On September 12, the U.S. capital market welcomed a new SPAC — OTG Acquisition Corp. I. On the surface, it is a US$200 million vehicle with a 24-month timeframe and terms broadly in line with market conventions. But careful observers will note that the real highlight is the underwriter line, where B. Riley Securities appears.
B. Riley Securities is a long-established U.S. investment bank that was active during the SPAC boom. However, after the market entered a deep freeze in 2022, B. Riley went “off the radar,” rarely appearing on underwriting lists. Its reappearance raises the question: have the bulge-bracket banks sounded the horn for a return to the SPAC market?
01 Bulge-Bracket Banks Are Coming Back to SPACs
B. Riley Securities is not the only bank returning. As of September 2025:
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Cantor Fitzgerald: has underwritten 8 SPACs this year, ranking near the top by deal count.
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BTIG: also posted 8 SPAC underwritings, with rising market presence.
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Cohen & Co.: continues its long-standing focus on SPACs, maintaining a stable share.
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Santander US (Banco Santander’s U.S. capital-markets arm): has underwritten 5 SPACs this year, emerging as a rising force.
This suggests that, since policy adjustments and the downturn in 2022, the market is no longer dominated solely by smaller banks; bulge-bracket banks and institutional investors are actively allocating and injecting new liquidity.
Picture:B. Riley Securities appears as lead underwriter in OTG Acquisition Corp. I’s prospectus. Source: SEC.
Even more noteworthy, Goldman Sachs announced on June 17, 2025 that it had re-entered the SPAC market. The Wall Street leader had stepped back during the 2021 frenzy, but its return now sends a clear signal: the renewed participation of institutional investors and top-tier banks is helping to warm the SPAC market.
Image: June 17, 2025 headline announcing Goldman Sachs lifts its SPAC moratorium and returns to the market. Source: Bloomberg.
02 Market Trend: From the Periphery Back to the Core
From B. Riley’s quiet comeback, to Cantor/BTIG/Cohen/Santander deepening their activity, and Goldman Sachs returning in force, SPACs are undergoing a structural recovery.
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The renewed participation of institutional investors is improving deal quality and market acceptance;
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Large banks’ endorsements are enhancing liquidity and market confidence;
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Amid increasingly diverse financing channels, SPACs are again viewed as instruments that combine flexibility with certainty.
Picture: U.S. SPAC IPO counts, 2020–2025. After the setback in 2022, SPACs are rebuilding momentum. Source: FocalPoint.
From 2022 to August 2025, the SPAC market first declined and then recovered. By August 2025, the number of SPAC listings had surpassed the full-year 2024 total and was roughly on par with 2022.
This significant reversal has multiple drivers. The primary factors include: Fed rate cuts and a more accommodative regulatory environment for U.S. listings established during the Trump administration.
A looser monetary backdrop has also made investors more optimistic, fueling the rise of larger SPACs. The participation of professional institutions has brought more capital and strengthened market confidence. Meanwhile, new regulations, though stricter, have enhanced transparency and investor protection, supporting the healthy development of the SPAC market.
03 Why Companies Should Plan Ahead
As the SPAC market warms, more capital and professional institutions are entering the field. For companies with overseas financing and listing plans, early preparation is critical:
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Window advantage: When sentiment turns, early movers are more likely to attract investor attention and secure better valuations.
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Policy and regulatory readiness: While new rules raise the bar, they also increase transparency. Early planning enables smoother handling of audit, compliance, and disclosure.
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Capital-structure optimization: With liquidity improving, SPACs — and the de-SPAC process — can offer flexible financing that supports long-term growth.
In this context, waiting until the market is “fully hot” may mean facing stiffer competition and higher costs. Entering early and planning proactively are key to securing the initiative in the next SPAC wave.
In 2024, Fupeng International has successfully completed five SPAC listings, setting an annual record for a single institution in the industry.
Enterprises with clear listing plans can contact Fupeng International for negotiation. With our cutting-edge capital structure design capabilities, we help innovative enterprises seize the historic opportunities in the SPAC 2.0 era.
