The SPAC Podcast

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 unburd...

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 successfu...

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 perio...

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 ...

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 gatewa...

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 thei...

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 covera...

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 anchore...

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 Ac...

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 solut...

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 d...

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 interes...

In this episode of The SPAC Podcast, Louis Camhi breaks down the evolving relationship between SPACs and the crypto space and where investor attention is shifting next. He highlights recent high-profile transactions, including Cantor Fitzgerald’s CEP deal, which gave investors exposure to Bitcoin through a listed equity vehicle.

Louis also points out that while digital asset treasury models initially gained traction, the market is s...

In this episode of The SPAC Podcast, Chaz, founder of Churchwell, explains why D&O insurance is highly customizable and why wording matters more than most sponsors realize.

He shares real-world examples of how missing a single phrase, like “reverse merger,” has led carriers to deny SPAC-related claims. Chaz also describes how his firm works with clients post-de-SPAC, leveraging top D&O coverage attorneys to audit policies, u...

In this episode of The SPAC Podcast, James outlines what makes the “ideal” SPAC target and why it’s often more about strategic fit and synergies than sector.

For James, public-company-ready management is the non-negotiable starting point. But beyond that, he describes scenarios where SPACs create unique value:

• A company like William Scotsman, with $120M EBITDA and a bolt-on acquisition opportunity that could only be executed via ...

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 practice of regulating by enforcement.

Nick cites the Momentus Stable Road case (2021) as a prime example, echoing Commissioner Hester Peirce’s concerns that enforcement actions have been used to make policy in the SPAC space.

Instead of case-by-case precedents, Nick argues tha...

In this episode of The SPAC Podcast, Caitlyn Van Valin, Vice President at Odyssey Trust, shares her outlook for the SPAC market over the remainder of the year.

With Odyssey working on half of all active SPACs, Caitlyn provides a unique perspective on the pipeline. She notes that while SEC turnaround times have created a temporary bottleneck, the backlog of filed S-1s points to a very active Q3 and Q4.

Her forecast? September and Octo...

In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, shares his advice for private company CEOs considering a SPAC merger. He stresses the importance of conducting due diligence on the sponsor team, while also being honest about whether the company is truly prepared to operate as a public entity.

Patrick outlines the additional requirements that come with going public — from audited f...

In this episode of The SPAC Podcast, Chaz, founder of Churchwell, explains what sets his firm apart from the big-name insurance agencies like Lockton, Marsh, and Aon.

While large agencies focus their attention on billion-dollar companies, Churchwell specializes in small- to mid-cap public companies, the very clients who often feel overlooked despite spending millions in premiums. Chaz shares how Churchwell’s attorney-led approach en...