Against the backdrop of a high-interest-rate environment and heightened geopolitical tensions, the predictability of the traditional U.S. IPO market has declined significantly. Listing windows are increasingly influenced by short-term market sentiment rather than companies’ long-term fundamentals. In this context, special purpose acquisition companies (SPACs), which experienced excessive enthusiasm during 2020–2021, have regained attention from U.S. law firms, investment banks, and strategic investors since 2024, re-emerging under a more mature and disciplined “SPAC 2.0” model.
SPAC 2.0
By nature, a SPAC is a publicly listed shell company holding cash, established solely for the purpose of completing a merger with a high-quality private company within a specified timeframe. Through a “de-SPAC” transaction, the target company can bypass the complexity and uncertainty associated with a traditional IPO, directly obtaining public listing status and access to the capital markets. As such, SPACs should not be viewed merely as a fundraising tool, but rather as a hybrid transaction structure that integrates M&A, public listing, and capital introduction. Under the SPAC 2.0 framework, an increasing number of transactions are structured alongside private investment in public equity (PIPE), strategic shareholders, and industry consolidation initiatives, positioning the listing not as an endpoint, but as the starting point for international expansion and long-term growth strategies.
For Taiwanese companies, the structural advantages offered by SPACs are particularly pronounced. First, transaction valuation and key terms can be determined through upfront negotiation, allowing companies to mitigate the risk of post-roadshow valuation “discounting” often encountered in traditional IPOs. Second, SPAC investor groups frequently bring access to North American industry resources and market channels. For highly internationalized Taiwanese companies—such as those operating in semiconductor supply chains, AI-driven logistics, electric vehicles, or digital platforms—this form of “capital with resources” often holds greater strategic value than fundraising alone. In addition, for companies that have already achieved sufficient scale and growth potential, a SPAC transaction can be completed within a relatively controllable timeframe, enabling management teams to focus on operations rather than repeatedly waiting for favorable market windows.
For Taiwanese companies, the structural advantages offered by SPACs are particularly pronounced. First, transaction valuation and key terms can be determined through upfront negotiation, allowing companies to mitigate the risk of post-roadshow valuation “discounting” often encountered in traditional IPOs. Second, SPAC investor groups frequently bring access to North American industry resources and market channels. For highly internationalized Taiwanese companies—such as those operating in semiconductor supply chains, AI-driven logistics, electric vehicles, or digital platforms—this form of “capital with resources” often holds greater strategic value than fundraising alone. In addition, for companies that have already achieved sufficient scale and growth potential, a SPAC transaction can be completed within a relatively controllable timeframe, enabling management teams to focus on operations rather than repeatedly waiting for favorable market windows.
Key Drivers of Post-Listing Growth
For example, Taiwan-based electric scooter brand Gogoro successfully listed in the United States through a SPAC transaction with Poema Global, becoming a highly symbolic case among Taiwanese issuers. However, the company’s share price declined sharply in the early post-listing period, reflecting market concerns over its future growth prospects as well as shifts in the broader macroeconomic environment. To achieve sustained and stable development in the U.S. market, companies must adopt several key strategies, including the following:
- Maintaining Transparent Financial Governance: Following a public listing, companies must continue to enhance financial transparency and regularly communicate operating performance and financial results to investors. Consistent and transparent disclosure is essential to building market trust and reducing investor uncertainty.
- Strengthening Market Positioning and Go-to-Market Strategies: Gogoro needs to continuously reinforce its brand presence in the U.S. market by leveraging social media and digital marketing to enhance brand awareness. Collaboration with local retail and logistics channels is also critical to improving product visibility and accessibility.
- Building a Resilient Supply Chain and Expanding Production Capacity: As demand grows, ensuring that production capacity aligns with market needs becomes increasingly important. A stable and resilient supply chain not only helps control production costs but also enhances responsiveness to market changes.
- Enhancing Customer Experience: Strengthening customer service and after-sales support is key to improving customer satisfaction and loyalty. By systematically incorporating customer feedback, companies can continuously refine their products and services, thereby reinforcing brand equity.
- Sustained Investment in R&D and Innovation: In a rapidly evolving market environment, ongoing technological innovation and product upgrades are fundamental to maintaining competitiveness. Investment in research and development enables companies to explore new technologies and products while responding swiftly to shifts in market demand.
- Adapting Business Models with Flexibility: Companies should remain agile in adjusting their business models in response to market trends and demand changes, including expansion into emerging markets or the introduction of new offerings, in order to capture additional growth opportunities.
- Anticipating and Managing Market and Policy Risks: As economic conditions evolve, potential policy and regulatory risks must be proactively assessed. Companies should be prepared to respond to regulatory changes and adjust their strategies accordingly to mitigate downside risks.
Tax Considerations and Listing Risks
Tax considerations are also a critical factor that cannot be overlooked when entering the U.S. market. For Taiwanese companies, a thorough understanding of U.S. tax laws, available tax incentives, and potential tax risks can have a profound impact on both listing decisions and post-listing operating strategies. In particular, following a SPAC transaction, companies must manage tax-related matters with care to avoid excessive tax and accounting burdens, while maintaining financial flexibility and regulatory compliance. In practice, the most significant challenges often emerge after the transaction has been completed. High redemption rates may significantly reduce the amount of cash actually available, while PIPE investors may demand more stringent terms. In addition, post-listing requirements—including quarterly financial reporting, internal control frameworks, and ongoing investor relations—continuously test the maturity and execution capabilities of the management team. Historical experience suggests that the market does not grant long-term leniency based on whether a company goes public via a SPAC or a traditional IPO. Ultimately, valuation and market confidence converge on fundamentals such as revenue quality, cash flow sustainability, and corporate governance.
Towards Sustainable Capital
In an increasingly interconnected world, mental constraints should not become barriers to progress. It is time to reassess objectives once considered out of reach and to view a U.S. listing not as a distant aspiration, but as a deliberate strategic choice. As Taiwanese companies continue to modernize and integrate more deeply into the global business ecosystem, effective execution of listing strategies will be a critical factor in achieving success amid the forces of globalization.
Accordingly, for Taiwanese companies considering a U.S. listing, SPACs should be understood not as a “faster IPO,” but rather as a form of listing that more closely resembles an M&A transaction. Only by preparing financial reporting, internal controls, and corporate governance to the standards expected of U.S. public companies prior to the transaction—and by positioning SPACs as tools for globalization and industry integration rather than short-term valuation plays—can SPAC 2.0 serve as a viable pathway to sustainable access to international capital. In the face of evolving regulatory reforms and institutional requirements, careful preparation is essential to demonstrate professionalism and resilience.
Accordingly, for Taiwanese companies considering a U.S. listing, SPACs should be understood not as a “faster IPO,” but rather as a form of listing that more closely resembles an M&A transaction. Only by preparing financial reporting, internal controls, and corporate governance to the standards expected of U.S. public companies prior to the transaction—and by positioning SPACs as tools for globalization and industry integration rather than short-term valuation plays—can SPAC 2.0 serve as a viable pathway to sustainable access to international capital. In the face of evolving regulatory reforms and institutional requirements, careful preparation is essential to demonstrate professionalism and resilience.