🎙️ Welcome to The SPAC Podcast — your front-row seat to the dynamic world of Special Purpose Acquisition Companies. Hosted by Michael Blankenship, a leading capital markets attorney and partner at Winston & Strawn LLP, and Joshua Wilson, executive producer and capital markets advisor, The SPAC Podcast brings you candid conversations, insider insights, and sharp analysis from the people shaping the future of the SPAC market. Whether you’re a sponsor, investor, founder, attorney, banker, or ju ...
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Office D Sharp Podcasts
In this episode of The SPAC Podcast, Adeel Rouf shares his forward-looking perspective on the SPAC market heading into late 2025 and 2026. With traditional IPO windows largely shut for mid-market companies, Adeel explains why SPACs are becoming increasingly relevant again, especially for private equity and family office-backed portfolio companies s…
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What SPACs Must Prepare for in the Next 12–18 Months
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1:56In this episode of The SPAC Podcast, Machua “Motsch” Millett, Chief Innovation Officer at Lockton Companies, shares his outlook on D&O risk for SPACs and de-SPACs heading into 2025 and beyond. Drawing from decades of experience advising public and pre-public companies, Machua warns that we’ve seen this market cycle before: an uptick in activity, ri…
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How Underwriters Evaluate Risk for SPAC and de-SPAC Coverage
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1:35In this episode of The SPAC Podcast, Machua “Motsch” Millett of Lockton Companies explains how underwriters assess risk when pricing D&O insurance policies for SPACs and their de-SPAC targets. The evaluation process is vastly different depending on where the SPAC is in its lifecycle and Machua walks through both sides of that underwriting equation.…
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Why D&O Insurance Prices Have Dropped 60% Since 2021
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2:07In this episode of The SPAC Podcast, Chaz breaks down why D&O insurance pricing has plummeted nearly 60% over the past nine quarters and why the market looks so different today compared to the 2021 peak. He explains how a flood of new insurance carriers entered the market post-2021, doubling the number of firms writing public D&O insurance from ~32…
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Why PIPEs Aren’t Dead, But Very Different Now
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2:05In this episode of The SPAC Podcast, James breaks down the evolving role of Private Investments in Public Equity (PIPEs) and why they remain an essential but more challenging, tool for SPAC deals today. James explains how PIPEs looked deceptively easy during the 2020 boom, when leaked deals pushed stocks to $20 and investors happily committed to $1…
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His Years of Experience with SPACs and SEC Investigations
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0:55In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), reflects on his years of work in the SPAC space both with paying clients and in the context of SEC investigations. Nick shares that while ICAN has not yet taken up a SPAC case from a nonprofit litigation perspec…
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Real-Time Reporting and Visibility for SPAC Sponsors
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1:01In this episode of The SPAC Podcast, Caitlyn Van Valin, Vice President at Odyssey Trust, highlights how technology and transparency are reshaping the SPAC transfer agent and trust process. She explains how Odyssey’s state-of-the-art reporting portals give sponsors, legal teams, CFOs, and boards instant access to accurate reports, without waiting ov…
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Why Global Companies Are Choosing U.S. Listings
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1:28In this episode of The SPAC Podcast, Adeel Rouf shares his perspective on U.S. vs. non-U.S. SPAC deal flow and why high-quality companies from Europe and Asia continue to choose NASDAQ and NYSE as their go-to listing destinations. While the U.S. capital markets remain the most liquid and deal-ready globally, Adeel explains that many international c…
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In this episode of The SPAC Podcast, Louis Camhi, Chief Investment Officer of RLH Capital, shares his journey from Wall Street to launching his own SPAC-focused fund. He reflects on his early career at Credit Suisse in M&A, his time at Three Corner Global and Citadel, and how those experiences shaped his approach to investing. Louis also explains w…
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Why Boards Need a Broker Who Does More Than Just Place Insurance
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1:28In this episode of The SPAC Podcast, Machua “Motsch” Millett, Chief Innovation Officer at Lockton Companies, outlines the critical role brokers play in guiding boards through the D&O insurance process before, during, and after a SPAC transaction. Machua shares how his team approaches the role as a true risk advisor, not just an insurance placement …
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How the Investor Base for De-SPACs Is Evolving
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1:26In this episode of The SPAC Podcast, James shares how the investor base for de-SPACs has shifted and why sponsors must focus on attracting long-term, fundamental investors. James explains that while redemption risk is always present, the “unicorn” is the fundamental investor who buys in between announcement and closing. He notes that some of the mo…
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Why Regulation by Enforcement Hurts Transparency
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1:10In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), critiques the SEC’s use of regulation by enforcement, particularly in the SPAC context. Nick points to the Momentus Stable Road case of 2021 as a clear example, noting Commissioner Hester Peirce’s concerns about…
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By Joshua Wilson
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Risk-Reward Equation for Serial SPAC Sponsors
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2:25In this episode of The SPAC Podcast, Adeel Rouf breaks down the real risk-reward tradeoff that comes with being a serial SPAC sponsor. Drawing on deep experience leading multiple SPACs, Adeel outlines the critical responsibilities and vulnerabilities that sponsors must prepare for if they want to succeed in today’s highly competitive landscape. He …
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In this episode of The SPAC Podcast, Louis Camhi lays out a candid and nuanced outlook for the SPAC market heading into 2025 and beyond. He explains that while SPACs are simply another tool in the capital markets toolbox, recent macro events, including the 2024 election cycle and early 2025 volatility, have temporarily held back broader recovery. L…
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In this episode of The SPAC Podcast, Louis Camhi breaks down the evolving relationship between SPACs and the crypto space and where investor attention is shifting next. He highlights recent high-profile transactions, including Cantor Fitzgerald’s CEP deal, which gave investors exposure to Bitcoin through a listed equity vehicle. Louis also points o…
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Custom D&O Coverage Protects SPAC and De-SPAC Companies
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1:40In this episode of The SPAC Podcast, Chaz, founder of Churchwell, explains why D&O insurance is highly customizable and why wording matters more than most sponsors realize. He shares real-world examples of how missing a single phrase, like “reverse merger,” has led carriers to deny SPAC-related claims. Chaz also describes how his firm works with cl…
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In this episode of The SPAC Podcast, James outlines what makes the “ideal” SPAC target and why it’s often more about strategic fit and synergies than sector. For James, public-company-ready management is the non-negotiable starting point. But beyond that, he describes scenarios where SPACs create unique value: A company like William Scotsman, with …
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Why SEC Policy Should Be Made Through Rulemaking, Not Enforcement
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1:11In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), critiques the SEC’s practice of regulating by enforcement. Nick cites the Momentus Stable Road case (2021) as a prime example, echoing Commissioner Hester Peirce’s concerns that enforcement actions have been use…
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In this episode of The SPAC Podcast, Caitlyn Van Valin, Vice President at Odyssey Trust, shares her outlook for the SPAC market over the remainder of the year. With Odyssey working on half of all active SPACs, Caitlyn provides a unique perspective on the pipeline. She notes that while SEC turnaround times have created a temporary bottleneck, the ba…
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Is The Private Company Ready for a SPAC Merger?
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2:10In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, shares his advice for private company CEOs considering a SPAC merger. He stresses the importance of conducting due diligence on the sponsor team, while also being honest about whether the company is truly prepared to operate as a public entity. Pat…
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Delivering for Small-Cap Clients Overlooked by Big Firms
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1:46In this episode of The SPAC Podcast, Chaz, founder of Churchwell, explains what sets his firm apart from the big-name insurance agencies like Lockton, Marsh, and Aon. While large agencies focus their attention on billion-dollar companies, Churchwell specializes in small- to mid-cap public companies, the very clients who often feel overlooked despit…
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How Do SPACs Compare to Direct Listings and IPOs?
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2:20In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, explains why some companies may choose a SPAC over a traditional IPO or direct listing. While SPACs are not always the best option, Patrick highlights the unique flexibility they offer for certain situations. He discusses how SPACs allow companies …
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In this episode of The SPAC Podcast, we hear from Caitlyn Van Valin, Vice President at Odyssey Trust, on how her team is redefining what it means to be a responsive, scalable partner in the SPAC ecosystem. Caitlyn shares how Odyssey has grown into one of the most trusted firms in the space handling over half of all new SPAC listings in 2024. With r…
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Why Biotech and FinTech Are Primed for SPAC Deals
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2:01In this episode of The SPAC Podcast, Adeel Rouf dives into two of his highest-conviction sectors for upcoming SPAC activity: healthcare (specifically biotech) and FinTech. While AI and crypto dominate the headlines, Adeel makes the case for why some of the most overlooked, and deeply discounted, opportunities exist in these quieter corners of the m…
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In this episode of The SPAC Podcast, we sit down with Louis Camhi, who shares the unexpected path that led him from covering fintech at major hedge funds to becoming a focused SPAC investor and fund manager. His story starts in 2014, when a call from a friend working on a SPAC deal sparked his curiosity. What followed was a deep dive into SPAC stru…
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In this episode of The SPAC Podcast, Adeel Rouf opens up about the biggest lessons he’s learned across more than 10 SPAC transactions. Rather than highlighting wins, Adeel shares candid stories of missteps that taught him what truly matters in successful SPAC sponsorship. From rushing private companies to public markets before they were ready, to u…
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In this episode of The SPAC Podcast, Louis Camhi tackles one of the most pressing questions in the capital markets today: What are the biggest misperceptions about SPACs and how do we correct the record? Louis explains the crucial difference between a SPAC and a de-SPAC, outlining why the redemption feature makes pre-deal SPACs more like convertibl…
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In this episode of The SPAC Podcast, Machua “Motsch” Millett, Chief Innovation Officer at Lockton Companies, shares his journey from Harvard-trained securities lawyer to leading expert in management and professional liability insurance for companies transitioning from private to public. With over 15 years as a broker, and prior experience defending…
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In this episode of The SPAC Podcast, Adeel Rouf shares what he looks for in an ideal SPAC target and why many companies miss the mark. Drawing from experience across more than 10 SPACs, Adeel explains the key characteristics that indicate a company is truly public-ready. According to Adeel, it’s not just about industry leadership or revenue growth.…
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In this episode of The SPAC Podcast, Claudius Tsang, CEO of A SPAC Holdings Group Corp, discusses the unique challenges and opportunities of raising capital in the U.S. as an Asian SPAC sponsor. Claudius explains the importance of educating U.S.-based investors on the credibility and track record of emerging market sponsors especially when those in…
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In this episode of The SPAC Podcast, we spotlight Claudius Tsang, CEO of A SPAC Holdings Group Corp, and one of the most active SPAC sponsors in Asia. Claudius shares how he transitioned from private equity into the SPAC world, and what motivated him to launch seven Nasdaq-listed SPACs between 2021 and today. With over two decades of experience in …
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Avoiding Costly Mistakes in SPAC Transactions
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1:31In this episode of The SPAC Podcast, Mohammad Hasham, Partner and West Region Leader for Capital Markets & IPO at CohnReznick, shares best practices for sponsors and management teams preparing for a SPAC transaction. He explains why engaging experienced advisors early in the process is critical, and how cutting corners can create costly problems la…
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Navigating De-SPAC Structures: Insights from a Cayman Counsel
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2:48In this episode of The SPAC Podcast, co-hosts Michael Blankenship and Joshua Bruce Wilson are joined by Cayman Islands attorney Alexandra Low for a deep dive into the evolving landscape of De-SPAC structures. Alexandra shares her on-the-ground experience advising on a wide range of SPAC transactions—from TopCo listings and cross-border mergers to d…
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In this episode of The SPAC Podcast, hosts Michael Blankenship and Joshua Wilson sit down with Dr. Daniele D’Alvia, a renowned lecturer in Banking and Finance Law at Queen Mary University of London, to unpack the critical role of governance in the success—or failure—of SPAC deals. Dr. D’Alvia explains how law and corporate governance provide the st…
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How SPACs Blend Private Equity and Public Markets
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1:29In this episode of The SPAC Podcast, Adeel Rouf, CEO of Voyager Acquisition Corp. and President & CFO of Titan Acquisition Corp., explains what makes SPACs so unique and exciting. Unlike hedge funds or private equity firms that manage portfolios of companies, SPACs focus on one transaction at a time — giving full attention to a single deal and indu…
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In this episode of The SPAC Podcast, Adeel Rouf, CEO and President of Voyager Acquisition Corp. and President & CFO of Titan Acquisition Corp., shares his background and journey into the SPAC world. From his early career in investment banking at Sumitomo Mitsui and J.P. Morgan to learning the nuances of SPACs at Cohen & Company, Adeel has built ext…
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In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, explains why many private companies ultimately choose to go public. He highlights how listing on exchanges like the NYSE or NASDAQ can provide existing shareholders with liquidity, attract new types of investors, and expand access to capital. Patri…
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In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, introduces his background and shares his experience navigating the SPAC landscape. With a career spanning investment banking and hands-on leadership as CFO of three SPACs that each completed acquisitions, Patrick has gained valuable insights from b…
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In this episode of The SPAC Podcast, host Mike Blankenship is joined by Derek from Centri to walk through what really happens behind the scenes of a SPAC transaction. From the importance of early-stage capital markets readiness to preparing pro forma financials and navigating the SEC comment process, this conversation covers the critical technical …
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In this SPAC Podcast Spotlight, Candice Beaumont, Chief Investment Officer of L Investments, shares the key fundamentals she evaluates when assessing SPAC sponsors. She explains why a proven track record in the SPAC space is critical, and why partnering with experienced operators — such as the Cohens — can make a significant difference in execution…
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SPAC Opportunities: Growth Areas and Global Demand
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1:42In this SPAC Podcast Spotlight, Managing Director Dimitre Genov of Brookline Capital Markets highlights the growth areas and global demand shaping SPAC activity in the coming months. He points to high-growth industries such as AI, nuclear energy, rare earths, digital assets, quantum computing, fintech, and digital health as sectors where SPACs coul…
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In this episode of The SPAC Podcast, we welcome Dimitre Genov, Managing Director at Brookline Capital Markets. Dimitre brings over 25 years of investment banking and buy-side experience, including time at Lazard, JP Morgan, Julius Baer, Magnetar, and Balyasny. Having become one of the most prolific investors in the SPAC market, he now uses his expe…
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Determining D&O Insurance Needs with Real Market Data
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2:35In this SPAC Podcast Spotlight, Chaz Churchwell, President of The Churchwell Agency, explains how he helps clients determine the right level of D&O insurance coverage. Rather than relying on vague estimates, Chaz emphasizes a data-driven approach, leveraging sources such as Stanford Law Review, Cornerstone Research, and peer analytics to assess lit…
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In this SPAC Podcast Spotlight, Nick Morgan, President and Founder of the Investor Choice Advocates Network (ICAN), shares his perspective on how the SEC approaches SPAC enforcement. Drawing on past enforcement activity and rulemaking debates, he explains why Commissioner Hester Peirce’s dissents may offer insight into how the Commission views SPAC…
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In this SPAC Guest Spotlight, Nick Morgan introduces himself and shares his journey from serving as a Senior Trial Counsel at the SEC to founding the Investor Choice Advocates Network (ICAN). As President of ICAN, Nick leads a unique pro bono defense organization focused on SEC investigations and litigation, offering services at no cost to those wh…
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What’s behind the renewed interest in SPAC IPOs? In this episode of The SPAC Podcast, hosts Michael Blankenship and Joshua Bruce Wilson sit down with Cayman Islands attorney Alexandra Low to explore the current SPAC IPO landscape. Ali shares insights from the front lines—discussing sponsor behavior, timing considerations, and the growing momentum a…
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What Target Companies Should Do Before Merging with a SPAC
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1:25In this episode of The SPAC Podcast, Mike Blankenship and Derek discuss how target companies can effectively prepare for a SPAC transaction—and what often gets overlooked. Derek highlights the importance of completing a capital markets readiness assessment, a structured evaluation that helps management understand what’s required to become a public …
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In this episode of The SPAC Podcast, James Graf, CEO of Graf Global Corp., shares his perspective on how backend deal costs and promote economics are evolving for SPAC sponsors and founders. With over a decade of experience leading multiple SPACs and a background in investment banking at Deutsche Bank and Merrill Lynch, James brings a seasoned view…
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What’s the Biggest Regulatory Challenge Facing SPACs Today?
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0:56In this episode of The SPAC Podcast, legal scholar Daniele D’Alvia joins Michael Blankenship to break down one of the most pressing topics in the market today: regulation. Daniele explains that the biggest regulatory issue SPACs now face is ensuring proper disclosure and investor protection. He walks through how new SEC rules have shifted SPACs clo…
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