Why Operator Experience Is the Real Advantage in SPAC Leadership

Andrejka Bernatova explains how being both an operator and a sponsor shapes a fundamentally different approach to SPACs. 

She shares why the real work starts after the DESPAC, how balance sheet structure and public-company readiness matter, and what separates long-term public companies from short-lived transactions.

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/

👉 ...

Transcript

Mike B: Let's talk about operator and, and as a sponsor. So you've taken companies public, both as an operator mm-hmm. As well as as a sponsor. How does that dual experience shape your approach to building and, and leading those deals? 

Andrejka B: It's, it's, I, I fundamentally, honestly believe Mike, that that's the key to, uh, success in our case.

You know, most of our people are on the T bar operators. Obviously I'm an X operator. We know. What it, you know, we know what it means to be public. So one thing, and I think a lot of SPACs focus on the time of, um, you know, IPO of the SPAC and closing of the spac, they really don't think about what, what happens to the company after the company closes the deal.

That's really where the real work starts. And so having gone through that, you know, having appropriate research, having, well, first of all, having the right balance sheet, that's critical, right? So the way we. Structure. For example, our risk capital group, we have folks from ultra large family offices. We have folks who have decades of experience with public investors and, you know, over and over made money with public investors in different companies and different industries.

Um, so it's, it's really critical to, to make sure you raise, um, not only the quantum of capital, but have the right structure. For the company to start, uh, you know, have a fair start as a, as a public business and have ability to continue to grow as a public business. That's where we saw a lot of SPACs fail, right in that 20 21, 20 22, uh, timeframe.

Um, and, and really having the right guard lay rails, having the right management team in place. Um, that is a public management ready team who, who've run public companies before having the right board around you. Um, having the right processes, um, you know, whether it's, you know, back office or whether it's commercial, uh, backbone of the company.

And so, um, that is a really the, you know, key where, where as an operator you are able to. Think through that as a ex-banker, that's, that's not easy to think through. You know, what happens after you are actually, uh, a public business? The way we look at our SPAC franchise, Mike, is that, you know, looking in five or 10 years, we would like to have a number of companies that we are, we continue to be investors in and have our own portfolio.

So, you know, obviously Ether Machine being. You know, hopefully one of the leaders in, in, in the Ethereum and crypto space and, you know, others that we can stack up and, and we are just investors in those companies. Five years from now, you know what happened? I always take an, you know, give an example, the US shale.

When you look at the boom that happened in the US shell market, um, you know, many high quality companies came out of that, right? You have the diamond bags, the pioneers, the Parsleys, the, you know, uh, rice business, um, et cetera. And so, um, that's the kind of businesses that, that we are looking to, um, uh, merch with and, and stay investors in over a long term.