Further to Universal Music Group's ( UMGNF ) statement of November 9, 2024, UMG announced Wednesday that Pershing Square has exercised its right under the previously disclosed Registration Rights Agreement between UMG and Pershing to request an offering and secondary listing of UMG in the U.S. "Pershing has waived the 120-day filing requirement and, in line with its contractual obligations, UMG will use commercially reasonable efforts to launch an underwritten offering for the sale of certain shares owned by Pershing by September 15, 2025, subject to regulatory approval and market conditions. Any actions or decisions of UMG beyond those necessary to comply with its contractual obligations under the Registration Rights Agreement will be determined by the Board of Directors of UMG based on an analysis taking into account what is value maximizing and in the best interests of all the shareholders of UMG."