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.
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In each episode, we’ll unpack:
- The structure, lifecycle, and mechanics of SPACs — from IPO to de-SPAC
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🎧 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.
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- SPAC Sponsors & CEOs
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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
Are SPAC Warrants Still Undervalued?
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Warrants are misunderstood, not obsolete.
James C. explains how he evaluates SPAC warrants, why pricing under 25 cents still matters, and how basket strategies can create asymmetric outcomes with defined risk.
This is a disciplined view of optionality, not speculation.
Connect with the Guest: James Campanella
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
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/
👉 ...
 Let's talk about warrants. Are there any good warrant values, um, still out there that you see?
Well, I still think the CCIX at a dollar is a good value, but obviously your downside now is a little bit, uh, worse than if they were 20 cents. So the way that I look at warrants are there are a number of warrants out there in SPACs that are trading under 20 cents.
Um, there's a group of them, and maybe that's because time is running out. Maybe that's back when public, it only has 18 months to go, 14 months to go. We know these warrants are kind of like an expiring option, right? As time goes on, they're going to get cheaper. But for me, if you're looking at some warrants that, you know, A CIC was a warrant that was 20 cents about a week ago and they just announced the deal.
So from, you know, I don't really have any specific that I could tell you that's 20 cents. But I think in this environment, any warrant that you see, 15 20 cents, if you're looking to put risk capital on, um, I think if you run a basket of those and you bought, you know, a hundred thousand shares of, you know, 15 SPACs that are 20 cents or less and you know, you look at your portfolio in a year or 18 months, I think you'll see a couple of those.
'cause all you need is one or two of those to go five x pace for the whole portfolio. And then you're kind of, uh, playing with house money. I think anything under 25 cents is still a tremendous, tremendous value.