The headlines said SPACs were dead. But like any good sequel, they’re back leaner, more disciplined, and attracting serious capital again.

The numbers tell the story. In the first quarter of 2025, 19 SPAC IPOs raised $3.1 billion. By mid-year, SPAC issuance had already topped $10 billion, surpassing all of 2024.

With seasoned sponsors returning and more realistic deal structures, the market has shown there’s still plenty of demand for the right stories.

For management teams, the de-SPAC phase is a high-stakes debut. The Street is watching closely, and this is your chance to educate the market, build the right audience, and prove you’re ready for prime time.

No More Training Wheels

If you’re going public, you can’t show up in sweatpants. The Street expects a tailored suit, meaning you need to have established your disclosure policies, polished your investor decks, and briefed your leadership team on how to handle tough questions.

The companies that win over investors during the de-SPAC phase act like public companies before the ticker changes. That means:

• Consistent disclosure practices and clear KPIs.

• Executives who can run an earnings call without breaking a sweat.

• IR Infrastructure that screams “we’re ready” — website, press releases, webcasts.

Think of it like moving into a new house. Closing the deal is just step one — the real work is getting the utilities hooked up and making sure the neighbors (i.e., investors) want to come over.

Win the Headlines, Don’t Be the Headline

Media attention around SPACs can be intense and not always flattering. That makes your media strategy less about volume and more about credibility.

Smart companies focus on:

• Tier-one financial outlets that add legitimacy.

• Trade media that reinforces industry expertise.

• Owned content and social that keep the narrative consistent.

The goal isn’t noise, it’s mindshare. Companies that evangelize their story rise above the fold, win credibility, and compete successfully for attention from the investors and analysts who matter most.

Take Porch Group, which went public via PropTech Acquisition Corp. in 2020. Gateway helped lead its IR and PR communication efforts, leaning into Porch’s recurring revenue story and aggressively building analyst and media coverage. Within a year, Porch went from zero coverage to 10+ analysts — and its stock doubled from the $10 SPAC IPO price to a peak above $24.

The lesson? Early execution and proactive communications can completely reset your market profile. Porch showed that even in the crowded 2020 SPAC wave, smart communication can turn a newly public company into a must-follow stock. The same principles apply today, only with higher stakes.

And sometimes, a little creativity goes a long way, Porch was among the first to experiment with video earnings calls, a quirky but memorable way to keep investors paying attention.

Use the De-SPAC as Your On-Ramp

Think of the de-SPAC phase as spring training. It’s not just about getting paperwork done, it’s where you get your team in order and start building the foundation that will carry you long after the ticker symbol changes.

This is the time to:

• Identify and communicate the KPIs that best tell your equity story.

• Build trust with investors and analysts through multiple touchpoints — not just one splashy announcement.

• Introduce your leadership team so long-term investors can get to know not just the business, but the people running it.

The reality: long-term institutional investors rarely buy during the de-SPAC. What they want is a process, a journey, one that has multiple conversations that build confidence over time. By using this window to engage consistently, you ensure that once the deal closes, you’re already much further down the field. Starting that process post-close means you’ve lost precious time and momentum.

Your To-Do List Is Longer Than You Think

The de-SPAC process can stretch across months. Without a plan, it’s easy to lose momentum. The most successful teams map communications across every stage:

• At Announcement: Explain why you’re public-company ready.

• During SEC Review: Keep momentum alive with investor and media outreach.

• Leading Up to Close: Host investor days, analyst webinars, and attend conferences.

• Post-Close: Roll out a proactive 12-month IR/PR calendar that cements your credibility.

Don’t treat the bell-ringing as the finish line. It’s only the beginning.

To summarize, SPACs are back but the bar is higher. Companies that walk and talk like a real public company, building a credible presence through strategic media relations, are the ones who make it.

Although it’s tough to get investors to buy stock during the de-SPAC itself. The real goal is attention, mindshare, and understanding so that once the deal closes, you’ve built a natural pool of buyers who know the story and are ready to act.

Contact us to learn how Gateway can support you in your De-SPAC.