Episodes

In this episode of The SPAC Podcast, James breaks down the evolving role of Private Investments in Public Equity (PIPEs) and why they remain an essential but more challenging, tool for SPAC deals today. James explains how PIPEs looked deceptively easy during the 2020 boom, when leaked deals pushed stocks to $20 and investors happily committed to $10 PIPEs. But today, PIPEs take time, trust, and careful structuring to close successfully. He highlights two major issues that derailed many deals i...

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), reflects on his years of work in the SPAC space both with paying clients and in the context of SEC investigations. Nick shares that while ICAN has not yet taken up a SPAC case from a nonprofit litigation perspective, he has represented numerous clients in the SPAC ecosystem during an active period from 2021 through 2024. Many of those matters involved SEC in...

In this episode of The SPAC Podcast, Caitlyn Van Valin, Vice President at Odyssey Trust, highlights how technology and transparency are reshaping the SPAC transfer agent and trust process. She explains how Odyssey’s state-of-the-art reporting portals give sponsors, legal teams, CFOs, and boards instant access to accurate reports, without waiting overnight. With more than 150 customizable reports available, Odyssey empowers sponsors with real-time data to support audits, board updates, sharehold...

In this episode of The SPAC Podcast, Adeel Rouf shares his perspective on U.S. vs. non-U.S. SPAC deal flow and why high-quality companies from Europe and Asia continue to choose NASDAQ and NYSE as their go-to listing destinations. While the U.S. capital markets remain the most liquid and deal-ready globally, Adeel explains that many international companies, especially in sectors like biotech, see U.S. exchanges as a strategic gateway to growth. Drawing from his recent Voyager SPAC deal with a S...

In this episode of The SPAC Podcast, Louis Camhi, Chief Investment Officer of RLH Capital, shares his journey from Wall Street to launching his own SPAC-focused fund. He reflects on his early career at Credit Suisse in M&A, his time at Three Corner Global and Citadel, and how those experiences shaped his approach to investing. Louis also explains why he launched RLH Capital in October 2021 to provide capital to SPACs across their life cycle — a move that came just as the SPAC market cooled. Now...

In this episode of The SPAC Podcast, Machua “Motsch” Millett, Chief Innovation Officer at Lockton Companies, outlines the critical role brokers play in guiding boards through the D&O insurance process before, during, and after a SPAC transaction. Machua shares how his team approaches the role as a true risk advisor, not just an insurance placement firm. From educating boards on lifecycle risks, to designing cost-efficient coverage programs, to stepping in with claims advocacy during litigation ...

In this episode of The SPAC Podcast, James shares how the investor base for de-SPACs has shifted and why sponsors must focus on attracting long-term, fundamental investors. James explains that while redemption risk is always present, the “unicorn” is the fundamental investor who buys in between announcement and closing. He notes that some of the most successful deals he’s worked on, those with minimal or no redemptions, were anchored by strong institutions like Putnam and Par Capital that belie...

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), critiques the SEC’s use of regulation by enforcement, particularly in the SPAC context. Nick points to the Momentus Stable Road case of 2021 as a clear example, noting Commissioner Hester Peirce’s concerns about the practice. Instead of transparent rulemaking under the Administrative Procedure Act (APA), the SEC at times has chosen to set policy through one-...

In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, explains what separates strong SPAC sponsors from passive ones. He shares why the best sponsors bring more than just capital, offering industry knowledge, operational experience, and access to networks that can help companies grow. Patrick highlights how valuable sponsors understand the challenges operators face and contribute solutions through relationships, financing connections, and strategi...

In this episode of The SPAC Podcast, Adeel Rouf breaks down the real risk-reward tradeoff that comes with being a serial SPAC sponsor. Drawing on deep experience leading multiple SPACs, Adeel outlines the critical responsibilities and vulnerabilities that sponsors must prepare for if they want to succeed in today’s highly competitive landscape. He emphasizes that sponsors can’t rely solely on bankers or external networks to source deals, they need to build a robust, executable deal flow well be...

In this episode of The SPAC Podcast, Louis Camhi lays out a candid and nuanced outlook for the SPAC market heading into 2025 and beyond. He explains that while SPACs are simply another tool in the capital markets toolbox, recent macro events, including the 2024 election cycle and early 2025 volatility, have temporarily held back broader recovery. Louis points to signs of momentum returning: an uptick in IPO activity, renewed interest from private equity firms seeking liquidity, and notable succ...

In this episode of The SPAC Podcast, Louis Camhi breaks down the evolving relationship between SPACs and the crypto space and where investor attention is shifting next. He highlights recent high-profile transactions, including Cantor Fitzgerald’s CEP deal, which gave investors exposure to Bitcoin through a listed equity vehicle. Louis also points out that while digital asset treasury models initially gained traction, the market is starting to shift. Investors are now looking for operating crypt...

In this episode of The SPAC Podcast, Chaz, founder of Churchwell, explains why D&O insurance is highly customizable and why wording matters more than most sponsors realize. He shares real-world examples of how missing a single phrase, like “reverse merger,” has led carriers to deny SPAC-related claims. Chaz also describes how his firm works with clients post-de-SPAC, leveraging top D&O coverage attorneys to audit policies, uncover deficiencies, and fix them without raising costs. For SPAC spon...

In this episode of The SPAC Podcast, James outlines what makes the “ideal” SPAC target and why it’s often more about strategic fit and synergies than sector. For James, public-company-ready management is the non-negotiable starting point. But beyond that, he describes scenarios where SPACs create unique value: A company like William Scotsman, with $120M EBITDA and a bolt-on acquisition opportunity that could only be executed via a SPAC. Consolidation plays, where multiple mid-sized companies ...

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), critiques the SEC’s practice of regulating by enforcement. Nick cites the Momentus Stable Road case (2021) as a prime example, echoing Commissioner Hester Peirce’s concerns that enforcement actions have been used to make policy in the SPAC space. Instead of case-by-case precedents, Nick argues that the Administrative Procedure Act (APA) provides the right f...

In this episode of The SPAC Podcast, Caitlyn Van Valin, Vice President at Odyssey Trust, shares her outlook for the SPAC market over the remainder of the year. With Odyssey working on half of all active SPACs, Caitlyn provides a unique perspective on the pipeline. She notes that while SEC turnaround times have created a temporary bottleneck, the backlog of filed S-1s points to a very active Q3 and Q4. Her forecast? September and October will be “absolutely bananas”, with no one on the Odyssey ...

In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, shares his advice for private company CEOs considering a SPAC merger. He stresses the importance of conducting due diligence on the sponsor team, while also being honest about whether the company is truly prepared to operate as a public entity. Patrick outlines the additional requirements that come with going public — from audited financials and organized data rooms to ongoing disclosure obliga...

In this episode of The SPAC Podcast, Chaz, founder of Churchwell, explains what sets his firm apart from the big-name insurance agencies like Lockton, Marsh, and Aon. While large agencies focus their attention on billion-dollar companies, Churchwell specializes in small- to mid-cap public companies, the very clients who often feel overlooked despite spending millions in premiums. Chaz shares how Churchwell’s attorney-led approach ensures policy wording is negotiated precisely, preventing carrie...

In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, explains why some companies may choose a SPAC over a traditional IPO or direct listing. While SPACs are not always the best option, Patrick highlights the unique flexibility they offer for certain situations. He discusses how SPACs allow companies to phase in capital raising through mechanisms like PIPEs or private placements and to structure features such as earnouts more easily than in a trad...

In this episode of The SPAC Podcast, we hear from Caitlyn Van Valin, Vice President at Odyssey Trust, on how her team is redefining what it means to be a responsive, scalable partner in the SPAC ecosystem. Caitlyn shares how Odyssey has grown into one of the most trusted firms in the space handling over half of all new SPAC listings in 2024. With roots in both transfer agent and trust services, Odyssey has built custom operational structures, called “SPAC pods”, that allow the firm to handle mu...

In this episode of The SPAC Podcast, Adeel Rouf dives into two of his highest-conviction sectors for upcoming SPAC activity: healthcare (specifically biotech) and FinTech. While AI and crypto dominate the headlines, Adeel makes the case for why some of the most overlooked, and deeply discounted, opportunities exist in these quieter corners of the market. Biotech, he notes, has been heavily discounted since the market cooled in 2021–2023, leaving many high-quality companies undervalued and ready...

In this episode of The SPAC Podcast, we sit down with Louis Camhi, who shares the unexpected path that led him from covering fintech at major hedge funds to becoming a focused SPAC investor and fund manager. His story starts in 2014, when a call from a friend working on a SPAC deal sparked his curiosity. What followed was a deep dive into SPAC structures from units and warrants to downside protection and ultimately, a shift in his career trajectory. Louis recounts his time at Three Corner Globa...

In this episode of The SPAC Podcast, Adeel Rouf opens up about the biggest lessons he’s learned across more than 10 SPAC transactions. Rather than highlighting wins, Adeel shares candid stories of missteps that taught him what truly matters in successful SPAC sponsorship. From rushing private companies to public markets before they were ready, to underestimating the pressure of quarterly reporting, Adeel emphasizes the importance of investor communication, management readiness, and strategic al...

In this episode of The SPAC Podcast, Louis Camhi tackles one of the most pressing questions in the capital markets today: What are the biggest misperceptions about SPACs and how do we correct the record? Louis explains the crucial difference between a SPAC and a de-SPAC, outlining why the redemption feature makes pre-deal SPACs more like convertible bonds with downside protection, while post-deal de-SPACs behave like traditional equities. He also walks through the history of how the 2020 SPAC bo...