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The SPAC Podcast

Joshua Wilson

104 episodes

1 day ago

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), outlines potential legal and advocacy strategies ICAN may pursue in response to the SEC’s new SPAC rules. Nick points to one central question: Does the SEC even have statutory authority to change PSLRA liability protections? ICAN is considering challenging that very issue, not from a sponsor’s perspective, but from the lens of investors whose choices may b...

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In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), outlines potential legal and advocacy strategies ICAN may pursue in response to the SEC’s new SPAC rules. Nick points to one central question: Does the SEC even have statutory authority to change PSLRA liability protections? ICAN is considering challenging that very issue, not from a sponsor’s perspective, but from the lens of investors whose choices may b...

Show more...

Episodes (20/104)

The SPAC Podcast

Post-Merger Services Every SPAC Team Should Plan For

In this episode of The SPAC Podcast, Caitlyn Van Valin, Vice President at Odyssey Trust, explains why SPAC sponsors can’t afford to overlook what happens after the deal closes. While many focus heavily on the IPO and deal mechanics, Caitlyn emphasizes that post-merger shareholder recordkeeping and corporate actions are where the real operational lifecycle begins. She shares how Odyssey is uniquely positioned to support companies through that transition, offering the same capabilities as the l...

3 days ago

1 minute

The SPAC Podcast

SPACs. Are They Really Back?

In this episode of The SPAC Podcast, Louis Camhi offers a nuanced take on the state of the SPAC market and why it’s still too early to say, “SPACs are back.” Rather than chasing headlines, Louis explains that SPACs are best understood as cyclical tools within the capital markets, just like IPOs, M&A, or direct listings. He highlights that the IPO market has been largely dormant in recent years, and SPAC performance is directly tied to overall market health. Louis also shares his view that...

4 days ago

1 minute

The SPAC Podcast

“DeSPAC-age” Insurance Model and Closing Coverage Gaps

In this episode of The SPAC Podcast, Machua “Motsch” Millett breaks down how D&O insurance needs to evolve across a SPAC’s lifecycle, from IPO to de-SPAC and beyond. He explains how SPACs have historically managed risk by purchasing standalone policies at each stage and why that approach often creates gaps in coverage and increased cost. Machua introduces a more modern solution his team pioneered: the “DeSPAC-age” policy model. This structure bundles the SPAC’s runoff coverage, the target...

5 days ago

1 minute

The SPAC Podcast

How New SEC Rules Could Shape Future Litigation

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), explains how the SEC’s new SPAC rules may influence litigation risk for sponsors and targets. Drawing on his experience as an SEC trial counsel, Nick notes that while today’s SEC may be less aggressive than under Chair Gensler, the statute of limitations is long, sometimes six years, ten years, or even unlimited for certain claims. That means SPAC activity...

6 days ago

The SPAC Podcast

Why the Transfer Agent Market Is Finally Changing

In this episode of The SPAC Podcast, Caitlyn Van Valin, Vice President at Odyssey Trust, explains why the transfer agent and trust industry is undergoing a long-overdue transformation and why SPACs have been a major catalyst. For nearly a decade, one incumbent controlled 99% of the market. SPACs were considered “too risky,” and innovation stalled. That all began to change in 2020. Caitlyn shares how Odyssey broke into the U.S. SPAC space by winning over a marquee client and how that opened th...

1 week ago

1 minute

The SPAC Podcast

Forecasts SPAC Market Trends for 2025–2026

In this episode of The SPAC Podcast, Adeel Rouf shares his forward-looking perspective on the SPAC market heading into late 2025 and 2026. With traditional IPO windows largely shut for mid-market companies, Adeel explains why SPACs are becoming increasingly relevant again, especially for private equity and family office-backed portfolio companies searching for liquidity. He projects a healthy wave of 70 to 100 SPACs as both digestible and impactful for today’s environment, and anticipates an ...

1 week ago

1 minute

The SPAC Podcast

What SPACs Must Prepare for in the Next 12–18 Months

In this episode of The SPAC Podcast, Machua “Motsch” Millett, Chief Innovation Officer at Lockton Companies, shares his outlook on D&O risk for SPACs and de-SPACs heading into 2025 and beyond. Drawing from decades of experience advising public and pre-public companies, Machua warns that we’ve seen this market cycle before: an uptick in activity, rising headlines, and inexperienced teams rushing in. This time, however, there’s a shift experienced sponsors are leading the way, and the litig...

1 week ago

1 minute

The SPAC Podcast

How Underwriters Evaluate Risk for SPAC and de-SPAC Coverage

In this episode of The SPAC Podcast, Machua “Motsch” Millett of Lockton Companies explains how underwriters assess risk when pricing D&O insurance policies for SPACs and their de-SPAC targets. The evaluation process is vastly different depending on where the SPAC is in its lifecycle and Machua walks through both sides of that underwriting equation. For SPACs, there’s limited data, so the focus is on the sponsor team’s track record, industry focus, and prior deal outcomes. Underwriters als...

1 week ago

1 minute

The SPAC Podcast

Why D&O Insurance Prices Have Dropped 60% Since 2021

In this episode of The SPAC Podcast, Chaz breaks down why D&O insurance pricing has plummeted nearly 60% over the past nine quarters and why the market looks so different today compared to the 2021 peak. He explains how a flood of new insurance carriers entered the market post-2021, doubling the number of firms writing public D&O insurance from ~32 to ~65 by the end of 2022. With increased competition and new entrants unburdened by legacy claims reserves, carriers were able to aggress...

1 week ago

2 minutes

The SPAC Podcast

Why PIPEs Aren’t Dead, But Very Different Now

In this episode of The SPAC Podcast, James breaks down the evolving role of Private Investments in Public Equity (PIPEs) and why they remain an essential but more challenging, tool for SPAC deals today. James explains how PIPEs looked deceptively easy during the 2020 boom, when leaked deals pushed stocks to $20 and investors happily committed to $10 PIPEs. But today, PIPEs take time, trust, and careful structuring to close successfully. He highlights two major issues that derailed many deals ...

2 weeks ago

2 minutes

The SPAC Podcast

His Years of Experience with SPACs and SEC Investigations

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), reflects on his years of work in the SPAC space both with paying clients and in the context of SEC investigations. Nick shares that while ICAN has not yet taken up a SPAC case from a nonprofit litigation perspective, he has represented numerous clients in the SPAC ecosystem during an active period from 2021 through 2024. Many of those matters involved SEC ...

2 weeks ago

The SPAC Podcast

Real-Time Reporting and Visibility for SPAC Sponsors

In this episode of The SPAC Podcast, Caitlyn Van Valin, Vice President at Odyssey Trust, highlights how technology and transparency are reshaping the SPAC transfer agent and trust process. She explains how Odyssey’s state-of-the-art reporting portals give sponsors, legal teams, CFOs, and boards instant access to accurate reports, without waiting overnight. With more than 150 customizable reports available, Odyssey empowers sponsors with real-time data to support audits, board updates, shareho...

2 weeks ago

1 minute

The SPAC Podcast

Why Global Companies Are Choosing U.S. Listings

In this episode of The SPAC Podcast, Adeel Rouf shares his perspective on U.S. vs. non-U.S. SPAC deal flow and why high-quality companies from Europe and Asia continue to choose NASDAQ and NYSE as their go-to listing destinations. While the U.S. capital markets remain the most liquid and deal-ready globally, Adeel explains that many international companies, especially in sectors like biotech, see U.S. exchanges as a strategic gateway to growth. Drawing from his recent Voyager SPAC deal with a...

2 weeks ago

1 minute

The SPAC Podcast

SPAC Guest Spotlight: Louis Camhi

In this episode of The SPAC Podcast, Louis Camhi, Chief Investment Officer of RLH Capital, shares his journey from Wall Street to launching his own SPAC-focused fund. He reflects on his early career at Credit Suisse in M&A, his time at Three Corner Global and Citadel, and how those experiences shaped his approach to investing. Louis also explains why he launched RLH Capital in October 2021 to provide capital to SPACs across their life cycle — a move that came just as the SPAC market coole...

2 weeks ago

1 minute

The SPAC Podcast

Why Boards Need a Broker Who Does More Than Just Place Insurance

In this episode of The SPAC Podcast, Machua “Motsch” Millett, Chief Innovation Officer at Lockton Companies, outlines the critical role brokers play in guiding boards through the D&O insurance process before, during, and after a SPAC transaction. Machua shares how his team approaches the role as a true risk advisor, not just an insurance placement firm. From educating boards on lifecycle risks, to designing cost-efficient coverage programs, to stepping in with claims advocacy during litig...

2 weeks ago

1 minute

The SPAC Podcast

How the Investor Base for De-SPACs Is Evolving

In this episode of The SPAC Podcast, James shares how the investor base for de-SPACs has shifted and why sponsors must focus on attracting long-term, fundamental investors. James explains that while redemption risk is always present, the “unicorn” is the fundamental investor who buys in between announcement and closing. He notes that some of the most successful deals he’s worked on, those with minimal or no redemptions, were anchored by strong institutions like Putnam and Par Capital that bel...

3 weeks ago

1 minute

The SPAC Podcast

Why Regulation by Enforcement Hurts Transparency

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), critiques the SEC’s use of regulation by enforcement, particularly in the SPAC context. Nick points to the Momentus Stable Road case of 2021 as a clear example, noting Commissioner Hester Peirce’s concerns about the practice. Instead of transparent rulemaking under the Administrative Procedure Act (APA), the SEC at times has chosen to set policy through on...

3 weeks ago

1 minute

The SPAC Podcast

SPAC Sponsors Explained

In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, explains what separates strong SPAC sponsors from passive ones. He shares why the best sponsors bring more than just capital, offering industry knowledge, operational experience, and access to networks that can help companies grow. Patrick highlights how valuable sponsors understand the challenges operators face and contribute solutions through relationships, financing connections, and strate...

4 weeks ago

1 minute

The SPAC Podcast

Risk-Reward Equation for Serial SPAC Sponsors

In this episode of The SPAC Podcast, Adeel Rouf breaks down the real risk-reward tradeoff that comes with being a serial SPAC sponsor. Drawing on deep experience leading multiple SPACs, Adeel outlines the critical responsibilities and vulnerabilities that sponsors must prepare for if they want to succeed in today’s highly competitive landscape. He emphasizes that sponsors can’t rely solely on bankers or external networks to source deals, they need to build a robust, executable deal flow well ...

1 month ago

2 minutes

The SPAC Podcast

What Could Spark a SPAC Comeback in 2025

In this episode of The SPAC Podcast, Louis Camhi lays out a candid and nuanced outlook for the SPAC market heading into 2025 and beyond. He explains that while SPACs are simply another tool in the capital markets toolbox, recent macro events, including the 2024 election cycle and early 2025 volatility, have temporarily held back broader recovery. Louis points to signs of momentum returning: an uptick in IPO activity, renewed interest from private equity firms seeking liquidity, and notable su...

1 month ago

2 minutes