Kochav Defense Acquisition Corp., a defense- and aerospace-focused special purpose acquisition company (SPAC), officially began trading on the Nasdaq exchange Wednesday following the pricing of its $220 million initial public offering (IPO). Kochav is one of two SPACs to enter the market this week, collectively raising $285 million amid a recovering SPAC market.
Kochav Defense Acquisition Corp. priced 22 million units at $10 per unit, with legal representation from Ellenoff Grossman & Schole LLP and underwriters counsel Loeb & Loeb LLP. The New York-based SPAC, led by CEO Menachem Shalom—also CEO of investment and acquisition firm Nukkleus Inc.—intends to pursue acquisition targets within the defense and aerospace sectors.
In parallel, ChampionsGate Acquisition Corp. raised $65 million through the sale of 6.5 million units priced at $10 each. Represented by Robinson & Cole LLP and underwriters counsel Winston & Strawn LLP, ChampionsGate, headquartered in Monterey, California, is led by private equity and venture capital veteran Bala Padmakumar and is not currently focused on a specific industry for acquisitions.
Both companies began trading on Nasdaq Wednesday, marking a significant step in the ongoing rebound of the SPAC market after earlier fluctuations. To date in 2025, 49 SPAC IPOs have raised a combined $10 billion, matching the total raised throughout 2024, according to data from SPAC Research.
SPACs—also known as blank check companies—offer an alternative path to public markets by merging with operating businesses within a designated timeframe, transferring the SPAC’s public listing to the target company.
Kochav noted in its SEC filings a substantial backlog of companies seeking to go public, many of which may prefer SPAC mergers over traditional IPOs. “We believe the defense and aerospace sectors present attractive opportunities for us,” the company stated, emphasizing that many potential targets are either mid-stage growth companies or mature entities generating positive cash flow.
Meanwhile, ChampionsGate indicated its goal to identify a merger partner with a competitive advantage in its core business, positioned for high returns and long-term sustainable growth.
Both SPACs have 18 months to complete an acquisition or refund their investors, unless extended by shareholder approval.
Underwriting support for Kochav’s offering is provided by SPAC Advisory Partners LLC, a division of Kingswood Capital Partners, LLC, while Clear Street LLC is underwriting ChampionsGate’s offering.
Legal teams for Kochav include Ellenoff Grossman partners Doug Ellenoff and Stuart Neuhauser, with Appleby (Cayman) Ltd. handling Cayman Islands legal matters. SPAC Advisory Partners is represented by Loeb & Loeb partners Mitch Nussbaum and David Levine.
ChampionsGate is represented by Robinson & Cole partner Arila Zhou and Cayman Islands counsel Harney Westwood & Riegels, with Clear Street LLC represented by Winston & Strawn LLP led by partner Michael Blankenship.
