What SPAC Teams Look for in a Potential Merger Target
In this episode of The SPAC Podcast, Mike Blankenship and Derek dive into the due diligence process from the sponsor’s perspective. What does it really take to determine if a private company is ready for the public markets via a SPAC?
Sponsors go beyond high-level growth narratives. They examine whether financials have been audited under PCAOB standards, evaluate the quality of forecasts, assess operational readiness, and explore any legal or regulatory risks. SPAC teams also consider leadership structure, internal controls, and the company’s path to profitability—all critical factors when preparing for the demands of life as a public entity. This episode outlines a thoughtful approach to pre-merger diligence.
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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.
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.
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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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Derek Kearns
Partner, SEC & SPAC Practice Leader
Derek is a Partner at Centri Business Consulting and the leader of the firm’s SEC, Financial Reporting & SPAC Practice. He has more than 25 years of accounting experience in both public and private industries. He joined Centri in September 2020 and has focused on Securities and Exchange Commission (“SEC”) rules and regulations, recurring public company SEC filings, IPO registration statements, business combination filings and pro forma financial statements as well as private company IPO readiness activities and strategies. Additionally, he has significant experience with both domestic and international public filers in the technology, media, and telecommunications sectors, the mining industry, life sciences, merchant services, as well as experience in the cannabis industry and manufacturing.
Prior to his time with Centri, Derek oversaw the reporting and technical accounting functions at Mile High Labs, an international cannabinoid and CBD product manufacturer. He also successfully operated an independent consulting business for four years.
Derek has held management positions at multiple Fortune 250 companies, as well as a public gold exploration company, overseeing SEC reporting and technical accounting functions. Derek began his career with Deloitte, where he spent six years in the audit and assurance practice.
He received his B.S. in Accounting and Finance from The Kelley School of Business at Indiana University in Bloomington, IN. He is a Certified Public Accountant in the state of Colorado.