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Cohen & Company Capital Markets Highlights Strong 2023

Cohen & Company Capital Markets Highlights Strong 2023

Ranked Leading Advisor in the De-SPAC Market for 2023

Well Positioned to Build on Momentum in 2024 Driven by Increased Deal Volume

Announces Three New Appointments to Senior Leadership Team with Nearly 50 Years of Combined Experience

Top Ranked Industry Advisory Teams Including #1 Bitcoin Banker by Hashrateindex

MENLO PARK, Calif. and NEW YORK, Jan. 17, 2024 /PRNewswire/ — Cohen & Company Capital Markets (“CCM” or “the firm”), a leading full-service boutique investment bank, with a focus on mergers and acquisitions (M&A), capital markets, and SPAC advisory, today highlighted the firm’s accomplishments throughout a successful 2023 and announced three new hires to its growing senior leadership team.

Strong 2023 & Outlook for 2024 

Despite challenges in the new issue markets, CCM was the leading advisor in the de-SPAC market for the second year in a row. CCM advised on 29 announced or closed de-SPAC deals, representing nearly $16 billion in M&A volume, amounting to an industry leading 28% market share in SPAC advisory. Additionally, CCM was the most active advisor when including both IPO issuance and de-SPAC advisory in 2023 and was also an advisor in over 100 SPAC extensions, including many cashless extensions.

De-SPAC Advisory Statistics for 2023


Advisor Name

Value ($M) 

Market Share

Total Deal




27.9 %



Maxim Group


5.5 %



EF Hutton


4.8 %



Roth Capital 


3.6 %





3.0 %



Credit Suisse


3.0 %





2.4 %





2.4 %



Arc Group


2.4 %





1.8 %



TD Cowen


1.8 %





1.8 %





1.8 %



Morgan Stanley


1.2 %



BTG Pactual


1.2 %




64.8 %


De-SPAC transactions include all De-SPAC transactions announced or closed between 1/1/2023 – 12/31/2023 (1)

De-SPAC and IPO Advisory Statistics – Total Transactions





J.P. Morgan




Bank of America


Goldman Sachs








Piper Sandler


IPOs include all registered US listed IPOs over $20M in market value excluding SPAC IPOs between 1/1/202312/31/2023 and De-SPAC transactions include all De-SPAC transactions announced or closed between 1/1/202312/31/2023 (1)

CCM played a crucial role as an advisor in several significant transactions, including:

  • Powermers $2BN business combination with OCA Acquisition Corp;
  • Zoomcar’s $903M business combination with Innovative International Acquisition Corp;
  • Blaize’s $894M business combination with BurTech Acquisition Corp;
  • Athena Consumer’s $848M business combination with e.Go;
  • GLAAM/Captivision’s merger with Jaguar Global Growth Corp; and
  • Peak Mining’s purchase of a 300 MV mining data center site.

“Reflecting on CCM’s progress, this past year has been a testament to our team’s resilience and ability to successfully adapt to market fluctuations,” said Dan Nash, Co-founder, and Head of Investment Banking at CCM. “We continue to innovate, finding creative solutions to navigate our clients through all markets. Over the past two years, the de-SPAC market remained a viable avenue for issuers to access the public markets, and there are strong indicators that demand for new SPAC issuance is likely to increase into the new year.”

Nash continued, “We expect to see increased activity across multiple products beyond SPACs throughout 2024. After two years of slower M&A activity, we believe there are signs that buyers and sellers are bridging the gap in price expectations, and increased activity from private equity will combine to drive a recovery in M&A activity in 2024. Additionally, we expect to see increased activity from clients looking to recapitalize businesses, as improved access to credit markets will allow another path for liquidity for investors.”

Capital Markets 2023 Year in Review 

Over the past year, the capital markets continued to recover from recent volatility. Disinflation progress and a resilient economic backdrop helped drive positive year-end equities momentum and the growth of the soft-landing narrative. 2024 outlook continues to trend upwards as investors balance expectations for meaningful Fed easing and possible slowing with positive economic growth.

New issue markets remained challenged throughout the year. IPO issuers faced difficulties with demand as several high-profile issuers experienced underwhelming starts. Despite these headwinds, the follow-on market showed signs of improvement in 2023 over 2022. Follow-on issuers were able to utilize positive market momentum to gain access to public capital, with issuance volumes increasing approximately 30% from 2022 levels. CCM believes the volume of IPO candidates will continue to grow in 2024, with many companies well-positioned to capitalize on the recent market momentum.

SPAC IPO issuance also decreased from 2022 levels as demand for new SPACs was offset by a significant increase in SPAC extensions. However, with elevated SPAC liquidations returning earmarked capital to investors, demand for new SPAC issuance is showing signs of strengthening in 2024.

The de-SPAC market remained a prominent and viable avenue for issuers to access the public markets in 2023, particularly in the healthcare and technology industries. De-SPAC issuers navigated the challenging market backdrop by implementing creative funding solutions including convertible notes, IP notes, FPA-like structures, and equity lines of credit. 2023 de-SPACs performed better than those closed in 2022, as de-SPACs with more mature business models, stronger fundamentals, and more attractive valuations received greater market receptivity.

New Issuance Market Overview






% Change


% Change





17.6 %

(88.4 %)





30.5 %

(50.7 %)





(64.0 %)

(94.9 %)

Announced De-SPACs




7.8 %

(38.7 %)

Closed De-SPACs




(3.9 %)

(50.8 %)

IPOs include all registered US listed IPOs over $20M in market value excluding SPAC IPOs between 1/1/2023 –
12/31/2023 and De-SPAC transactions include all De-SPAC transactions announced or closed between 1/1/2023 –
12/31/2023 (1)

Jerry Serowik, Co-Founder and Head of Capital Markets at CCM, commented, “As we enter the new year, and inflation continues to level out, economic growth is bound to slow. This, in turn, may have a positive impact on the IPO market. With global inflation easing and a potential reduction of interest rates, investors are likely to experience more reliable returns on IPO investments. That said, there still seems to be hesitancy towards the IPO market, and business combinations have produced improved outcomes for issuers. SPACs offer a unique value proposition, and as a firm, we are optimistic about the continued opportunity for de-SPACs.”

Top Ranked Industry Coverage Investment Teams  

Christian Lopez, Head of Blockchain & Digital Infrastructure at CCM, has been recognized as the number one investment banker in Bitcoin mining in 2023 by the Hashrateindex annual rankings. His initiatives within the space, including a number of roles in Bitcoin mining transactions, have garnered him continued accolades. In 2023, he played a pivotal role in several Bitcoin mining transactions including advising Peak Mining’s purchase of a 300 MV mining data center site in Corpus Christi, Texas, Akron Energy’s acquisition of a 200 MV site in Ohio, and Blockstream’s $125 million convertible debt offering.

Recent Additions to Senior Leadership Team

After a remarkable year of execution and expansion, the firm is delighted to announce the hiring of Sean Bernsohn, Zac Costello, and Steve Weiner, three highly regarded senior bankers who will continue to drive CCM forward as a leading strategic advisor.  The appointments of Bernsohn, Costello, and Weiner come following the hiring of Gary Quin, who was recently brought on to lead the firm’s efforts in Europe, the Middle East, and Africa.

  • Sean Bernsohn brings 20 years of expertise in debt capital markets, restructuring, and arranging financing in the syndicated loan, high yield, and private debt markets.
  • Zac Costello has more than 13 years of Wall Street experience across capital markets, sales and trading, and private placements.
  • Steve Weiner spent the last 15 years in technology M&A and corporate finance.

“We are extremely excited to bring Sean, Zac, and Steve on board at Cohen & Company Capital Markets,” said Jerry Serowik. “Their extensive track records in pivotal roles across leading financial institutions underscore their capabilities in driving exceptional outcomes for clients. Their expertise in M&A, debt, and equity capital markets aligns well with our vision for continued growth and excellence in delivering top-tier solutions to our clients and partners.” 

Nash noted, “The momentum CCM has gained throughout 2023 is both encouraging and indicative of shifting sentiments in the market. The CCM team has been our strongest asset, playing a significant role in our ability to effectively advise clients across multiple products and sectors, expanding our reach dramatically in our first three years.”  

Outside of the firm’s expertise in M&A, capital markets, and SPAC advisory, CCM has deep expertise in a number of verticals such as blockchain and digital assets, auto-tech, clean-tech, cyber security, and other emerging, high-growth industry verticals. CCM’s full suite of banking products, combined with a broad spectrum of sector competencies has contributed to the firm’s continued positive performance and growth.

About Sean Bernsohn

Sean Bernsohn brings more than 20 years of experience in the debt capital markets and restructuring. With a track record of orchestrating transactions exceeding $100 billion in total for a broad spectrum of clients, including top-tier financial sponsors and public companies, Sean possesses deep expertise in arranging financing in the syndicated loan, high yield, and private credit markets. Alongside his expertise in leveraged finance, he has also provided advice to debtors and creditors amidst complex distressed and workout scenarios. Recent notable corporate clients include AES, Isagenix, FirstBrands, McDermott, Lycra, TerraForm Power, TerraForm Global, and Fairmont Santrol. In addition, Sean has also advised various lender / creditor groups, including Rodan + Fields, PetSmart, PHI, and Lehman Brothers Holdings.

Prior to CCM, Sean led the successful launch and development of FTI Consulting’s debt capital markets advisory effort. He has advised several prominent institutions, including the Federal Reserve Bank of Boston, and served as a guest lecturer at Carnegie Mellon University on topics related to corporate debt. Prior to FTI Consulting, Sean served as a Director within Barclays Natural Resources Leveraged Finance Group and as a Vice President within the RBC Capital Markets Leveraged Finance Group. During his time at Barclays and RBC, he facilitated and syndicated substantial committed debt financing packages for both financial sponsors and corporate issuers. Sean graduated with an MBA from New York University’s Leonard N. Stern School of Business and a BSc Hons. in economics from the London School of Economics and Political Science.  

 About Steve Weiner

Steve Weiner brings more than 15 years of multifaceted experience in investment banking and corporate finance, specializing in buy and sell-side mergers and acquisitions. With a robust background in mergers and acquisitions, across a diverse set of sectors encompassing technology, consumer, and financial industries, Steve has played a critical role in structuring and negotiating more than 50 M&A transactions exceeding $200 billion in value. Some notable deals include strategic initiatives on Elon Musk’s acquisition of Twitter, negotiations for Vestiaire Collective on its cross-border acquisition of Tradesy, and leading RTL’s successful sale of SpotX to Magnite. 

Prior to CCM, Steve was in technology M&A investment banking at Morgan Stanley where he acted as a strategic leader, driving technology acquisitions, divestitures, strategic investments, joint ventures, and partnerships. Steve also spent nearly ten years at J.P. Morgan Technology M&A Investment Banking, further showcasing his adeptness in driving strategic technology transactions, expertise in deal sourcing, relationship building, and managing cross-functional due diligence processes. During his tenure at J.P. Morgan, he contributed to several successful deals, including the sale of Ring to Amazon and the merger of IAC’s HomeAdvisor business with Angie’s List. Steve holds an MBA from The Wharton School at the University of Pennsylvania and received a B.S. in Accounting and Economics from the Pennsylvania State University. 

About Zac Costello

Zac Costello has more than 13 years of Wall Street expertise in capital markets, sales and trading, and private placements. Zac has extensive experience aiding private companies with their capital raise needs, originating private placement opportunities, and executing on IPOs, follow-ons, convertible notes, and SPAC transactions. Prior to joining CCM, Zac worked on the private placements team within Equity Capital Markets at Citigroup, helping private companies raise money across the capital structure. Prior to that, Zac was a deal captain on the syndicate desk, responsible for executing IPOs, follow-ons, convertible notes, PIPEs, and block trades, also advising on numerous SPAC transactions. Additionally, Zac helped spearhead the international syndicate effort, marketing deals from around the globe to NAM investors. Before joining Equity Capital Markets, Zac worked as a sales trader in Delta One and Securities Lending. Some of Zac’s most notable deals include Nu Holdings IPO, the business combination of Black Rifle Coffee, and CI&T’s IPO. Zac graduated with an MBA from New York University’s Leonard N. Stern School of Business and a B.S. in economics from the University of Pennsylvania.

About Cohen & Company Capital Markets 

Cohen & Company Capital Markets (“CCM”), a division of J.V.B. Financial Group, LLC, has offices in New York City and Menlo Park, California. CCM was founded in 2021 and has established itself as an elite full-service boutique investment banking firm with differentiated product expertise and bulge bracket DNA. We partner with leading and emerging companies across sectors to address strategic and financial opportunities, and leverage a strong reputation, broad network, and superior execution to serve our clients’ interest first and always. CCM’s indirect parent is Cohen & Company Inc. (NYSE American: COHN). 

(1) SPAC Insider, Data as of 12/31/2022
FactSet, Data as of 12/29/2023
Dealogic, Data as of 12/29/2023 
EY “Global IPO Trends 2023 Report,” Data as of 12/14/2023 
JPMorgan “Eye On the Market | Outlook 2024,” Data as of 1/1/2024 

Media Contact:
Lauren Raimondo
[email protected] 

SOURCE Cohen & Company Capital Markets

Originally published at https://www.prnewswire.com/news-releases/cohen–company-capital-markets-highlights-strong-2023-302037012.html
Images courtesy of https://pixabay.com

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