What Makes a Company Public Ready
In this episode of The SPAC Podcast, Adeel Rouf shares what he looks for in an ideal SPAC target and why many companies miss the mark. Drawing from experience across more than 10 SPACs, Adeel explains the key characteristics that indicate a company is truly public-ready.
According to Adeel, it’s not just about industry leadership or revenue growth. A solid SPAC target needs to have audited financials, seasoned investors, prior funding rounds, and most importantly a management team that can perform in the public spotlight. Too many private companies underestimate how different public market expectations are. This episode highlights how SPAC sponsors can filter for readiness on both the business and leadership side of a transaction.
Connect with the Guest:
Adeel Rouf – SPAC Sponsor & Investor
LinkedIn: https://www.linkedin.com/in/adeelrouf/
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Michael Blankenship LinkedIn:
https://www.linkedin.com/in/mikeblankenship/
Joshua Wilson LinkedIn:
https://www.linkedin.com/in/joshuabrucewilson/
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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.
Disclaimer:
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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👉 Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/
👉 Joshua Bruce Wilson - https://www.linkedin.com/in/joshuabrucewilson/
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Mike Blankenship:
When you’re looking at a target as a SPAC sponsor, what is your ideal characteristic of that target? You know, management, business?
Adeel Rouf:
Yep. That’s a very good question—and one that often comes up when we’re doing a SPAC. I think the ideal SPAC target is a company that’s a leader in its field, has grown significantly, and is truly ready to become a public company.
When I say “public-ready,” I mean they’re ideally profitable, have a strong top line, good investors in their cap table, have gone through several funding rounds, and are already audited. In other words, they have their house in order.
They also need to be the right size. Some SPAC targets in the past simply weren’t big enough or structured properly for public markets. Fit matters.
But one thing that’s often overlooked is the management team. Even if it’s a great company, if the management isn’t public-ready—if they can’t carry the message to investors and stakeholders—then it won’t work. The team needs to be able to operate and communicate as a public company.
That combination, business readiness and team readiness, is what I look for in a SPAC target.
Adeel Rouf
CEO
Adeel Rouf is a seasoned financier and SPAC sponsor with a background spanning investment banking, capital markets, and corporate finance. He currently serves as the President and Chief Executive Officer of Voyager Acquisition Corp., a Nasdaq-listed special purpose acquisition company that recently announced a $1.3 billion merger with Veraxa Holdings, a Switzerland-based biotechnology firm.
Mr. Rouf is also the President and Chief Financial Officer of Titan Acquisition Corp., a fintech-focused SPAC that raised $277 million in its initial public offering. He has previously held officer and director roles in several other SPACs, demonstrating a consistent track record in sourcing, structuring, and executing complex transactions across sectors.
Earlier in his career, Mr. Rouf was part of J.P. Morgan’s Investment Banking Leveraged Finance team, where he focused on executing high-yield and structured debt financings. He also worked at Sumitomo Mitsui Banking Corporation, advising on structured credit and project finance deals.
He earned a BBA in Accounting from Baruch College and holds a Master of Science in Sustainability Management and Energy Finance from Columbia University.