The SPAC Podcast: Special Purpose Acquisition Company

Most SPAC sponsors don't realize a fairness opinion isn't just a checkbox — it's the line of defense between you and the entire fairness standard if your deal lands in litigation.Michael Moscarelli, Vice President in Houlihan Capital's Valuation and Financial Advisory practice, joins Mike Blankenship to break down what every SPAC sponsor needs to understand about fairness opinions before the BCA vote. From the post–Multi-Plan shift in Delaware litigation exposure, to per-share allocation analysis, to the structural differences between a SPAC fairness opinion and a traditional one — this is the practitioner-level breakdown sponsors, boards, and deal teams need.Houlihan Capital has carved out a niche delivering SPAC fairness opinions across industries, and Michael walks through what good looks like — and what to avoid.🎯 What We Cover:- Why the entire fairness standard matters post-Multi-Plan- Fair pricing vs. fair dealing — and how an opinion supports both- What to look for when choosing a fairness opinion provider- Typical fee ranges and why contingent fees defeat the purpose- How to keep the opinion process smooth and on timeline- What to prepare before the opinion team gets involved- Why per-share allocation is now the regulatory focus- How warrants, PIPEs, ELOCs, and pro forma capital factor in- What makes valuing a de-SPAC target different from a typical IPO- Why VC/PE-backed growth-stage targets demand specific expertise🤝 Connect with Michael Moscarelli:🌐 https://www.houlihancapital.com/fairness-opinions/spac-fairness-opinions/💼 https://www.linkedin.com/in/michaelmoscarelli📩 Connect with Michael Blankenship:💼 https://www.linkedin.com/in/mikeblankenship/🌐 https://www.thespacpodcast.com/📩 Connect with Joshua Wilson:💼 https://www.linkedin.com/in/joshuabrucewilson/🌐 https://www.thespacpodcast.com/🎙️ Follow The SPAC Podcast:🌐 https://www.thespacpodcast.com/▶️ https://www.youtube.com/@thespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

After 130 SPAC IPOs and 140 de-SPACs — the most of any banker he knows of — Brandon Sun shares what 13 years at the center of the blank check market actually teaches you.In this episode, Michael Blankenship sits down with Brandon Sun, Head of SPAC Investment Banking at Cohen & Company Capital Markets. With 130+ SPAC IPOs raising $45B+ in equity capital and 140 de-SPAC transactions representing $210B+ in combined enterprise value, Brandon is one of the longest-serving and most prolific SPAC bankers on Wall Street. A decade at Deutsche Bank followed by three and a half years at Cohen & Company — through the 2021 boom, the 2022–2023 collapse, and the 2025 resurgence — gives him a vantage point few practitioners have. Essential listening for SPAC sponsors, PIPE investors, de-SPAC target founders, and capital markets professionals.🎯 What We Cover:Why the SPAC offers certainty when the IPO window closes — and why 1,000 filed S-1s are currently stuckThe real advantage of SPACs vs. traditional IPOs and direct listings todayWhy every major quantum computing company went public via SPAC — IonQ, Rigetti, D-Wave, Xanadu, Terra QuantumThe public-private arbitrage driving rare earths, SMR nuclear, and deep tech to SPAC transactionsWhy cross-border listings are flowing to US exchanges as foreign markets lose liquidityWhat separates target management teams that close from the ones that walk awayThe #1 opportunity cost SPAC sponsors underestimate when evaluating targetsHow to think about valuation, structure, and story as one integrated pitchWhat the rest of 2025 looks like for SPAC deal flow across sectors🤝 Connect with Brandon Sun:🌐 https://www.cohencm.com/brandon-sun💼 https://www.linkedin.com/in/brandonsun/📩 Connect with Michael Blankenship:💼 https://www.linkedin.com/in/mikeblankenship/🌐 https://www.thespacpodcast.com/📩 Connect with Joshua Wilson:💼 https://www.linkedin.com/in/joshuabrucewilson/🌐 https://www.thespacpodcast.com/🎙️ Follow The SPAC Podcast:🌐 https://www.thespacpodcast.com/▶️ https://www.youtube.com/@thespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Most first-time SPAC sponsors underestimate what a background check actually uncovers — and what it costs them when something surfaces after the S-1 is filed.James Tunkey is a background check and fraud investigation specialist with deep experience in international due diligence for SPAC IPOs and capital markets transactions. His firm handles approximately 25% of Nasdaq issuances and 40% of Hong Kong Stock Exchange listings annually. In this episode, James joins Michael Blankenship to break down what a rigorous director and officer vetting process looks like — from regulatory sanction screening and negative media searches to cross-border verification challenges and the role AI is beginning to play. Essential listening for sponsors, underwriters, and counsel navigating the SPAC IPO process.🎯 What We Cover:Why identity verification is the critical first layer of any D&O background checkFINRA and SEC sanction screening — what gets flagged and what it meansHow civil and criminal litigation history is sourced and evaluatedEducation and employment verification: when phone calls still matterInternational due diligence: name localization, foreign databases, and privacy law gapsTurnaround timelines — what to expect in the US vs. cross-border engagementsReal examples: Ponzi schemes caught before listing, directors quietly replacedHow AI is accelerating negative media screening without replacing human investigatorsWho typically engages the background check firm — issuer, underwriter, or counselWhat the final report looks like and how risk ratings are assigned🤝 Connect with James Tunkey: 🌐 https://www.ionasia.com.hk/team/james-tunkey/ 💼 https://www.linkedin.com/in/jamestunkey/📩 Connect with Michael Blankenship: 💼 https://www.linkedin.com/in/mikeblankenship/ 🌐 https://www.thespacpodcast.com/📩 Connect with Joshua Wilson: 💼 https://www.linkedin.com/in/joshuabrucewilson/ 🌐 https://www.thespacpodcast.com/🎙️ Follow The SPAC Podcast: 🌐 https://www.thespacpodcast.com/ ▶️ https://www.youtube.com/@thespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Not all PIPE capital is created equal — and the wrong money can destroy a de-SPAC before it ever has a chance to perform.Steve Kann has spent 30 years in small cap investment banking — founding companies, running funds, and advising on capital formation across PIPE financings, IPOs, M&A, and de-SPAC transactions. As Head of US Investment Banking at Arc Stone Securities and Partner at Ocean Street Partners, Steve brings a practitioner's lens to one of the most misunderstood decisions a SPAC sponsor makes: who you let into your deal and when.In this episode, Steve breaks down why hedge fund arb money and family office capital produce different post-combination outcomes — and how pricing determines which investors you can attract. He also shares why most de-SPAC management teams fail to recognize they now have two products to sell, and what that blind spot costs them in aftermarket performance.🎯 What We Cover:Why hedge funds are structurally misaligned with de-SPAC successHow family office capital functions as sticky, partnership-oriented moneyWhen retail capital enters the picture — and what that signalsWhy de-SPAC CEOs underestimate the equity story as a second product to sellHow inefficient markets create mispricing in small and microcap namesSPAC vs. direct listing vs. IPO vs. reverse merger — when each makes senseThe cross-border complexity sponsors routinely underestimateWhy toxic capital structures leave companies with no second chance to raiseThe SPAC Bootcamp - https://www.linkedin.com/feed/update/urn:li:activity:7447383788864778241/?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAkIjyYBAXZAMcq5y4Coph2bOaN-KqTsMvY🤝 Connect with Steve Kann: 🌐 https://www.arcstoneglobalsecurities.com 💼 https://www.linkedin.com/in/stephenkann/📩 Connect with Michael Blankenship: 💼 https://www.linkedin.com/in/mikeblankenship/ 🌐 https://www.thespacpodcast.com/📩 Connect with Joshua Wilson: 💼 https://www.linkedin.com/in/joshuabrucewilson/ 🌐 https://www.thespacpodcast.com/🎙️ Follow The SPAC Podcast: 🌐 https://www.thespacpodcast.com/ ▶️ https://www.youtube.com/@thespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Every SPAC sponsor thinks their pitch stands out. Christine McNerney has seen them all — and most don't.Christine McNerney, Associate Portfolio Manager at Periscope Capital, has been with the firm since 2012 and focused on SPACs since 2021 — from testing the waters through selective PIPE financing. Periscope itself has been active in the SPAC market since 2016.  In this episode, she breaks down exactly what separates fundable sponsor teams from forgettable ones, how Periscope evaluates de-SPAC targets, why the current market is healthier than it looks, and what private companies need to understand before going public via a blank check company. For SPAC sponsors, PIPE investors, and de-SPAC operators navigating today's capital markets landscape, this is an unfiltered look at how decisions actually get made.🎯 What We Cover:What sponsor teams consistently get wrong in testing the waters meetingsHow to articulate deal criteria beyond generic talking pointsThe ideal sponsor profile — operators vs. dealmakers and why both matterGeographic scope: why non-US targets carry additional risk and scrutinyWhat Periscope looks for first when evaluating a de-SPAC opportunityWhy equity coverage and peer set matter more than most targets realizeHow the SPAC process gives companies a valuation edge over a traditional ECM IPOLessons from 2020–2021 and what's fundamentally different in today's marketWhy repeat sponsors now represent nearly 70% of SPAC IPOs — and what that signalsAdvice for de-SPAC companies struggling with post-combination stock performance🤝 Connect with Christine McNerney: 💼 https://www.linkedin.com/in/christine-mcnerney/ 🌐 https://periscopecapital.com/📩 Connect with Michael Blankenship: 💼 https://www.linkedin.com/in/mikeblankenship/ 🌐 https://www.thespacpodcast.com/📩 Connect with Joshua Wilson: 💼 https://www.linkedin.com/in/joshuabrucewilson/ 🌐 https://www.thespacpodcast.com/🎙️ Follow The SPAC Podcast: 🌐 https://www.thespacpodcast.com/ ▶️ https://www.youtube.com/@thespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

ClearThink Capital structured their SPAC IPO with closing fees under $2 million — at a time when most sponsors are paying $10 to $15 million. Bob Brown helped write the SEC rules that govern SPACs back in 1991. Here's what he and Ari built differently.Robert "Bob" Brown and Ari Brown, Managing Directors of ClearThink Capital, join Michael Blankenship on The SPAC Podcast to break down what separates a well-structured blank check company from one that's already compromised before a target is ever found. Bob brings over three decades of securities and M&A law experience — including working on the very first SPAC in 1991 and helping the SEC write the rules that govern the structure today. Together, Bob and Ari walk through how ClearThink designed their own SPAC IPO to minimize sponsor-side closing costs, why "deal dementia" quietly kills more transactions than bad targets do, what private companies consistently get wrong when preparing for a de-SPAC, and how the current SEC environment and new administration are reshaping cross-border SPAC deal flow.🎯 What We Cover:How ClearThink structured their SPAC to keep closing fees under $2M vs. the $10–15M industry normWhy sponsors must differentiate on deal quality — not just sector focusThe "deal dementia" trap: how sponsors drift from sound valuation discipline over timeWhat private companies consistently miss in audit readiness and PCAOB compliance before a de-SPACCross-border de-SPAC complexity: double dummy structures, multi-jurisdiction regulatory regimesNASDAQ vs. NYSE: what the data actually shows vs. sponsor perceptionThe S-1 review delay caused by the government shutdown — and how to plan around process riskWhy cadence and timeline discipline matter more than most first-time sponsors expect🤝 Connect with Bob Brown & Ari Brown: 🌐 https://www.clearthinkcapital.com📩 Connect with Michael Blankenship: 💼 https://www.linkedin.com/in/mikeblankenship/ 🌐 https://www.thespacpodcast.com/📩 Connect with Joshua Wilson: 💼 https://www.linkedin.com/in/joshuabrucewilson/ 🌐 https://www.thespacpodcast.com/🎙️ Follow The SPAC Podcast: 🌐 https://www.thespacpodcast.com/ ▶️ https://www.youtube.com/@thespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Valuation is one of the most critical and misunderstood aspects of any SPAC transaction.In this clip, Michael Blankenship and Delon Turner discuss why valuation is not a fixed formula, but a negotiated outcome that must balance regulatory requirements, market expectations, and long-term performance.Delon explains that while exchanges set minimum thresholds, the real challenge is finding a valuation that can hold up under public market scrutiny. He emphasizes that success is less about hitting a specific number and more about ensuring the leadership team is prepared to operate as a public company.The conversation highlights a key principle: valuation may get the deal done, but execution determines whether it holds.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Welcome to another episode of SPAC Updates, a recurring series on the SPAC Podcast where we break down the latest activity shaping the SPAC market.In this episode, hosts Josh Wilson and Michael Blankenship discuss the current state of the SPAC ecosystem, including the growing number of SPACs searching for targets and how that dynamic is shifting leverage across the market.With more than 220 SPACs actively seeking merger targets and over 105 announced business combinations, the pipeline remains strong, but the imbalance between new issuance and completed deals is creating new dynamics for investors and private companies alike.  Michael shares insights on:• Why the increase in SPAC supply is giving investors more negotiating power• How private companies can benefit from evaluating multiple SPAC partners• The role private equity and family offices are playing in today’s SPAC ecosystem• Why portfolio companies backed by PE or VC firms may consider SPAC mergers as an exit strategy• The importance of preparation and experienced advisors when entering a SPAC transactionThe conversation also explores how market structure changes are influencing deal terms, including shorter SPAC timelines, evolving warrant structures, and the growing need for sponsors to differentiate themselves.If you’re an investor, founder, or advisor watching the SPAC market, this episode provides a timely snapshot of where the ecosystem stands and where it may be heading.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Going public is one of the most important decisions a founder can make. But choosing the right path to the public markets is just as critical as the decision itself.In this interview, host Michael Blankenship sits down with Peter Wright, founder of McKinley SPAC and a longtime capital markets advisor with experience across more than 30 SPAC transactions.Peter shares insights from his career as both a sell-side and buy-side research analyst before entering the SPAC market during its early growth phase. He explains why founders evaluating a path to the public markets should consider SPAC mergers alongside traditional IPOs.The conversation explores how SPACs provide founders with deal certainty, valuation certainty, and capital certainty while potentially reducing the timeline to becoming a public company. Peter also addresses common misconceptions about SPACs, how dilution works in these transactions, and why capital market strategy is critical to long-term success after the listing.Peter also shares how his team evaluates target companies, the industries they believe are positioned for growth, and why sectors such as space technology, fintech, and EV mobility are attracting significant attention.If you’re a founder considering the public markets, or an investor interested in the evolution of the SPAC ecosystem, this conversation offers a practical look at how deals are evaluated and structured today.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

One of the biggest emerging sectors in SPAC markets today? Data centers.In this clip; Michael J. Blankenship and Delon Turner highlights how the rapid growth of AI and cloud infrastructure is reshaping capital markets.Investors are increasingly evaluating opportunities based on future potential rather than current revenue.Data center infrastructure is one example where land and location alone can create massive value because of growing demand from AI and cloud computing.The capital markets are increasingly asking a single question:What is the long-term potential of this company’s trajectory?In many cases, that potential is driving deal activity across the SPAC market.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

What makes a company the ideal SPAC target today?According to venture investor Delon Turner, the answer is increasingly tied to technology.In this clip, Delon talks with host Michael J. Blankenship and explains that while FinTech and software dominated the 2021 cycle, today’s SPAC targets are shifting toward:• Artificial intelligence• Machine learning technologies• Data center infrastructure• Software platforms supporting emerging tech ecosystemsInstitutional investors are looking for sectors that can sustain long term growth and maintain stock performance after listing.The key question investors ask: Does this company operate in a sector with enough momentum to deliver long term shareholder value?Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

The SPAC market of 2026 looks very different than the SPAC boom of 2021.In this clip, Delon Turner explains how the market has evolved since the SPAC surge several years ago.During the peak cycle, there were more SPACs chasing deals than there were viable companies to take public. That imbalance created what many now call the SPAC bubble.Since then, several things have changed:• Stronger regulation• More disciplined sponsor teams• Greater scrutiny from investors• Better alignment between sponsors and targetsToday, experienced capital markets professionals are returning to the SPAC market with a more disciplined approach.The result is a healthier ecosystem for identifying strong companies and creating long-term shareholder value.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

“I’m an ex-athlete who played 11 years in Europe and a former Wall Street banker. Today I run a venture capital firm investing across FinTech, AI, and software.”On this episode, Mike Blankenship sits down with SPAC leader and venture investor Delon Turner, founder and managing partner of a venture capital firm focused on emerging technology sectors.Delon shares how his journey from professional sports to Wall Street shaped his approach to investing and why his firm is preparing to launch a SPAC in 2026.Key Topics• Transitioning from professional sports to venture capital• Investing across FinTech, AI, and software• Building a SPAC team with capital markets expertise• Why SPACs remain an important capital markets toolDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

In this clip, Roland Austrup discusses research from an upcoming white paper comparing modern public operating conglomerates to private equity performance. Companies like Danaher, Constellation Software, Brookfield, Roper, and Berkshire Hathaway have demonstrated that public markets can deliver strong long-term returns while maintaining operational flexibility.Roland explains why some companies may actually face more constraints under private ownership than in public markets, where capital access and broader investor participation can create stronger alignment and long-term growth opportunities.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Roland explains why capital markets will play a critical role in supporting this next generation of transformative companies. He also discusses how SPACs can provide a more efficient pathway for high-growth businesses to access public capital compared to traditional IPO processes.With innovation accelerating globally, the ability to connect capital with emerging technologies will shape the next decade of economic growth.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Roland Austrup, Chief Growth Officer at Inventure Inc., joins The SPAC Podcast to discuss how SPACs have evolved into a more disciplined and efficient path for companies to access the public markets.Roland shares insights from his background in hedge funds, public markets, and building operating companies, explaining why SPAC 2.0 has matured with stronger regulation, better sponsor quality, and tighter timelines.The conversation explores how SPACs can help high-growth companies access capital, why public markets may see a resurgence compared to private equity structures, and why innovation-driven companies may benefit from going public earlier in their lifecycle.If the next decade is defined by AI, infrastructure buildout, and Industry 4.0 innovation, the capital markets will play a critical role in financing that growth.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Ranjeet Sundher explains why Tactical Resources selected the SPAC path to go public in the U.S. With MP Materials serving as a successful template for rare earth production via DESPAC, Tactical aims to become the second producing rare earth company in the U.S. He also shares why partnering with the Plum team made strategic sense after nearly a year of collaboration on structure and financing.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Ranjeet Sundher explains how vertical integration in West Texas reduces operational risk and strengthens domestic production. From direct leach processing onsite to producing mixed hydroxides in Texas, this strategy aims to keep critical mineral value creation inside the United States.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Rare earths aren’t abstract commodities. They power daily life and national defense.In this clip, Ranjeet Sundher explains how rare earth magnets sit behind nearly every electronic device from smartphones and laptops to AI chips and advanced defense systems. With China historically supplying over 95% of global rare earth magnets, domestic production carries significant economic and national security implications.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

In this clip, Ranjeet Sundher explains why Tactical Resources’ hard rock, direct-leach mineralization is such a rare technical advantage. By bypassing multiple expensive and environmentally intensive processing steps, the project offers a faster, cleaner, and potentially more cost-effective path to producing mixed rare earth products.Mother Nature did the hard work and that changes the economics.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Ranjeet Sundher explains why uniform mineralization at the Peak Project is a major technical advantage.Processing facilities are engineered for specific grades and product types. When mineral grades vary widely across a site, processing becomes more complex, more expensive, and higher risk.Peak’s homogenous mineralization means:• More predictable processing• Lower operating costs• Reduced technical risk• Smoother scale-up to commercial productionDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Ranjeet Sundher, CEO of Tactical Resources, explains what makes the Peak Project fundamentally different from early-stage rare earth developments in the United States.Unlike projects that require a decade of exploration and billions in capital before proving viability, Peak already has materials on site, existing infrastructure, and decades of groundwork completed. The focus now shifts from exploration risk to commercial application and scale.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Sorrells shares the through-line connecting NuScale and Eagle Energy Metals. From his early exposure to nuclear markets in 1998 to helping build nuclear simulation platforms and supporting NuScale through licensing, Chris explains why first-mover advantage in SMRs mattered and why the next opportunity lies deeper in the supply chain.With SMRs advancing toward commercialization, fuel and uranium supply have become the critical, tech-agnostic bottlenecks. Eagle Energy Metals represents that next layer of exposure.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Why is feedstock the true bottleneck in the U.S. rare earth supply chain?In this clip, Kanishka Roy breaks down the “mine to magnet” ecosystem and explains why magnet manufacturing is expanding faster than rare earth production. The real constraint isn’t building magnets,  it’s developing and scaling rare earth feedstock. Tactical Resources aims to address that bottleneck with an operational mine and surface level tailings ready for processing.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

What made Tactical Resources different from other critical mineral opportunities?In this clip, Kanishka Roy explains why near-term execution, existing infrastructure, and 4 million tons of rare-earth-enriched tailings in West Texas made Tactical Resources uniquely positioned. With decades of operational history and a clear playbook similar to MP Materials, this opportunity offered scale, speed to monetization, and long-term runway without the need for multi-billion-dollar infrastructure builds.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

How do analysts determine if a SPAC deal price is fair? Ryan McGuire breaks down the valuation process, from income and market approaches to DCF models, explaining how fairness opinions assess whether shareholders receive appropriate value.Guest: Ryan McGuire: https://www.linkedin.com/in/ryanquinnmaguire/Let’s Connect on LinkedIn:👉 Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/👉 Joshua Bruce Wilson - https://www.linkedin.com/in/joshuabrucewilson/To Contact Us or Collaborate:🎙️ https://www.TheSPACPodcast.com/contact/Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Cottone breaks down the key differences between listing a SPAC on NASDAQ versus the NYSE. He explains why most SPAC IPOs historically land on NASDAQ, how exchange preferences can vary depending on sponsor relationships, and why NASDAQ has become more stringent during the DESPAC phase.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Kanishka Roy explains why Plum believes now is the right time to back a rare earths company like Tactical Resources. He breaks down the massive global demand across tech-enabled industries, the geopolitical supply constraints tied to China’s dominance, and why scale and near-term operational capability are critical differentiators in this sector.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Kanishka Roy, Chairman and CEO of Plum Acquisition Corp. IV, joins The SPAC Podcast to share his background as an operator, investment banker, and investor. He walks through the evolution of the Plum platform, now on its fourth SPAC, and explains the team’s focus on differentiated companies with strong execution moats and proven public-market playbooks.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Cottone breaks down realistic IPO timelines based on current market conditions. He explains how IPOs can move as fast as three months in low-comment environments, why four months is now the typical expectation, and what factors can extend the process to six or seven months. Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Ryan McGuire explains why fairness opinions are essential in DESPAC transactions. He outlines how they protect shareholders, align interests between sponsors and investors, and prevent deal structures that could harm equity holders.Hosted by Michael Blankenship, this conversation dives into how fairness opinions shape accountability and trust in SPAC deals.Guest: Ryan McGuire: https://www.linkedin.com/in/ryanquinnmaguire/Let’s Connect on LinkedIn:Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/Joshua Bruce Wilson - https://www.linkedin.com/in/joshuabrucewilson/To Contact Us or Collaborate:https://www.TheSPACPodcast.com/contact/Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

SPACs have gone through several evolutionary cycles, and today’s transactions look very different from those of just a few years ago. In this episode of The SPAC Podcast, Seth Farbman, Chairman of Vstock Transfer, joins Michael Blankenship and Joshua Wilson to break down the changes shaping SPAC 2.0 (or even 3.0).From deal size and sponsor dynamics to the expanded cast of participants—including auditors, custodians, and transfer agents—Seth shares insights from the front lines of modern SPAC execution. If you're trying to understand the current landscape of SPAC activity, this episode is a must-watch for founders, investors, and capital markets professionals alike.🔗 Connect with our Guest Seth Farbman YouTube: www.youtube.com/@seth-farbman LinkedIn: www.linkedin.com/in/sethfarbman/ Company: www.vstocktransfer.com Company: www.sharemedia.co🎙️ Connect with the HostsMichael Blankenship LinkedIn: www.linkedin.com/in/mikeblankenship/ Firm: www.winston.comJoshua Wilson LinkedIn: www.linkedin.com/in/joshuabrucewilson/ More Episodes: www.thespacpodcast.comExplore more episodes and follow the show: 🎧 Website: www.thespacpodcast.com 📺 YouTube: www.youtube.com/@thespacpodcast 📣 LinkedIn: www.linkedin.com/company/thespacpodcast/#SPACs #CapitalMarkets #IPOInsights #TransferAgents #SPACPodcast #InvestorRelations #GoingPublicDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Mike Blankenship kicks off a new SPAC Updates series, breaking down how the SPAC market has evolved heading into 2026. He covers SPAC 2.0 structures, sponsor economics, IPO and DESPAC trends, capital costs, PIPE dynamics, redemptions, digital assets, AI, energy, and what sponsors and targets must do to succeed in today’s environment.This episode sets the foundation for ongoing market updates designed to educate founders, investors, and dealmakers navigating the modern SPAC landscape.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Cottone explains how SPAC sponsors should think about selecting legal counsel and underwriters. He outlines why fees should never be the primary decision factor, why SPACs require highly specialized legal experience, and how the wrong choices can lead to delays, added costs, or failed transactions.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Andrejka Bernatova explains how the SPAC model has evolved since the boom years and why many misconceptions still persist. She shares why SPACs should be viewed as a long-standing capital markets tool, not a short-term trend, and why the structure only works for companies that are truly ready to be public and operating in high-growth, high-interest sectors.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Cottone explains how SPAC sponsors should think about board composition. From NASDAQ independence requirements to the importance of financial, legal, and M&A experience, he breaks down why a lean, well-balanced board is critical for governance and deal execution.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Sorrells shares his view on where the SPAC market is headed next. After years of excess, he explains why rationalization, more experienced sponsors, cleaner vehicles, and better capital alignment are critical for long-term health. He also outlines why greater discipline and sponsor accountability could strengthen the structure moving forward.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Cottone explains how to properly form a SPAC entity and why incorporation choice matters. He breaks down the pros and cons of Delaware, Nevada, and Cayman structures, highlighting tax considerations, litigation risk, and cost differences sponsors should understand before launching a SPAC.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

As continuation vehicles and secondaries gain momentum in private equity, Andrejka Bernatova explains what this shift means for investors, sponsors, and LPs. She shares why IPOs and SPACs should still be primary exit paths, how public markets remain open, and why SPACs offer a uniquely discreet way for sponsors to test public-market readiness.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Andrejka Bernatova explains how being both an operator and a sponsor shapes a fundamentally different approach to SPACs. She shares why the real work starts after the DESPAC, how balance sheet structure and public-company readiness matter, and what separates long-term public companies from short-lived transactions.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Cottone explains what risk capital is in a SPAC, why it’s required, and how much sponsors should realistically expect to commit. He breaks down IPO and DESPAC costs, typical risk capital ranges, and how sponsor syndicates can reduce upfront financial burden through shared participation.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Cottone breaks down how SPAC structures have evolved and what investors are seeing in today’s market. He explains the role of rights, warrants, and time-to-close terms, and why longer SPAC timelines are becoming more attractive for both sponsors and investors. This clip offers a practical look at how structure impacts dilution, redemptions, and deal execution.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

In this episode, Andrejka Bernatova shares why her team was able to complete one of the largest equity raises since 2021 while many others struggled. She explains how disciplined decision-making, operator-level experience, and surrounding the table with seasoned investors and advisors create guardrails that prevent chasing hype and inflated valuations.This conversation offers a candid look at what it really takes to raise capital in challenging markets and why saying “no” is often the most important part of long-term success.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

In this clip, Andrejka Bernatova introduces her global background spanning investment banking, private equity, sovereign wealth investing, and executive leadership across energy and infrastructure.She shares how experience at Credit Suisse, Morgan Stanley, Blackstone, and Abu Dhabi’s sovereign wealth fund shaped her perspective, and how that journey led to building both a SPAC franchise and a private investment platform.This is the kind of operator-level experience shaping the next generation of energy and infrastructure investments.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

What’s the ideal size for a SPAC? Chris Cattone explains why the sweet spot is often between $100M and $150M in trust, balancing fee efficiency, target quality, and flexibility through the DESPAC process.Connect with the Guest: Chris CottoneConnect with the Hosts & The SPAC Podcast:Michael Blankenship LinkedIn: https://www.linkedin.com/in/mikeblankenship/Joshua Wilson LinkedIn: https://www.linkedin.com/in/joshuabrucewilson/YouTube Channel: https://www.youtube.com/@ThespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Chris Cattone joins The SPAC Podcast to share his background and perspective from inside a multi-location family office. As a partner at Greentree Financial, Chris works closely with companies preparing for IPOs and follow-on offerings, coordinating with auditors, attorneys, and underwriters to ensure a seamless public-market process. He also explains how deep experience in quarterly and annual compliance shaped Greentree’s approach to capital markets advisory.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Warrants are misunderstood, not obsolete.James C. explains how he evaluates SPAC warrants, why pricing under 25 cents still matters, and how basket strategies can create asymmetric outcomes with defined risk.This is a disciplined view of optionality, not speculation.Connect with the Guest: James Campanella Connect with the Hosts & The SPAC Podcast:Michael Blankenship LinkedIn: https://www.linkedin.com/in/mikeblankenship/Joshua Wilson LinkedIn: https://www.linkedin.com/in/joshuabrucewilson/YouTube Channel: https://www.youtube.com/@ThespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

In today’s SPAC market, experience matters more than ever.James C. highlights the sponsors he’s watching and explains why repeat execution, investor trust, and deal-closing credibility separate leaders from noise.For investors, sponsor history is no longer optional homework.Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Markets don’t recover in theory. They recover through real deals.James C. walks through the SPAC transactions he’s watching closely and explains why PIPE strength, investor quality, and deal execution will determine whether the broader SPAC comeback holds.These deals may be early indicators of what comes next.Connect with the Guest: James Campanella Connect with the Hosts & The SPAC Podcast:Michael Blankenship LinkedIn: https://www.linkedin.com/in/mikeblankenship/Joshua Wilson LinkedIn: https://www.linkedin.com/in/joshuabrucewilson/YouTube Channel: https://www.youtube.com/@ThespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/

Are SPACs still worth investing in? The answer depends on how you use them.James explains why SPACs can be a strong portfolio addition for investors who understand capital timing, yield floors, and upside optionality. Stability with asymmetric upside remains the core appeal.This is a practical view of SPACs as a portfolio tool, not a trade.Connect with the Guest: James Campanella Connect with the Hosts & The SPAC Podcast:Michael Blankenship LinkedIn: https://www.linkedin.com/in/mikeblankenship/Joshua Wilson LinkedIn: https://www.linkedin.com/in/joshuabrucewilson/YouTube Channel: https://www.youtube.com/@ThespacpodcastDisclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services. Let's Connect on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ To Contact Us, Please Visit: https://www.TheSPACPodcast.com/contact/