The SPAC Podcast: Special Purpose Acquisition Company

In this episode of The SPAC Podcast , co-hosts Michael Blankenship and Joshua Wilson sit down with Seth Farbman , Chairman of Vstock Transfer and founder of ShareMedia, to explore the often-overlooked role of branding in SPAC success. Seth shares how today's SPAC sponsors—many of whom are serial dealmakers—must actively build visibility and trust to stand out in a crowded market. Drawing from...

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...

In this episode of The SPAC Podcast , Candice joins Mike Blankenship to share the unconventional and inspiring story of how she got involved in the SPAC world. It all started with Athena Acquisition Corp.—the first all-female SPAC—where she served as an advisor and got a firsthand look at the power of the asset class. Her experience led her to pitch the idea of launching a SPAC to the billionaire...

In this episode of The SPAC Podcast , Mike Blankenship and Joshua Wilson are joined by Candice Beaumont—Chairman of the Salsano Group and Chief Investment Officer of L Investments. With deep roots in both public and private markets, Candice shares insights from a career that spans corporate finance at Merrill Lynch, investment banking at Lazard, and private equity at Argonaut Capital. Candice curr...

In this episode of The SPAC Podcast , Derek joins Mike Blankenship to discuss one of the fastest-moving sectors in the 2025 SPAC landscape: digital assets and crypto. With several SPACs actively targeting the space—and recent announcements involving companies like ProCap and Tron—it’s clear this sector is drawing significant interest. As the public gains a better understanding of blockchain-based...

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,...

In this episode of The SPAC Podcast , Mike Blankenship sits down with Seth Farbman, President of VStock Transfer, to unpack the often overlooked—but critical—role of the transfer agent in a SPAC transaction. Seth shares why the transfer agent acts as the gatekeeper of the cap table, balancing the needs of both the issuer and shareholders. From handling shareholder communication to ensuring accurac...

What separates a successful SPAC from one that struggles? In this episode of The SPAC Podcast , Mike Blankenship and Derek explore the key characteristics of high-performing SPACs in today’s market. With nearly 60 SPAC IPOs in 2025 already, the data shows that most successful SPACs are led by experienced sponsors—those who understand the ecosystem and know how to navigate each stage of the transac...

In this episode of The SPAC Podcast , Mike Blankenship is joined by Seth Farbman, a seasoned entrepreneur and trusted name in the capital markets ecosystem. With a career spanning over two decades, Seth has founded and sold multiple service firms supporting thousands of public and private companies. Now serving as Chairman and President of VStock Transfer, Seth works closely with issuers across IP...

As securities litigation involving SPACs continues to rise, SPAC sponsors are increasingly finding themselves named in lawsuits. In this episode of The SPAC Podcast , Mike Blankenship and Chaz Churchwell break down what sponsors need to know about D&O (Directors & Officers) insurance in this shifting legal environment. Chaz shares recent litigation trends—including the fact that 96% of SPA...

🎙️ SPAC Guest Spotlight — Meet Chaz Churchwell From the U.S. Army to the boardrooms of public companies, Chaz Churchwell has spent nearly two decades helping leaders manage risk with precision and integrity. A U.S. Army Reserve veteran and founder of Churchwell Insurance Agency, Chaz brings an unwavering sense of purpose to executive liability insurance — protecting what founders, officers, and di...

What separates one-off SPAC sponsors from those who build lasting platforms? In this episode of The SPAC Podcast , Mike Blankenship speaks with James Graff, a veteran sponsor with over 14 years in the space, about what defines success in today’s market. James explains that long-term sponsors don’t treat SPACs as opportunistic vehicles—they treat them as a repeatable business. The most successful p...

In this episode of The SPAC Podcast , co-host Mike Blankenship sits down with James Graff, CEO of Graff Global Corp and a veteran SPAC sponsor who’s been active in the space for over 14 years. James shares how he transitioned from a 20-year career in investment banking to leading SPAC transactions—having now participated in eight as a sponsor or director. He recounts his early exposure to SPACs wh...

After the historic SPAC boom of 2020–2021 and a cooling period that followed, 2025 is seeing renewed interest in the SPAC model. In this episode of The SPAC Podcast , Mike and Derek discuss why the market is turning back to SPACs as a viable capital formation pathway. Many SPACs from the boom years ultimately liquidated, returning billions in capital to investors. With the traditional IPO window s...

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,...

While the promote is often the most discussed form of compensation for SPAC sponsors, it’s not the only one. In this episode of The SPAC Podcast , we take a closer look at additional forms of sponsor compensation that may exist around a transaction. Private placement warrants, expense reimbursements, success fees, or even advisory roles post-close are all possible components. These forms of compen...

Co-sponsorships are becoming more common in the SPAC world—but are they effective? In this episode of The SPAC Podcast , we explore how co-sponsor structures are being used to combine financial backing with operational depth. When roles are clearly defined and trust is strong, co-sponsors can complement each other—pairing institutional capital with industry expertise or leadership experience. But...

Not every SPAC reaches the finish line, and sponsors face a wide range of challenges along the way. In this episode of The SPAC Podcast , we explore patterns we’re seeing in the market that could impact a sponsor’s ability to successfully complete a transaction. From sourcing high-quality deals to managing the timing of the de-SPAC process, several factors come into play. Sponsors navigating heigh...

Launching a SPAC starts long before the IPO hits the market. Sponsors make foundational decisions that shape the deal’s structure—and its reception by investors. In this episode of The SPAC Podcast , we explore the key elements that go into structuring a SPAC. From unit composition and warrant coverage to IPO size and trust account terms, each choice could influence investor appetite, redemption r...

In the SPAC process, securing a PIPE—Private Investment in Public Equity—is a key step in bringing a deal across the finish line. PIPE investors not only provide essential capital but also help validate the target company’s value and strengthen market credibility. Today’s PIPE investors perform rigorous diligence and seek transparency from sponsors. Successfully raising a PIPE reflects confidence...

This episode outlines five characteristics frequently seen among SPAC sponsors in the market today. These include having a verifiable track record in M&A, IPOs, or public markets; committing personal capital alongside aligned economics; and maintaining a clear sector focus or strategic thesis. We also discuss the importance of transparent governance and open communication with investors. Acros...

In this episode, we explore the key factors that influence how SPAC sponsors select an acquisition target. Many sponsors focus on sectors where they have deep expertise or meaningful networks, helping them assess opportunities with greater insight. They typically look for companies with growth potential, scalability, and the operational readiness to meet the expectations of public market investors...

In today’s episode, we break down the role of sponsor lockups in SPAC transactions. Lockups are contractual periods where sponsors are restricted from selling their shares, often ranging from 6 to 24 months post-merger. These agreements are designed to align the sponsor’s interests with the long-term success of the company, providing confidence to PIPE investors and public shareholders alike. We’l...

In today’s SPAC market, we’re seeing more sponsors incorporate performance-based earn-outs into their promote structures. These earn-outs typically delay sponsor equity until certain milestones are reached, such as stock price thresholds, EBITDA targets, or time-based vesting. This approach is designed to better align sponsor incentives with long-term shareholder value and public market performanc...

Backing a SPAC starts with backing the right sponsor team. But how can you tell if something’s off? In this quick episode of The SPAC Podcast , we walk through the top red flags to watch for before trusting a sponsor with your capital. From lack of skin in the game to weak M&A credentials, vague strategies, and overhyped language—these warning signs often surface early. We also highlight the i...