The SPAC Podcast: Special Purpose Acquisition Company

NASDAQ vs. NYSE for SPACs; What Sponsors Should Consider

• Joshua Wilson

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Chris Cottone breaks down the key differences between listing a SPAC on NASDAQ versus the NYSE. 

He explains why most SPAC IPOs historically land on NASDAQ, how exchange preferences can vary depending on sponsor relationships, and why NASDAQ has become more stringent during the DESPAC phase.



Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's 

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Mike Blankenship: NASDAQ versus NYC, which one is preferred? 

Chris Cottone: Most SPACs trade on nasdaq? NASDAQ has just been more historically friendly for early stage companies, development stage companies. Uh, SPAC is not really a development stage company in, in that sense, but it's just, it's a. It's a different concept. NYSC tends to side more for well-established companies, which also can, can be an issue, uh, depending on the target that you pick.

And so I've, I have done one SPAC on the NYSC and that was just sort of preference of the SPAC team. And they had some folks over at NYSC that they felt very comfortable with. But most SPACs do land on nasdaq. Now, I will say, although NASDAQ is very friendly with the spac, IPO. They have become a lot harder in the D spac.

So that's, it's something to keep in mind. So you might see this migration start to happen with n uh, with SPACs going over to NYSC.