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What separates a space SPAC built to last from one that trades down after close? Rich Davis says it starts with valuation discipline. Rich Davis, CEO of Xterax and founder of space-industry advisory firm ArgoSat, joins host Mike Blankenship to discuss how a second-time sponsor approaches the space economy. A former Air Force pilot with a degree in astrophysics, Rich has worked as an investment banker, private equity investor, satellite company CFO, and advisor to major lenders and funds. He explains why industry expertise and in-house technical diligence matter when evaluating space and defense targets, what the post-SpaceX capital environment means for the sector, and why realistic valuations and retained trust capital are central to building a viable public company. What We Cover: - From astrophysics and the Air Force to space finance - Why industry depth sets a specialized SPAC sponsor apart - How the SpaceX IPO is reshaping space capital and exits - Separating hype from real businesses - Engineering vs. invention in technical diligence - What value-added sponsorship looks like - Why a de-SPAC is a negotiated price, not price discovery - Earnouts, vesting, and sponsor alignment with management - PIPEs, trust retention, and replacing arb holders Connect with Rich Davis: Website: xterax.space LinkedIn: linkedin.com/in/richard-davis-ab9a768 Connect with Mike Blankenship: LinkedIn: linkedin.com/in/mikeblankenship About Winston Taylor: Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com. Interested in joining a future episode? The SPAC Podcast is part of One Iron Network, a family of shows for capital-markets practitioners. Learn more at thespacpodcast.com and oneironnetwork.com. Follow The SPAC Podcast: Website: thespacpodcast.com LinkedIn: linkedin.com/company/thespacpodcast YouTube: youtube.com/@thespacpodcast A One Iron Network production: Executive Producer Joshua Wilson Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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/

"Deals close on an auditor's calendar." The press release sets the aspirational date. The audit sets the real one. And today's SPAC bottleneck isn't the trust account; it's the target. Host Michael Blankenship sits down with Drew Bernstein, Co-Chairman and Co-CEO of MarcumAsia and co-founder of MBP Global, for a cross-border auditor's view of today's SPAC market. Drew explains why audit readiness and company quality are now the scarce resources, the red flags that signal a deal is headed for trouble, and why a timeline built backward from a liquidation date rarely holds. He also covers what makes an Asian company a strong SPAC candidate and why Asia's pipeline now reaches well beyond China. What We Cover: - Why the SPAC bottleneck has moved from the trust account to the target - IPO vs. SPAC: an auction vs. a negotiation you control - What makes an Asian company a strong SPAC merger candidate - Auditor red flags in SPAC and de-SPAC transactions - Why deals close on the auditor's calendar, not the press release - How to choose a SPAC auditor for emerging-market deals - The first 90 days after closing: the wedding vs. the marriage - Nasdaq discretion and the market's shift to quality over quantity - Asia's growing SPAC pipeline beyond China Connect with Drew Bernstein Website: marcumasia.com LinkedIn: linkedin.com/in/drew-bernstein Connect with Mike Blankenship LinkedIn: linkedin.com/in/mikeblankenship About Winston Taylor Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com. Interested in joining a future episode? The SPAC Podcast connects sponsors, management teams, bankers, and capital markets counsel. Learn more at thespacpodcast.com and oneironnetwork.com. Follow The SPAC Podcast Website: thespacpodcast.com LinkedIn: linkedin.com/company/thespacpodcast YouTube: youtube.com/@thespacpodcast A One Iron Network production: Executive Producer Joshua Wilson Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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/

SPAC IPO volume has already blown past all of 2025 — and the market isn't slowing down. Mike Blankenship breaks down what's fueling the record pace, why PIPE pricing is validating deal valuations, and how serial sponsors are driving the next wave. In this SPAC Market Update, Michael Blankenship, Managing Partner and Capital Markets Practice Co-chair at Winston Taylor, joins host Joshua Wilson to unpack a record year for SPAC issuance. With IPO volume already topping all of 2025, Mike breaks down what's driving the surge: the return of experienced, serial sponsors, stronger-capitalized deals, and expanding sector interest in defense, space, AI, infrastructure, and life sciences — plus why growth in the PIPE market signals real valuation confidence heading into Q4. What We Cover: Why SPAC IPO volume already topped 2025's full-year totalThe return of serial sponsors and what it signals about market maturityHow Ursa Major's SPAC deal reflects sponsor interest in defense techWhy sponsors are targeting defense, space, AI, and infrastructureHow PIPE financing validates SPAC deal valuationsWhat life sciences SPAC activity looks like right nowWhy stronger-capitalized transactions are becoming the normCapital availability heading into Labor Day and Q4What a busier back half of the year could mean for issuanceConnect with Mike Blankenship  LinkedIn: linkedin.com/in/mikeblankenship About Winston Taylor  Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com. Interested in joining a future episode? Reach out at thespacpodcast.com, and learn more about the network behind the show at oneironnetwork.com. Follow The SPAC Podcast  Website: thespacpodcast.com  LinkedIn: linkedin.com/company/thespacpodcast  YouTube: youtube.com/@thespacpodcast A One Iron Network production: Executive Producer Joshua Wilson Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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/

135 SPAC IPOs year to date. $26 billion raised. 359 SPACs still outstanding and competing for targets. Mike Blankenship breaks down what those numbers mean if you are sponsoring a SPAC or sitting on the target side of the table. Michael (Mike) Blankenship, Managing Partner at Winston Taylor and co-chair of the firm's Capital Markets practice, joins Executive Producer Joshua Wilson for a market update on where SPACs stand in August 2026. The conversation covers issuance pace, trust size and the dilution math behind target sizing, the reopening of the PIPE market, how sponsor terms shift between a first SPAC and a ninth, what has changed at the SEC since the July 2024 rules, and how targets use SPAC timelines as leverage. What We Cover - Issuance pace: 135 SPAC IPOs to date against 57 in 2024 and 144 last year - Roughly $26 billion raised, with average trust size near $200 million - Why the 80% test is a floor and dilution drives target sizing - 44-plus announced de-SPAC deals at close to $40 billion in value - The PIPE market reopening, and why a pre-signing PIPE validates valuation - Sectors with real revenue: infrastructure, defense, data centers, digital assets - First-time versus serial sponsors: warrants, rights, and cap structure alignment - Fewer SEC comments and more no-review IPOs since the July 2024 rules - 359 SPACs outstanding, exclusivity, and target leverage as the clock winds down Connect with Mike Blankenship LinkedIn: linkedin.com/in/mikeblankenship About Winston Taylor Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com. Interested in joining a future episode? The SPAC Podcast connects sponsors, management teams, bankers, and capital markets counsel. Learn more at thespacpodcast.com and oneironnetwork.com. Follow The SPAC Podcast Website: thespacpodcast.com LinkedIn: linkedin.com/company/thespacpodcast YouTube: youtube.com/@thespacpodcast A One Iron Network production: Executive Producer Joshua Wilson Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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 Ring spent 30 years as a corporate securities lawyer. Then he co-founded a bank — and took it through a de-SPAC that required something almost no SPAC target faces: Federal Reserve approval. Mike Ring, Co-Founder, President, and CEO of Old Glory Bank and former Greenberg Traurig corporate securities partner, joins host Mike Blankenship to break down what may be the first bank de-SPAC. Ring walks through the regulatory path unique to a bank holding company — Federal Reserve approval under the 1956 Bank Holding Company Act, layered on top of the SEC process — plus why a SPAC beat an underwritten IPO or direct listing for a state-chartered Oklahoma bank, and why he made the public company's home in Texas. What We Cover: - Why banks almost never pursue de-SPACs - Federal Reserve approval under the 1956 Bank Holding Company Act, on top of SEC review - OCC charters vs. state charters for an Oklahoma-chartered bank - Deal timeline: LOI in October, BCA in January, effective in July - Why an underwritten offering or direct listing wasn't a realistic path to Nasdaq - A securities lawyer as his own client: "a lawyer always makes the worst client" - Texas domestication and where the state's new exchange may fit later - Digital assets in the bank's roadmap after the GENIUS Act Connect with Mike Ring: Website: oldglorybank.com Podcast: PSL — open.spotify.com/show/6MUR8ZtDk1Gs6t7tF5sDIH Connect with Mike Blankenship: LinkedIn: linkedin.com/in/mikeblankenship About Winston Taylor: Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com. Interested in joining a future episode? The SPAC Podcast is part of One Iron Network, a media network for dealmakers, investors, and capital markets professionals. Visit thespacpodcast.com and oneironnetwork.com. Follow The SPAC Podcast: Website: thespacpodcast.com LinkedIn: linkedin.com/company/thespacpodcast YouTube: youtube.com/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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/

"Do you really want to be public?" It's the first question Larry Swets asks any company eyeing a SPAC — and the one most founders answer wrong. After 30 years in capital markets and more than a dozen SPACs sponsored, he's watched companies chase billion-dollar valuations they knew weren't real, then spend five years growing into a fraction of that number. In this episode, host Michael Blankenship sits down with Larry Swets, CFA — Chairman and Co-Founder of FG Nexus and one of the most experienced operators in the SPAC and alternative capital formation ecosystem. Larry traces the arc from the 2020–2021 boom through the SEC-driven reset to today's renewed activity, unpacking why too many sponsors underestimate how hard this work is. He explains how private companies should pressure-test their public-market readiness, position their story for investors with short attention spans, and set valuation expectations the market will actually support. A candid, practitioner-level conversation on capital formation, IPO alternatives, and building a healthier SPAC ecosystem. What We Cover: 🔑 The first question every company must answer before a SPAC📉 What the 2020–2021 boom and reset actually taught the market⚖️ Why there are too many SPACs — and too many underprepared sponsors💰 The real cost of chasing unsustainable valuations🏗️ How boring, cash-flowing businesses became top-performing SPACs🚀 Where SPACs beat traditional IPOs on speed and sector📊 Positioning your story for investors with short attention spans🤝 Building a healthier SPAC ecosystem for everyoneConnect with Larry Swets, CFA  Website: fgnexus.io  LinkedIn: linkedin.com/in/larry-g-swets-jr-cfa-7400a75  X: x.com/larryswets About Winston Taylor  Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com. Follow Michael on LinkedIn: https://www.linkedin.com/in/mikeblankenship/ Follow The SPAC Podcast  Website thespacpodcast.com · LinkedIn linkedin.com/company/thespacpodcast · YouTube youtube.com/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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 does it take to bring a billion-dollar-plus quantum computing company to the public markets? In this episode, IQM co-founder and CEO Jan Goetz and SPAC sponsor Peter Ort reveal why a European quantum leader chose a SPAC over a traditional IPO, and how deal certainty and timing ultimately shaped the decision to go public now. Host Michael Blankenship is joined by Dr. Jan Goetz, co-founder and CEO of IQM Quantum Computers, and Peter Ort, SPAC sponsor and General Partner at Cambium Capital, for a candid look at one of the most closely watched deals in the quantum computing space. The conversation traces IQM's path from a 2018 Aalto University spin-out to a full-stack, vertically integrated quantum company that has now shipped 23 systems worldwide. Goetz and Ort discuss the SPAC transaction with Real Asset Acquisition Corp., why public-market capital can accelerate a long-term technology roadmap, and what comes next for superconducting quantum computing. What We Cover: Why IQM chose a SPAC over a traditional IPODeal certainty, timing, and execution in a SPAC transactionIQM's full-stack, vertically integrated model and proprietary chip fabDeploying quantum computers at scale inside live data centersThe recent Oak Ridge National Labs on-prem deliveryHow public-market capital accelerates a tech and product roadmapIQM's competitive position in the superconducting modalityThe 2025 Series B round and the company's capitalization pictureWhere quantum computing is headed: error correction and beyondWhat the partnership between IQM and Cambium Capital looks likeConnect with Mike Blankenship:  LinkedIn linkedin.com/in/mikeblankenship Connect with Jan Goetz:  Website iqm.tech  LinkedIn linkedin.com/in/jan-goetz Connect with Peter Ort:  LinkedIn linkedin.com/in/peter-ort-5102a013  Website curaleaassociates.com About Winston Taylor:  Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com. Follow The SPAC Podcast:  Website thespacpodcast.com ·  LinkedIn linkedin.com/company/thespacpodcast ·  YouTube youtube.com/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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/

Vik Mittal has been investing in SPACs for 22 years. His verdict on the 2020–21 boom: roughly 60–70% of vehicles liquidated, and a majority of those that closed went bankrupt before their lockups expired — what he flatly calls "a real destruction of capital." So why is he more bullish on the asset class now than he's been in years? In this episode, Vik Mittal, Managing Member and CIO of Meteora Capital, joins host Mike Blankenship to unpack how institutional capital reshaped the SPAC market — turning a sleepy backwater product into a disciplined vehicle built around serial sponsors. Drawing on two decades on the buy side at Glazer Capital and years as a principal sponsor, Vik traces the arc from the first institutional PIPEs through the 2021 excess to today's renaissance. It's a clear-eyed practitioner's look at sponsor quality, valuation discipline, redemptions, warrants, and exactly where durable SPAC deals are getting done in 2025. What We Cover: 📈 How institutional PIPEs first opened the SPAC market to long-only and long-short funds🏦 Why separating the shareholder vote from redemptions reshaped the asset class⚠️ The 2020–21 boom: liquidation rates, capital destruction, and the lessons learned🔁 Why serial sponsors with real track records define the 2025 renaissance💰 Sponsor alignment: why core-team risk capital beats fully syndicated deals🧮 The PIPE as a valuation-discipline mechanism for investors🚀 Where SPACs fit vs. a regular-way IPO — and the 10X target profile🤖 AI infrastructure and digital assets as the new SPAC frontier🎓 Advice for first-time sponsors: sit on a board before you lead📰 The media's biggest misconceptions about how SPACs really workConnect with Vik Mittal Website meteoracapital.com LinkedIn linkedin.com/in/vik-mittal-539903132 Connect with Mike Blankenship LinkedIn linkedin.com/in/mikeblankenship About Winston Taylor Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com. Follow The SPAC Podcast Website thespacpodcast.com · LinkedIn linkedin.com/company/thespacpodcast · YouTube youtube.com/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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 does it take to put fusion energy on the public markets? Greg Twinney, CEO of General Fusion, joins Mike Blankenship to break down why the company is going public through a SPAC merger with Spring Valley — and why committed, oversubscribed PIPE capital mattered far more to him than counting on the trust account to actually come through at closing. EPISODE SUMMARY Greg Twinney, CEO of General Fusion and a 20-plus-year veteran of commercializing new technologies, walks through one of the most closely watched energy SPAC deals of the cycle. Twinney explains General Fusion's announced business combination with Spring Valley, the rationale for choosing a SPAC over a direct listing or traditional IPO, and how the company structured committed capital to fund critical machine milestones. The conversation digs into redemption risk, trust account dynamics, PIPE financing, and what it takes to move a decades-long fusion program from private science into the scrutiny of the public markets. A clear-eyed look at capital formation, deal structure, and the equity story behind deep-tech. What We Cover Why General Fusion chose a SPAC over a direct listing or IPOThe announced Spring Valley business combination and ~$1B pro forma equity valueHow an oversubscribed PIPE raise (~$108M) anchored the dealTrust capital, redemption risk, and why committed PIPE mattered mostFunding the milestones for a 50% power-plant-scale machineGeneral Fusion's liquid-metal-wall engineering approach to fusionHow fusion economics could translate to commercial power plantsThe decoupled, capital-efficient path to a first-of-a-kind plantWhat going public means for a decades-long fusion programConnect with Greg Twinney Website generalfusion.com LinkedIn linkedin.com/in/gregtwinney Follow The SPAC Podcast Website thespacpodcast.com · LinkedIn linkedin.com/company/thespacpodcast · YouTube youtube.com/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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 if going public meant buying Main Street — 92 small businesses at a time? Michael Blankenship sits down with Michael Brown, Co-Founder & CEO of Teamshares — a programmatic acquirer of $0.5M–$5M EBITDA businesses heading to NASDAQ via merger with Live Oak V. Founded in 2019, Teamshares has acquired 92 companies from retiring owners, runs $400M+ in consolidated revenue across 40+ industries and 30 states, and is part HoldCo, part fintech. Michael walks through the silver tsunami thesis, why most SME exits end in inertia or closure, and how Teamshares structured a SPAC merger and PIPE alongside T. Rowe Price.  🤝 Connect with Michael Brown: 🌐 https://www.teamshares.com/ 💼 https://www.linkedin.com/in/-masb/ 📩 Connect with Michael Blankenship: 💼 https://www.linkedin.com/in/mikeblankenship/ 🌐 https://www.thespacpodcast.com/ 🎙️ Follow The SPAC Podcast: 🌐 https://www.thespacpodcast.com/ ▶️ https://www.youtube.com/@thespacpodcast Important Disclosures and Disclaimers Teamshares has entered into a definitive agreement for a business combination with Live Oak Crest Acquisition Corp. (“Live Oak”), a special purpose acquisition company. In connection with the proposed transaction, a registration statement on Form S-4 (the “Registration Statement”) has been filed with the U.S. Securities and Exchange Commission (the “SEC”). This podcast does not constitute an offer to sell or the solicitation of an offer to buy any securities. For important information about the proposed transaction, including where to find the Registration Statement and other legal disclaimers, please refer to the press release available at https://www.businesswire.com/news/home/20260403515446/en/Teamshares-and-Live-Oak-V-File-S-4. Clarifications. References to “segment profit” refer to Pro Forma Operating EBITDA, which includes pre-acquisition results of acquired businesses as if they had been owned for the full year. A full reconciliation of non-GAAP measures to the most directly comparable GAAP measures, as well as Teamshares’ audited GAAP financial statements, is available in the Registration Statement. Investors should review the full set of assumptions and risk factors accompanying these metrics in the Registration Statement. Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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 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/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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 pitch What 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/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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/@thespacpodcast Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. 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/