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5 Key Takeaways from Our SPACs Panel: Navigating Today’s Public Markets

The SPAC market looks markedly different today than it did during the boom of 2021. Today’s environment is more selective, disciplined, and focused on fundamentals, while still offering companies a flexible alternative to the traditional IPO. The panel, SPACs in Today’s Capital Markets: Purpose, Performance, and Where They Fit, featured: 

• Derek Kearns, Partner, SEC, Financial Reporting & SPAC Practice Leader at Centri 

• Mike Blankenship, Managing Partner, Houston & Co-Chair, Capital Markets Practice at Winston & Strawn 

• Chaz Churchwell, Founder & Principal at Churchwell Insurance 

Here are five key takeaways for companies, sponsors and advisors navigating today’s SPAC environment:

1. The SPAC Market Has Matured 

The days of sky-high valuations built largely on projections have given way to greater discipline. Today’s sponsors tend to bring more operating and investing experience, while target companies face greater expectations around revenue, team strength and demonstrated execution. 

The takeaway: quality has become more important than quantity. Strong fundamentals and realistic valuations are increasingly central to building a credible transaction. 

2. SPACs Offer Flexibility That Traditional IPOs May Not 

One of the clearest advantages of a SPAC is flexibility. Unlike a traditional IPO, where valuation can depend heavily on market conditions during the offering process, a SPAC transaction allows companies to negotiate valuation and structure as part of the deal. 

That flexibility can make SPACs particularly relevant for mid-cap and emerging companies, as well as businesses that may not fit neatly within the traditional IPO window. SPACs can also provide another path for cross-border companies seeking access to U.S. public markets. 

3. Going Public Is Only the Beginning 

Completing the transaction does not guarantee success. Companies need to be prepared to operate as public companies, from financial reporting and controls to investor relations and communications. 

Once public, companies are competing for investor attention and capital. Having clear, measurable objectives and consistently delivering against them after the transaction closes can make all the difference. 

4. Strong Disclosure Is Critical to Managing Risk 

Litigation risk remains an important consideration. Even when a company ultimately prevails, defending a securities claim can be costly. 

The message from the panel was clear: disclosures need to be accurate, material claims need to be supported and companies should resist the temptation to oversell their story. Public-company readiness should begin before the transaction closes, not afterward. 

5. Execution Is the Ultimate Differentiator 

Across valuation, financing, disclosure and public-company readiness, the conversation repeatedly came back to one idea: execution. 

A successful SPAC transaction requires the company, sponsor and advisors to work in alignment. After closing, that focus on execution becomes even more important. 

The SPAC of 2026 is not a shortcut to the public markets. It is an alternative route for companies prepared for the responsibilities that come with being public. In a more disciplined market, preparation, credibility and consistent delivery are what ultimately create value. 

How Centri Can Help 

Successfully navigating a SPAC transaction requires thoughtful preparation before the deal and disciplined execution after becoming a public company. Centri supports SPACs and target companies throughout the transaction lifecycle. From preparing financial statements and addressing complex accounting considerations to strengthening internal controls and meeting ongoing public-company reporting requirements, Centri helps companies build the financial and operational foundation needed to execute a successful transaction and operate confidently in the public markets.