A growing number of companies eyeing the public markets are hedging their bets with a new twist on the dual-track strategy: preparing simultaneously for a traditional initial public offering and a merger with a special purpose acquisition company, or SPAC. The approach, which gained momentum in the first half of 2025, reflects both the difficulty of listing in a volatile macroeconomic backdrop and a more disciplined SPAC market that has quietly staged a comeback. “There are a number of companies in the queue that have prepared for an IPO and are ready to become public companies that would like to control their own destiny,” said Jocelyn Arel, who leads Goodwin’s SPAC practice. “Instead of dual tracking with M&A; they are dual tracking with a traditional IPO as well as a de-SPAC. There is more recognition that a de-SPAC is a true IPO alternative, and companies are preparing as such: ensuring they’re ready to be public companies and meet market demands,” she said. Read the Mergermarket article for more.