The SPAC Podcast

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 ...

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 accuracy and responsiveness throughout the d...

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 transaction. Equally important is the streng...

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 IPOs, SPACs, and national exchange list...

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 SPAC-related securities lawsuits in 2024...

🎙️ 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 directors work so hard to build.

Since...

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 players build institutional platforms,...

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 while working at MGM Studios during its...

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 still slow to reopen, that capital is ...

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 p...

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 compensation are not uncommon, but transpar...

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 like any partnership, success de...

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 heightened SEC scrutiny, PIPE investor exp...

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 risk, and overall market flexibility. ...

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 in both the sponsor and the transact...

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. Across the market, sponsors are observed ...

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.

Beyond the financials, sponsors al...

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’ll explore how lockups can include pe...

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 performance. Investors, including PIPE partici...