What Role Do Retail Investors Play in SPAC Deals Today?
In this episode of The SPAC Podcast, James Graf joins Mike Blankenship to reflect on how retail investor participation in SPACs has shifted since the 2020 boom. James recounts the pre-COVID era, when SPACs often struggled to meet shareholder count requirements, and how that flipped during the peak of meme-driven interest.
Retail investors once drove much of the post-IPO volume and price movement, sometimes outpacing institutions in influence. But that surge came with new challenges—rapid inflows and outflows, volatility, and a shareholder base less aligned with long-term outcomes.
Today, retail interest remains—but it’s far more selective, often tied to thematic deals like crypto or autonomy. This episode offers a measured look at the current balance between retail and institutional engagement in the SPAC space.
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James Graf
CEO
James Graf is CEO of Graf Global Corp., his eighth SPAC as CEO, CFO and/or active director since 2011. He also serves as Interim CFO of NKGen Biotech, his last SPAC target. Previous closed transactions include Global Eagle, Videocon d2h, Williams Scotsman, Target Hospitality, Velodyne Lidar, Crown LNG and NKGen.Prior to SPAC life, Jim was an investment banker for two decades, including roles as President of Deutsche Bank’s investment bank in Hong Kong and managing director at Merrill Lynch. He later founded enterprise software company Praedea Solutions and served as a financial consultant to MGM Studios.