive power, as detailed in the Form 4 footnotes.

Does David Coppel Calvo claim full beneficial ownership of the Pershing Square Inc. (PS) shares?

He disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest. This means he recognizes only the economic portion he effectively owns, even though he has certain voting or dispositive rights through related entities.