The DESPAC Podcast

Most private companies treat a DESPAC as the finish line. Jeffrey Duncan and Jonathan Grubbs of Aprio explain why day one as a public company is where the real work begins — and why targets that wait until the BCA is signed are already behind. In this episode, host Chaz Churchwell sits down with Jeffrey Duncan, Partner and leader of Technical Accounting Consulting Services at Aprio, and Jonathan G...

What actually disqualifies a private company from a SPAC deal? Patrick Sturgeon says the answer is often the same thing that would sink a traditional IPO — size. A single-asset biotech at Phase 1B with a sub-$100M valuation "just should not be a public company," and the exchanges are taking a harder look at microcaps trying to list. In this episode, Chaz Churchwell sits down with Dimitre...

Most DESPAC votes don't fail at the ballot box. They fail months earlier, in silence — when no one is communicating with the shareholder base and the redemptions are already climbing. By the time the panicked calls go out to redeeming holders, it's already far too late to change the outcome. In this episode of The DESPAC Podcast, host Chaz Churchwell sits down with Desiree Carlo, Senior...

What no one tells founders before a DESPAC: the deal itself is the easy part. Roshan Pujari took Stardust Power from a 2023 startup to a shovel-ready national lithium project in roughly three years — and he is refreshingly candid about the volatility, the hidden costs, and the discipline it took to survive year one as a newly public company. EPISODE SUMMARY Roshan Pujari, Founder, Chairman, and CE...

Why do so many DESPAC deals look great on day one and collapse months later? In this episode of The DESPAC Podcast, host Chaz Churchwell sits down with Douglas Ellenoff of Ellenoff Grossman & Schole, one of the most prolific securities attorneys in the SPAC ecosystem with 25 years and over 1,000 SPAC IPOs behind him. Doug pulls back the curtain on what actually separates DESPAC deals that thri...

Misclassify warrants or earnouts and you can blow up your DESPAC valuation, delay closing by months, and stack millions in advisory, audit, and legal fees on a deal that was supposed to be ready. Sam Salty (Managing Partner, GuzmanGray) and Mark Stoller (CMO, GuzmanGray) join Chaz Churchwell on The DESPAC Podcast to break down what real PCAOB readiness looks like, why AICPA-grade audit evidence ra...

"You can't be a SPAC and a DESPAC at the same time." That's the line from McGuireWoods partner Alex Weniger-Araujo that captures everything wrong with how most private companies approach going public. In this episode, Chaz sits down with Alex Weniger-Araujo (Capital Markets & Securities Partner) and Shahrooz Shahnavaz (Tax Partner & Co-Leader) of McGuireWoods — two atto...

A Certified Fraud Examiner who ran undercover investigations for Kroll is now one of the most valuable assets a private company can have heading into a de-SPAC. James Tunkey has worked 50+ de-SPAC transactions — and he says most private companies have no idea what's coming at them in executive due diligence, or how to use it strategically. James Tunkey, CFE and Managing Director of I on Asia,...

Valuation disputes are the #1 source of litigation, infighting, and blown DESPAC deals. Michael Moscarelli of Houlihan Capital has personally delivered up to 15 DESPAC fairness opinions and breaks down exactly how the process works, what targets consistently get wrong, and why the financial projections you share today could become your single biggest post-close liability. Michael Moscarelli is a V...

This episode provides a quick market update on the SPAC ecosystem and discusses how legal trends and governance practices are shaping the next cycle of deals. Chaz Churchwell explains why securities litigation has dropped dramatically since the peak SPAC boom and outlines steps SPAC sponsors and targets can take to protect themselves moving forward. The episode also explores why governance, valuat...

Investment bankers play a critical role in the SPAC and DESPAC process, yet their work often happens behind the scenes. In this interview, host Chaz Churchwell sits down with Jesse Busch of iBankers to unpack the mechanics of taking a company public through a SPAC merger. Jesse shares insights from two decades of SPAC market experience, explaining how boutique investment banks help guide private c...

In this episode, host Chaz Churchwell speaks with Mohammad Hasham , Partner at Cohn Reznick, about the critical role CFO advisory teams play in helping private companies prepare to become public. Mohammad specializes in capital markets advisory and works with companies navigating IPOs, SPAC mergers, and public company readiness. The conversation explores how accounting advisory teams support CFOs...

In this episode, host Chaz Churchwell interviews Caitlyn Van Valin , Head of U.S. Sales at Odyssey Trust Company, to discuss the role transfer agents play in helping companies transition into the public markets. Caitlyn explains how transfer agents serve as the gatekeepers of shareholder records, issuing and tracking shares while supporting companies during corporate action events like DESPAC tran...

In this episode, host Chaz Churchwell interviews Alexandra Low , Cayman counsel at Appleby and one of the leading advisors supporting SPAC IPOs and DESPAC transactions. Alexandra shares her perspective from working with international deal teams, U.S. law firms, and SPAC sponsors executing public listings through Cayman-structured entities. The conversation explores: Why the Cayman Islands dominate...

In this episode of The DESPAC Podcast, host Chaz Churchwell interviews Chris Cottone , Vice President at Greentree Financial, a family office active in IPO and SPAC advisory since 1999. Chris shares practical insight from years of experience advising companies through both IPOs and DESPAC transactions. Topics covered include: What types of SPACs targets should evaluate How promote structure and di...

In this episode, host Chaz Churchwell interviews Peter Goldstein , founder of Exchange Listing and sponsor of Emmis Acquisition Corp. With over 25 years in capital markets, Peter shares a candid comparison between IPOs and DESPAC transactions. He explains why 80% of the preparation process is the same, but the engines driving each path are fundamentally different. Topics covered include: Market-dr...

In this international episode, Chaz Churchwell interviews Daniele D’Alvia , Director of the Banking and Finance Law Institute at Queen Mary University of London and founder of SPACs Consultancy. Daniele offers a global perspective on SPACs, examining the boom and bust cycle of 2020–2022 and what it revealed about governance, sponsor incentives, valuation discipline, and investor confidence. Key di...

In this episode of The DESPAC Podcast, Chaz Churchwell interviews Jordan Darrow , founder of Darrow IR, to discuss the strategic role of Investor Relations in the DESPAC process. Jordan shares insight from representing SPAC sponsors and operating companies across multiple market cycles. He explains why IR should be engaged early, how investor positioning influences valuation, and why small-cap pub...

Going public through a DESPAC puts companies under a spotlight most leaders underestimate. In this episode, we sit  down with Jon Uretzky , founding partner of PULP Law Firm, one of the most recognized securities litigation firms in the microcap and small-cap markets. Jon explains why DESPAC transactions attract disproportionate regulatory and shareholder scrutiny, how SEC actions trigger cascadin...

In this episode, host Chaz Churchwell is joined by Seth Farbman , CEO of VStock Transfer, for a deep, practical discussion on the role transfer agents play in DESPAC transactions and ongoing public-company operations. Seth shares insight from decades in capital markets, explaining how transfer agents serve both issuers and shareholders, why communication failures create real financial risk, and ho...

In this episode, host Chaz Churchwell is joined by Elliot Goldstein of Federal Filings, a veteran EDGAR agent and capital markets operator, for a detailed conversation on the realities of SEC filings during DESPAC transactions. Elliot explains how filings are prepared, why formatting and XBRL tagging create risk, and where private companies consistently fall short when transitioning to public-comp...

In this episode, we are joined by Long Long , a veteran SPAC sponsor and capital markets operator, for a deep discussion on what truly drives successful DESPAC transactions. Long shares his journey from corporate finance to leading SPACs and explains why many deals fail long before they ever reach the market. From lack of internal coordination and unrealistic expectations to poor governance and we...

In this episode, host Chaz Churchwell is joined by securities attorney Morris Zarif , founder of Zarif Law Group, for a deep conversation on legal readiness, governance discipline, and the hidden risks private companies face when pursuing a DESPAC transaction. Morris brings more than a decade of capital markets experience and breaks down what he consistently sees go wrong for targets that wait too...

In this final episode of The DESPAC Podcast Go Public Series, host Chaz Churchwell and SPAC attorney Michael Blankenship of Winston & Strawn walk through the last step of the Go Public Framework: C – Continuing to Evolve . Public companies operate in a dynamic environment where regulations shift, risks change, and shareholder expectations intensify. Long-term viability depends on continuous ad...

In this episode of The DESPAC Podcast Go Public Series, host Chaz Churchwell and SPAC attorney Michael Blankenship of Winston & Strawn break down the seventh step of the Go Public Framework: I – Institutionalizing Discipline . Institutional discipline is the foundation of long-term public-company success. It includes regulatory compliance, governance structure, transparent reporting, investor...