First came Bill Ackman's Pershing Square Tontine Holdings. Now, the lawyers suing Ackman for his SPAC's less-than-ceremonious launch are going after other SPAC targets, too.

A SPARC warrant owner would only invest or put money in if they like the deal that's announced. Investors could buy in using their SPARC warrant at the net asset value of the deal.

Shares of Pershing Square Tontine Holdings are down 1% to $20.35 in premarket trading after the company announced that its board unanimously determined not to proceed with the Universal Music Group transaction.