Insights: Research on De-SPACs and U.S. Listings
When a PIPE Is Not a PIPE
Structure and De-SPAC Performance
By Crocker Coulson | Founder & CEO, AUM Advisors
October 2026
Sources: SEC filings (291 documents reviewed), SPAC Insider, AUM Advisors analysis. Market prices as of October 11, 2026.
We read every financing agreement attached to the 96 de-SPACs announced in the past twelve months — 291 SEC filings. One deal in four carries reset or repricing provisions, and the structure of the financing predicts performance better than its size. Read more.
Listing Guide for Japanese Companies Considering a U.S. IPO
The Three Routes Japanese Companies Have Taken Since 2024, and the Decisions to Make First
By Sachiko Katori | Managing Director, Japan & Pan-Asia, AUM Advisors
October 2026
Sources: SEC EDGAR, FactSet, company filings; AUM Advisors analysis. Market data as of October 16, 2026.
Since the start of 2024, 13 Japanese companies have begun trading on Nasdaq or the NYSE. This guide compares the three routes they took (IPO, de-SPAC and direct listing), weighs ADSs against direct Japanese common shares and U.S. GAAP against IFRS, and draws lessons from PayPay, Kura Sushi USA and TOYO. Read more. 日本語版はこちら
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
Everything Is Negotiable
What 71 SPAC Deals Taught Us About the Business Combination Agreement
By Crocker Coulson | Founder & CEO, AUM Advisors
July 2026
We read every business combination agreement from every de-SPAC that closed in H1 2026, plus signing terms for all 47 pending deals. Ten distinct promote structures, a sponsor-payable reverse termination fee, and seven deal points first-time targets are told are “industry practice.” They’re not. Read more.
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.