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SPACInsider

spacinsider

Market analysis and commentary focused on the SPAC market you can only get here.

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S6 · E18
Wednesday · 27 min
ZincFive and Spark I (SPKL) on Powering Data Centers Beyond Lithium-Ion
This week, we speak with Tod Higinbotham, CEO of battery maker ZincFive and Jim Rhee, Chairman and CEO of Spark I Acquisition Corp. (NASDAQ:SPKL). The two announced a $752 million combination in June. Lithium-ion batteries have dominated much of the conversation in cutting-edge technology. But, what if there was a battery chemistry based on more available materials that were more recyclable and that were an even better fit for certain data center energy needs? Tod explains how ZincFive’s nickel and zinc-based battery chemistry is uniquely suited to providing high-density backup power to data centers, and how this SPAC transaction will help it meet the ballooning demand for its products.
S6 · E16
July 29 · 25 min
Forge Nano’s Paul Lichty on Building Better Batteries and Chips at the Atomic Level
This week, we speak with Paul Lichty, Co-Founder and CEO of Forge Nano. He explains how Forge Nano’s atomic layer deposition approach can build better batteries and semiconductors while maximizing the rarest materials these require. And, how its manufacturing plans and growing sales pipeline led the company into a $1.3 billion business combination with Archimedes Tech SPAC Partners II Co. (NASDAQ:ATII). Investment has poured into the companies making the chips and batteries needed for cutting age technology to work. Now, a company that has pioneered a new way of building those key components at the atomic level, is going public, via a SPAC.
S6 · E15
July 16 · 1 hr
Replay: Revisiting the 2024 SPAC Market Roundtable Predictions
This week, on a SPACInsider Podcast Replay, we revisit a September 2024 discussion from the beginning of the current SPAC cycle. SPACInsider founder Kristi Marvin was joined by Ed Kovary, Head of SPAC Capital Markets at BTIG, Nick Skibo, Managing Partner at Gritstone Asset Management, and Dimitre Genov, Managing Director at Brookline Capital Markets. Together, the panel brought perspectives from the banking, investing and advisory sides of SPAC transactions. They discussed the resurgence of anchor investors, how market participants were adapting as the previous cycle wound down, and the early signs that a broader reset was taking shape. Looking back nearly two years later, which of their predictions came to fruition, and how clearly could they see the next SPAC cycle beginning?
S6 · E15
June 17 · 31 min
Dr. Wasiq Bokhari, CEO of Quantum Computing Firm Pasqal
This week, we speak with Dr. Wasiq Bokhari, CEO of quantum computing firm Pasqal, to discuss its $1.98 billion combination with Bleichroeder Acquisition Corp. II (NASDAQ:BBCQ). Quantum computers are plugged in and doing real commercial work, but, how can you get them to collaborate with CPUs and GPUs on a single problem? Pasqal believes it may have the answer. Wasiq explains how the company has worked to build a full-stack approach to commercializing quantum solutions and where it has already demonstrated quantum advantage. He also gets into how it is developing software to make engaging with quantum computers easier, and how it can break down problems into the parts that quantum computers, CPUs and GPUs are each best poised to solve the fastest.
S6 · E14
June 11 · 26 min
Inside IQM’s $1.7B Quantum Computing Deal with Real Asset Acquisition Corp.
This week, we speak with IQM CEO and Co-Founder Jan Goetz, and Peter Ort, CEO and Co-Chairman of Real Asset Acquisition Corp. (NASDAQ:RAAQ) about their $1.7 billion dollar combination, announced in February. As more quantum computing companies go public via SPACs, the industry is going global. Jan explains why IQM has based its own business model on selling quantum computing hardware and why he believes this enhances the company’s pipeline over time. Peter lays out the Real Asset’s team long engagement in the quantum computing space and why it chose IQM as the next big play in this emerging technology.
S6 · E15
May 21 · 28 min
Carlos Domingo on Securitize, Tokenization and Its SPAC Deal with Cantor Equity Partners II
This week, we speak with Carlos Domingo, Founder and CEO of Securitize. Securitize is working to close a business combination with Cantor Equity Partners II (NASDAQ:CEPT). As the use of stablecoins spreads, the opportunity to create digital tokens of other assets is spreading as well. For public investors, there will soon also be an opportunity to invest in one of the companies making that process happen. Carlos discusses how Securitize has driven key partnerships with financial institutions into a profitable position within the tokenization space, and why Cantor Equity Partners II’s structure was a major factor why Securitize chose it as the company's route to the public markets. Give it a listen.
S6 · E14
May 15 · 33 min
What Comes Next for Crypto Treasury SPACs? Vik Mittal and Ivan Deryugin Weigh In
This week, on a special edition of the SPACInsider Podcast, we speak with Vik Mittal, managing member of Meteora Capital and Ivan Deryugin, head of research for the Americas at United First Partners. Together we discuss why the digital asset treasury strategy quickly turned from a SPAC-favorite play to falling out of favor over the past year. Ivan gets into the numbers on how some of these deals have become misaligned, particularly as crypto prices dropped. Vik shares his perspective as a both a PIPE investor in some of these transactions and as a SPAC sponsor searching in the space. What is to become of these pending deals, and how might SPACs play in the crypto space next? --------- Disclaimer: This podcast includes discussions of cryptocurrency, digital assets, special purpose acquisition companies (“SPACs”), and other publicly traded securities. Mr. Mittal participates in this podcast in his capacity as a portfolio manager at Meteora Capital Partners, LP (“Meteora”). Mr. Deryugin participates in this podcast in his capacity as a research analyst at United First Partners, LLC (“UFP”), a broker-dealer registered with FINRA (CRD # 155456). All statements, examples, scenarios, tickers, and transactions referenced by Mr. Mittal and Mr. Deryugin are hypothetical in nature and are provided solely for general informational and discussion purposes. Nothing discussed should be relied upon as fact, forecast, recommendation, or commitment. Nothing in this podcast constitutes financial, investment, legal, tax, or accounting advice, nor is it a recommendation, offer, or solicitation to buy or sell any security, digital asset, or financial instrument. Cryptocurrency and digital asset markets are highly volatile, speculative, and carry significant risk, including the risk of total loss. SPAC and equity investments likewise carry substantial risk. All opinions expressed by Mr. Mittal and Mr. Deryugin are their own and do not necessarily reflect the views of Meteora, UFP, or their respective affiliates. Any references to specific companies, tickers, or transactions are illustrative only and should not be interpreted as investment advice or solicitations. Meteora and its affiliates, employees, and managed funds may hold long or short positions in any securities, digital assets, or financial instruments discussed, and may buy, sell, or otherwise change such positions at any time without notice. UFP does not hold proprietary positions in the securities or digital assets discussed and may from time to time act as agent or facilitator on behalf of institutional clients in connection with securities referenced herein. Past performance is not indicative of future results. Forward-looking statements are inherently uncertain and actual outcomes may differ materially from those discussed. Listeners should conduct their own independent research and consult a licensed financial, legal, and tax professional before making any investment decision.
S6 · E13
May 13 · 27 min
ONE Nuclear’s Richard Taylor and Dan Hennessy on Meeting Surging Power Demand
This week, we speak with Richard Taylor, Co-founder, CEO and Chairman of ONE Nuclear and Dan Hennessy, Chairman of Hennessy Capital Investment Corp. VII (NASDAQ:HVII). The two announced a $1.1 billion combination in October. Energy demand is ballooning and the clock is ticking to keep up. That has led ONE Nuclear to a multi-technology approach to get more capacity online as fast as possible. Richard lays out why his company has designed its plants to use natural gas first before converting to nuclear and how its partnerships with third parties have accelerated that plan. Dan explains why he believes ONE Nuclear’s strategy gives public investors a compelling entry point, and why analysts are already taking note of the company’s trajectory.
S6 · E12
May 6 · 28 min
AIR CEO Stuart Brazier on AIR’s $1.7B SPAC Deal and the Business of Hookah
This week, we speak with Stuart Brazier, CEO of Advanced Inhalation Rituals, or AIR, to discuss his company’s $1.7 billion combination with Cantor Equity Partners III (Nasdaq: CAEP). SPACs often bring companies from emerging technology sectors into the public markets, but sometimes it is their role to list companies that have already established themselves, albeit in something of a niche. Stuart explains how the AIR’s profitable position in the high-margin hookah-shisha market gave it options on how to come public, and why it chose the SPAC route for that journey. How is this lifestyle brand growing and where? And, what additional revenue streams are there still to be had from its 600-year-old core product?
S6 · E11
April 29 · 25 min
General Fusion’s Greg Twinney and Spring Valley III’s Chris Sorrells on Their $724M Fusion Deal
This week, we speak with Greg Twinney, CEO of General Fusion, and Chris Sorrells, CEO and Chairman of Spring Valley Acquisition Corp. III (NASDAQ:SVAC). The two announced a $724 million combination in January. Fusion technology may sound like the future, but it is set to come to the public markets very soon. Greg explains General Fusion’s path to expand its technology beyond its first plant into commercialization in the 2030s, and what advantages fusion power plants can provide over nuclear fission reactors. Chris lays out why now is the right time to bring General Fusion to the public markets, and how the Spring Valley team put a price on the opportunity at this stage in its development. Give it a listen.
#44
April 20 · 30 min
Inside Key Mining’s $303M deal with Compass Digital Acquisition Corp.
Titanium, copper and water. What do they have in common? All will be products of one of the latest companies to head to the public markets via a SPAC transaction. This week, we speak with Key Mining founders Cesar Lopez and John Ryan as well as Compass Digital Acquisition Corp. CEO Tom Hennessy to break down their $303 million business combination. Cesar and John discuss how they brought together a signature titanium mining project in Chile with a water desalination project that is set to support it. They lay out why they are combining these two assets with a copper project in Arizona and how both stand to benefit from the critical metals incentives in the Inflation Reduction Act. Tom explains how this company fits in his growing family of SPAC transactions and what the roadmap ahead looks like for it beyond close and the listing this deal brings.
S6 · E9
April 1 · 29 min
Adam Back and Sean Bill on Bitcoin Standard Treasury’s $4bn Deal with CEPO
The past year has seen a raft of crypto treasury companies go public via SPACs. Could the next entrant be the one to consolidate the field? This week, we speak with Adam Back, CEO of Bitcoin Standard Treasury and Sean Bill, who serves as the company’s Chief Investment Officer. The two discuss their company’s $4 billion combination with Cantor Equity Partners I (NASDAQ:CEPO), announced last July. They discuss why the Cantor team was a good fit for their goals of bringing innovative Bitcoin-based financing structures to the market, and why they believe Bitcoin Standard Treasury’s deep experience with the currency presents unique advantages as it aims to set up a multiple lanes for yield generation. How do the company’s long-held Bitcoin reserves and its unique Bitcoin PIPE differentiate it from the other treasury plays, and what are the factors that unite the treasury companies that manage to consistently trade above NAV?
S6 · E8
March 20 · 27 min
Building the Defense Backbone: Precision Aerospace & Defense and FACT II Acquisition Corp.
The work of maintaining and supplying the US armed forces is now front and center in the daily news, but Precision Aerospace & Defense has been long been carrying out a strategy to acquire critical manufacturers and suppliers in this area. Now, it is taking that platform to the public markets in a SPAC deal. This week, we speak with Brent Borden, CEO of Precision Aerospace & Defense Group and Adam Gishen, CEO of FACT II Acquisition Corp. (NASDAQ:FACT). The two announced a $310 million business combination last December. Brent explains how his company has selected with unique capabilities to build an EBITDA-positive network of subsidiaries that differs from traditional private equity roll-up plays. Adam explains how the company’s backlog provides significant visibility into its future revenue and how the FACT II team will continue to advising the company through its next wave of growth and beyond.
S6 · E7
March 9 · 36 min
Horizon Quantum and dMY Squared (DMYY) on Building the Quantum Tech Stack
SPACs have populated the public markets with a variety of quantum computing hardware technology companies, and now one is poised to list the first quantum software company. This week, we speak with Dr. Joe Fitzsimons, CEO of Horizon Quantum, and Harry You, Chairman of dMY Squared Technology Group, Inc (OTC:DMYY). The two announced a $546 million combination in September. Joe explains how Horizon is endeavoring to create the first universal operating system for quantum computers and why that presents both challenges and opportunities while these machines are still in the error correction phase. Harry gives his perspective on how the development of the quantum computing space could mimic the trajectory of classical computing and which layers of this emerging tech stack could offer the greatest upside to public investors at this early stage.
S6 · E6
March 4 · 43 min
Maximilian Martin on The Enhanced Games, Where Banned Substances Are the Point
The Winter Olympics and the World Cup are not the only international competitions kicking off this year. The Enhanced Games is gearing up for a May debut as well, with the injection of some SPAC cash and potentially some other performance enhancing substances. This week, we speak with Maximilian Martin, CEO and Co-founder of The Enhanced Games. It announced a $1.3 billion combination with A Paradise Acquisition Corp. (NASDAQ:APAD) in November. Max explains why he has endeavored to create this new competition where athletes may use banned, but otherwise legal substances to up their game, and how the company plans to parlay this event into a broader consumer business. How do you get athletes to walk away from their existing careers for this experimental idea and what kind of precedent is there for such a venture?
S6 · E5
February 25 · 26 min
Podcast REPLAY: D-Wave, SPACs, and the Quantum Revival
Quantum computing companies have been among the highest performing de-SPAC sectors in years. And, SPACs have made a major impact on quantum computing by being the listing and financing mechanism for a large portion of the publicly traded cohort. But, the market wasn’t always so bullish on quantum. This week we return to a conversation we had with Alan Baratz, CEO of D-Wave (NYSE:QBTS) in February 2025. At the time, Quantum computing stocks had just begun their recent revival and Alan helped break down the ups and downs of the previous years as well as what had changed in the technology. He shares valuable advice from how D-Wave rolled with the punches in an unfavorable market after closing with DPCM Capital Inc. in 2022, and also how investors should interpret the news of technological advancements coming out the industry.
S6 · E4
February 12 · 27 min
Dr. Christian Weedbrook and Bill Fradin on Xanadu’s $3.1B Quantum SPAC Deal
This week, we speak with Xanadu founder and CEO Dr. Christian Weedbrook and Bill Fradin, CEO of Crane Harbor Acquisition Corp. (NASDAQ:CHAC). The two announced a $3.1 billion business combination in November. Is it possible to build a business model that combines features of Amazon Web Services, NVIDIA and a biotech drug developer? Well, Xanadu aims to find out, and it is funding that path via a SPAC. Christian explains how Xanadu differentiates itself from other players in the quantum computing space by focusing on specific hardware advantages as well as a software approach that allows its machines to work in conjunction with other quantum or traditional computers. Bill also explains the market has changed since the last wave of SPAC deals in quantum computing and how Xanadu matched the major proving points that Crane Harbor was looking for.
S6 · E3
January 29 · 33 min
Teamshares and Live Oak V (LOKV) on Building a Programmatic M&A Platform
It is rare to find a SPAC deal that launches hundreds or even thousands of mergers in the future, but this one might be it. Teamshares has built a system for the programmatic acquisition of EBITDA-positive businesses that are typically too small to meet the criteria of private equity buyers. Now, it aims to accelerate these efforts with a $746 million combination with Live Oak Acquisition Corp. V’s (NASDAQ:LOKV). This week, we speak with Teamshares CEO Michael Brown along with Live Oak V CEO Rick Hendrix and CFO Adam Fishman. Michael explains how the company has honed an approach that has seen it absorb targets from a diverse set of industries efficiently, and how this merger can reduce the company’s cost of capital for that mission. Rick and Adam also lay out how Teamshares fits their own merger criteria that values opportunities that are first-of-their kind for the US market, and how they put a valuation on this unique business.
S6 · E2
January 21 · 18 min
Asheesh Birla, CEO of Evernorth, on Building an XRP-Focused Crypto Treasury
This week, we speak with Asheesh Birla, CEO of Evernorth. Evernorth is a crypto treasury focused on XRP, a cryptocurrency that is used in decentralized financial structures and payments. It aims to power that endeavor through its business combination with Armada Acquisition Corp. II (NASDAQ:XRPN), announced in October. Crypto treasury deals were one of the major themes of 2025 SPAC dealflow, but they are far from being all the same. Asheesh explains how the company plans to leverage its XRP holdings to generate yield over the long term and how XRP’s unique appeal in international markets presents a fresh opportunity for the crypto treasury model. Give it a listen. This interview contains forward-looking statements. See linked press release for important disclaimers: https://www.evernorth.xyz/press-release-10-20-2025
#43
January 7 · 23 min
Roozbeh Charli, CEO of Einride, on Designing Trucks for a Driverless Future
Driverless trucks have officially made it to the road and everyday operations of many shippers, but there is still plenty of room for innovation in the field. For instance, if there is no driver, why keep the driver’s compartment at all? This week, we speak with Roozbeh Charli, CEO of Einride, which is introducing fully cabless autonomous trucks into customer fleets and accelerating that rollout through its business combination with Legato Merger Corp. III (NYSE:LEGT). Roozbeh explains how Einride has sped up commercialization by integrating autonomous operations into its existing fleet electrification services, and why he believes now is the right moment for the industry to move past incremental steps and embrace what fully autonomous logistics can ultimately look like. Give it a listen.

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