SPACs Flexibility vs Traditional IPOs
In this SPAC Podcast Spotlight, Managing Director Dimitre Genov of Brookline Capital Markets explains why SPACs provide a level of flexibility that traditional IPOs often lack. He shares how SPACs allow sponsors and companies to agree upfront on valuation, customize capital structures, and incorporate earnouts or contingent payouts to align interests.
Dimitre also highlights the value top sponsors bring beyond capital — including strategic networks, operational expertise, and market relationships. For companies with complex stories or multi-year roadmaps, SPACs can offer a more adaptable and customized path to going public.
Connect with the Guest:
Dimitre Genov – Brookline Capital Markets:
https://brooklinecapmkts.com/
LinkedIn: https://www.linkedin.com/in/dimitre-genov-6136182/
View all of their episodes here:
https://www.thespacpodcast.com/guests/dimitre-j-genov/
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
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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.
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Let’s Connect on LinkedIn:
👉 Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/
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Michael (00:00): So can you walk us through the flexibility of SPAC offers during a transaction, both for companies and sponsors, and how does that flexibility really translate for real-world benefits?
Dimitre Genov (01:36): Great, thank you Michael. SPACs do offer a level of flexibility that traditional IPOs just don’t. If you look back at history, the first IPO was for a company called the Bank of North America and it was done in 1783. Hamilton was actually involved with that, and when you read the history, you’ll see the transaction and IPO process hasn’t really changed much since that time — whereas SPACs have constantly evolved and innovated.
One of the most fundamental advantages of a SPAC is that the company and the sponsor can agree upfront on the valuation rather than letting it be dictated by a roadshow or the market. That creates more certainty and control, especially for businesses with complex stories and multi-year roadmaps.
It’s not just valuation — the capital structure can be customized too. SPACs can raise not only equity, but also preferred, converts, or even debt. Earnouts and other contingent payouts can be used to better align interests and bridge valuation gaps. This makes the structure adaptable and customizable for companies with unique businesses.
Sponsors bring more than just money. The best sponsors provide strategic networks, operational expertise, and deep public market relationships. That combination of flexible capital, tailored deal terms, and sponsor support is why SPACs have worked for many companies that chose this route to go public.