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AuditorRanked by number of IPOs · named in each prospectus

Marcum LLP

345SPAC IPOs as auditor since 2021 · $84.5B raised · 2nd of all firms

Tavia Read

  1. 01

    A top-three auditor in 3 years.

    It ranked in the top three in 2021, 2022, 2023; its best was 1st in 2021.

  2. 02

    Its busiest year was 2021.

    306 SPAC IPOs as auditor, ranking 1st that year.

  3. 03

    Outside the top 25 in 2026.

    The tables keep each year’s 25 leading firms; 2026 is below that line.

From the snapshot 14 league tables · worked out, not estimated

Year by year

YearRankSPAC IPOsIPO proceeds
2026 to dateNot in top 25——
202510 of 222$316M
20245 of 122$345M
20231 of 88$902M
20221 of 1327$4.8B
20211 of 21306$78.1B
2021 to date2 of 25345$84.5B

Its SPACs

345 SPAC IPOs since 2021 name Marcum LLP in the prospectus. Open one for its terms, votes and sources.

SPACIPORaisedRoleStatus
Pelican Acquisition CorpMay 2025$86.3MAuditorCompleted
Armada Acquisition Corp. IIMay 2025$230MAuditorCompleted
Roman DBDR Acquisition Corp. IIDec 2024$230MAuditorDeal announced
Tavia Acquisition Corp.Dec 2024$115MAuditorSearching
Spark I Acquisition CorpSept 2023$100MAuditorDeal announced
Haymaker Acquisition Corp. 4Jul 2023$230MAuditorCompleted
Keen Vision Acquisition Corp.Jul 2023$150MAuditorSearching
Alchemy Investments Acquisition Corp 1May 2023$115MAuditorDeal announced
Trailblazer Merger Corp IMar 2023$69MAuditorCompleted
Four Leaf Acquisition CorpMar 2023$54.2MAuditorDeal announced
All 345 SPACs

How its SPACs turned out

Figures
IPO yearSPACsMerger completedDeal announcedSearchingLiquidatedUnder review
2021306118 (39%)18 (6%)18 (6%)152 (50%)0 (0%)
20222714 (52%)2 (7%)2 (7%)9 (33%)0 (0%)
202384 (50%)3 (38%)1 (13%)0 (0%)0 (0%)
202420 (0%)1 (50%)1 (50%)0 (0%)0 (0%)
202522 (100%)0 (0%)0 (0%)0 (0%)0 (0%)

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How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.