The SPAC Podcast: Special Purpose Acquisition Company
🎙️ Welcome to The SPAC Podcast — your front-row seat to the dynamic world of Special Purpose Acquisition Companies.
Hosted by Michael Blankenship, a leading capital markets attorney and partner at Winston & Strawn LLP, and Joshua Wilson, executive producer and capital markets advisor, The SPAC Podcast brings you candid conversations, insider insights, and sharp analysis from the people shaping the future of the SPAC market.
Whether you’re a sponsor, investor, founder, attorney, banker, or just curious about the mechanics and momentum behind SPACs — this show is your go-to source for education, strategy, and real-world stories from the dealmakers behind the deals.
🚀 What You’ll Hear
In each episode, we’ll unpack:
- The structure, lifecycle, and mechanics of SPACs — from IPO to de-SPAC
- Legal and regulatory insights that matter to sponsors and targets
- Interviews with founders, investors, and advisors who’ve navigated successful transactions
- Trends and forecasts from the front lines of capital markets
- Lessons learned, deal strategies, and ways to leverage SPACs as a growth vehicle
We’re not just watching the SPAC market — we’re talking to the people building it.
🎧 Meet Your Hosts
Michael Blankenship is the Office Managing Partner of Winston & Strawn LLP (Houston) and Co-Chair of the firm’s Capital Markets practice. He has represented over 100 public companies, private equity firms, and SPACs in IPOs, M&A, de-SPACs, and securities offerings. Known for his clarity, legal acumen, and deal fluency, Michael brings unmatched insight into the regulatory, transactional, and strategic forces shaping the SPAC space.
Joshua Wilson is experienced in investment banking and the founder of multiple media brands, including The Investor Relations Podcast. With over 2,000 interviews under his belt and deep experience in real estate, private capital, and investor engagement, Josh brings a fresh voice and strategic lens to every conversation — helping connect deals with the stories and people behind them.
Together, they bridge law, finance, and media — guiding listeners through the world of SPACs with clarity, credibility, and curiosity.
🌎 Who This Show is For
- SPAC Sponsors & CEOs
- Institutional and Private Investors
- Investment Bankers & Corporate Attorneys
- Venture-backed Founders and Startups
- Private Equity & Family Offices
- Finance Professionals and Capital Markets Enthusiasts
🔔 Subscribe, Follow, and Join the Conversation
This isn’t just a show — it’s a platform for education, connection, and business development in the SPAC ecosystem. Subscribe now on Apple, Spotify, or YouTube. New episodes drop weekly.
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The SPAC Podcast
Where sponsors meet stories, markets meet momentum, and strategy meets execution.
The SPAC Podcast: Special Purpose Acquisition Company
Structural Shifts in SPAC IPOs
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In this SPAC Podcast Spotlight, Managing Director Dimitre Genov of Brookline Capital Markets outlines the structural changes reshaping SPAC IPOs since 2020. From the rise of non-managing anchor investors and the dominance of serial sponsors to the renewed use of warrants and hybrid PIPE structures, Dimitre explains how today’s IPOs look different from the last cycle.
He also highlights longer transaction timelines, greater investor alignment, and the shift toward sponsors with proven track records. Together, these developments suggest a more deliberate and sustainable approach to the SPAC IPO process.
Disclaimer:
The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, or financial advice.
Connect with the Guest:
Dimitre Genov – Brookline Capital Markets:
https://brooklinecapmkts.com/
LinkedIn: https://www.linkedin.com/in/dimitre-genov-6136182/
View all of their episodes here:
https://www.thespacpodcast.com/guests/dimitre-j-genov/
Connect with the Hosts & The SPAC Podcast:
Michael Blankenship LinkedIn: https://www.linkedin.com/in/mikeblankenship/
Joshua Wilson LinkedIn: https://www.linkedin.com/in/joshuabrucewilson/
YouTube Channel: https://www.youtube.com/@Thespacpodcast
#SPACs #CapitalMarkets #SPACPodcast #SPACIPOs #InvestorEducation #DealMaking #BrooklineCapitalMarkets
Contact The SPAC Podcast:
https://www.thespacpodcast.com/contact/
Disclaimers:
The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, tax, or accounting advice.
Michael J. Blankenship is a licensed attorney and is a partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is intended for informational and educational purposes only and should not be interpreted as legal, financial, or compliance advice. The views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the official policies or positions of any regulatory agency, law firm, employer, or organization.
Listeners are encouraged to consult their own legal counsel, compliance professionals, or financial advisors to ensure adherence to applicable laws and regulations, including those enforced by the SEC, FINRA, and other regulatory bodies. This podcast does not constitute a solicitation, offer, or recommendation of any financial products, securities transactions, or legal services.
Let’s Connect on LinkedIn:
👉 Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/
👉 ...
Michael (00:00): Have you seen any sort of structural shifts in how SPAC IPOs are being launched today versus if we go back five years ago to 2020? What has changed in terms of deal terms, timelines, and sponsor alignment?
Dimitre Genov (06:04): Yes, a lot has changed, and for the better I would say. One of the most notable shifts is the rise of non-managing anchor investors, which we’ve seen in a lot of IPO structures. These are funds who put up some of the early risk capital — the GP-level money, if you will. They don’t manage the SPAC, but they do provide the capital to launch an IPO.
These investors are effectively betting on experienced sponsors who have done successful deals before, and it helps better align incentives and reduce friction later in the process. We’re also seeing a big difference in who is launching SPACs. Today, around 80% of new SPAC IPOs are led by serial sponsors — people with real track records who have closed multiple deals. The era of first-time sponsors raising blind pools is largely over.
In terms of deal terms, warrants have made a comeback over rights because they offer more upside optionality to investors. On the PIPE side, we’re seeing more hybrid structures — use of preferreds and converts as a bridge solution. Over time, many expect a return to straight equity as deals continue to perform better.
Timelines have also matured. Sponsors and targets now typically take 9 to 12 months to announce and execute a transaction. It’s a more deliberate, investor-aligned process, which many see as an indication of longer-term health for the SPAC market overall.