Jay Heller Joins Spirit Advisors as Senior Special Advisor to U.S. Capital Markets

Spirit Advisors Welcomes Jay Heller as Senior Special Advisor

On October 26, 2026, Spirit Advisors announced Jay Heller's appointment as the Senior Special Advisor for U.S. Capital Markets and Exchange Listings. With a wealth of experience and a solid reputation in the capital markets, Heller brings more than 25 years of expertise, including nearly 18 years at Nasdaq, where he led a team that facilitated over 3,000 IPOs. This role becomes effective on October 19, 2026, marking a new chapter for the cross-border IPO advisory firm that supports Japanese and Asian companies in listing on major U.S. exchanges like Nasdaq and NYSE.

Jay Heller’s Impressive Background

Heller’s long-standing career in the U.S. capital markets includes being the head of Nasdaq's Capital Markets division since 2012. In his capacity as Vice President, he oversaw the team responsible for new listings, which played a significant role in the IPO landscape, highlighting several key listings of technology companies in the past decade. Prior to this role, Heller served as the Senior Managing Director at Nasdaq's Market Intelligence Desk and gained valuable experience in institutional trading sales and market-making from American Capital Partners, Pershing, and Deutsche Bank’s subsidiary, NDB Capital Markets.

As a Senior Special Advisor, he will provide strategic guidance on U.S. listing strategies, stock exchange requirements, and market structures. His insights will be invaluable in navigating the complexities involved from pre-listing preparations to the initial years post-IPO, ensuring that Japanese companies are well-equipped for success in the U.S. public markets. Heller aims to help Japanese executives discern the misconceptions and facts surrounding U.S. listings, enabling them to make informed decisions based on the current market realities.

Insights from Robert Yu, Spirit Advisors CEO

Robert Yu, the founder and CEO of Spirit Advisors, commented on Heller's appointment, stating, "By welcoming Jay as our advisor and partner, we can leverage his unique perspective gained from being at the center of thousands of U.S. listings. He possesses cutting-edge insights into what the U.S. market demands from new entrants and can help clarify existing misconceptions. This will not only assist our clients in earning trust from U.S. investors and partners but also enhance their potential for a smooth listing and sustainable value creation as publicly traded entities. We are incredibly proud and excited to have Jay join our team."

Jay Heller’s Vision

Heller expressed his enthusiasm for the role, emphasizing the untapped potential of Japanese companies in the eyes of U.S. investors. He noted that successful enterprises understand the importance of early preparations and the expectations of investors and exchanges. "Spirit Advisors has a track record of supporting Japanese businesses in these initiatives, and I look forward to aiding those aiming for U.S. listings in navigating the path to realization," he said. His eagerness to support Japanese companies embarking on this journey underscores his dedication to facilitating meaningful connections within the U.S. capital markets.

About Spirit Advisors

Spirit Advisors is a distinguished cross-border IPO advisory firm focused on assisting Japanese and Asian companies in their endeavors to list on Nasdaq and NYSE. From navigating listing strategies and U.S. GAAP compliance to coordinating legal advisors and providing investor relations post-IPO, Spirit Advisors stands as a comprehensive partner in the capital market journey. Notably, in August 2026, they served as the advisors for Advasa Holdings, Inc. (Nasdaq: ADBT), marking a historic direct listing as the first Japan-based entity on Nasdaq. Their committed approach exemplifies the firm’s role in shaping the future of international public offerings.

Important Disclaimer

It is important to note that Jay Heller acts as an advisor to Spirit Advisors and does not hold executive or employee status within the company. His past roles at Nasdaq are mentioned solely for contextual purposes and do not imply any endorsement of Spirit Advisors or its clients. All statements in this release are informational and do not guarantee any outcomes regarding listings or regulatory review processes.