SPACs. Are They Really Back?
In this episode of The SPAC Podcast, Louis Camhi offers a nuanced take on the state of the SPAC market and why it’s still too early to say, “SPACs are back.” Rather than chasing headlines, Louis explains that SPACs are best understood as cyclical tools within the capital markets, just like IPOs, M&A, or direct listings.
He highlights that the IPO market has been largely dormant in recent years, and SPAC performance is directly tied to overall market health. Louis also shares his view that SPACs can be a strategic path for companies that may not be top-tier underwriter favorites especially players ranked second or third in competitive industries. As deal activity starts to show signs of life, verticals like crypto and nuclear energy are beginning to see renewed SPAC interest.
Connect with the Guest:
Louis Camhi – SPAC Investor & Fund Manager
LinkedIn: https://www.linkedin.com/in/louis-camhi-aa3464b/
View all of their episodes here:
https://www.thespacpodcast.com/guests/louis-camhi/
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/@Thespacpodcast
Contact The SPAC Podcast:
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The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, tax, or accounting advice.
Disclaimers:
The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, tax, or accounting advice.
Michael J. Blankenship is a licensed attorney and is a 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 intended for informational and educational purposes only and should not be interpreted as legal, financial, or compliance advice. The views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the official policies or positions of any regulatory agency, law firm, employer, or organization.
Listeners are encouraged to consult their own legal counsel, compliance professionals, or financial advisors to ensure adherence to applicable laws and regulations, including those enforced by the SEC, FINRA, and other regulatory bodies. This podcast does not constitute a solicitation, offer, or recommendation of any financial products, securities transactions, or legal services.
Let’s Connect on LinkedIn:
👉 Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/
👉 ...
Michael Blankenship:
So in your view, you mentioned the SPAC bubble, are SPACs back?
Louis Camhi:
I think it’s premature to declare that SPACs are back. At the end of the day, SPACs are part of the capital markets cycle just like IPOs, direct listings, or M&A. And all of those are cyclical.
Until very recently, capital markets have been relatively dormant. And when IPOs or direct listings aren’t active, you can’t expect SPACs to be either. But now that we’re seeing some early signs of activity returning, I think you’ll see SPACs come back as a functional tool to go public.
For example, the #1 player in a $10B sector might go public through a traditional IPO with Goldman or Morgan Stanley. But the #3 player might not get that level of attention. That’s where SPACs come in. A quality sponsor team can take that company public and help them piggyback off of their competitor’s momentum.
We’re already seeing this happen in a few verticals crypto and nuclear energy, for instance. But to call SPACs “back,” we need to see the broader capital markets truly stabilize.