Insights: Research on De-SPACs and U.S. Listings
The De-SPAC Scorecard | Q3 2026
What Changed in the Third Quarter, and What We Are Watching Into Year-End
By Crocker Coulson | Founder & CEO, AUM Advisors
October 2026
Sources: SPAC Insider, SEC filings, FactSet, Renaissance Capital; AUM Advisors analysis. Prices as of October 16, 2026.
Our quarterly review of every SPAC merger announced or completed. In Q3 2026, 30 deals were announced, 11 closed, and 18 were terminated; 4 of 35 de-SPACs completed in 2026 (11%) trade above $10. This edition tracks the repricing of quantum and AI-infrastructure deals, the shift from common-stock PIPEs to $12 convertibles, and a pipeline priced at cash. Read more.
Three Paths to a US Listing
By Crocker Coulson | Founder & CEO, AUM Advisors
September 2026
Sources: Renaissance Capital, SPAC Insider, Jay Ritter (University of Florida), SEC filings, exchange data; AUM Advisors analysis. Market prices as of 10 September 2026; 2026 listings refreshed to 14 September 2026.
This guide is written for the management teams and boards of companies outside the United States that are considering a US listing — and who want a clear, evidence-based understanding of the three ways to get there before the pitch meetings begin. Read more.
Companion guide for Japanese companies: How a Japanese Company Lists on Nasdaq or NYSE · 日本語版
The De-SPAC Scorecard | H1 2026
Redemptions, PIPEs, and the Widening Gap Between Winners and Losers
By Crocker Coulson | Founder & CEO, AUM Advisors
July 2026 | The first in a quarterly series
Source: SPAC Insider/AUM Advisors analysis.
Market data as of July 9, 2026.
Every quarter, a familiar stack of investment bank decks tallies SPAC IPO issuance — how many blank checks priced, how big the trusts, which sponsors are back. Almost nobody tracks what happens after the merger closes. The reason is uncomfortable: roughly 85% of completed de-SPACs have destroyed value, and the industry would rather count launches than landings. Read more.
What 699 Transactions Teach Us About Who Wins — and Why 85% Fail
By Crocker Coulson | Founder & CEO, AUM Advisors
June 2026 | Prepared for the SPAC Conference, June 9–10, 2026
The Five Disciplines of De-SPAC Success
By Crocker Coulson | Founder & CEO, AUM Advisors
June 2, 2026
I spent three years on the other side of the trade from Andrew Left, the flamboyant short seller who now faces a potential sentence of more than 20 years in prison. Read more.