“Welcome to the Public Markets”

Welcome back to The SPAC Podcast. This is our final episode in the SPECIAL series — a framework covering the seven key stages of the SPAC process.

We’ve walked through:
S: Sponsor Setup
P: Public Raise
E: Evaluate Targets
C: Combination Planning
I: Investor Engagement
A: Approval Process

Now we arrive at L: Launch as a Public Company.

Once the business combination is approved and closed, the private company officially becomes public. The merged entity begins trading under its new ticker symbol, and the SPAC structure dissolves.

PIPE proceeds are funded, sponsor shares convert, and the company now steps into a new phase — reporting earnings, engaging shareholders, and scaling as a public business.

For the founders, it’s just the beginning. For the SPAC sponsor, the mission is complete.

That’s the SPECIAL journey — from blank check to public company.

“Shareholder Vote & Redemption Window”

Welcome back to The SPAC Podcast. We’re almost at the final stage of our SPECIAL series.

So far, we’ve covered:

• S: Sponsor Setup
• P: Public Raise
• E: Evaluate Targets
• C: Combination Planning
• I: Investor Engagement

Now we’re at A: Approval Process.

After marketing and regulatory filings, the deal goes to a shareholder vote. Public shareholders can choose to redeem their shares for their portion of the trust — with interest — regardless of whether they vote for or against the deal.

Because of this, redemption risk is a key concern. PIPEs, backstop agreements, and minimum cash conditions all play a role in ensuring deal certainty.

Once the vote is passed and redemptions are handled, the deal is nearly complete.

Welcome back to The SPAC Podcast. We’re nearly through our walk through the SPECIAL stages of a SPAC.

We’ve already covered:
S: Sponsor Setup
P: Public Raise
E: Evaluate Targets
C: Combination Planning

Today, we focus on I: Investor Engagement.

The SPAC team now prepares to bring the deal to market. This begins with “wall crossing” select institutional investors to preview the opportunity, followed by PIPE negotiations and an investor presentation.

At this stage, the SPAC also files a proxy or registration statement and may launch a formal roadshow. Investor communication becomes front and center — and transparency, clarity, and confidence are critical.

This is the make-or-break moment to build support for the transaction.

“Planning the Business Combination”

Welcome back to The SPAC Podcast. We’re continuing our SPECIAL series — covering the lifecycle of a SPAC from formation to public company.

So far, we’ve explored:

• S: Sponsor Setup
• P: Public Raise
• E: Evaluate Targets

Now it’s time for C: Combination Planning.

When a suitable target is found, the SPAC team enters into a non-binding LOI and begins to structure the business combination.

This stage includes deep due diligence, financial modeling, legal review, and valuation alignment. The parties negotiate merger terms, finalize sponsor economics, and may reallocate or subject founder shares to performance vesting.

Importantly, many deals require PIPE financing — private investment in public equity — to supplement trust capital and ensure cash at closing. The team also begins to prepare proxy materials and public filings for the SEC.

This is where legal, financial, and narrative elements all come together.

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E: Evaluate Targets.

Once capital is raised, the search for an acquisition begins.

Sponsors typically have 18–24 months to identify and close a deal. During this period, the team evaluates private companies that meet their stated criteria. This involves outbound sourcing, inbound deal flow, advisor relationships, and proprietary networks.

Targets are evaluated based on growth potential, market position, scalability, and readiness for public markets. Due diligence begins early, often before a formal Letter of Intent (LOI) is signed.

Sponsors are under pressure — the clock is ticking, and credibility depends on finding a quality company with strong fundamentals and a compelling story.

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P: Public Raise (IPO)

Welcome back to The SPAC Podcast. We’re continuing our walk through the SPAC process using the SPECIAL framework — seven key stages that define how a SPAC works.

Last episode, we covered S for Sponsor Setup. Today, we’re diving into the second letter: P — Public Raise.

With the sponsor team in place, the next step is to take the SPAC public.The SPAC raises money by selling units to institutional and retail investors. Each unit typically consists of one share of common stock and a fraction of a warrant. The proceeds are placed into a trust account, where they remain untouched unless a business combination is approved — or the SPAC fails to complete a deal in time.

Because there’s no target at the time of the IPO, investors are evaluating the sponsor’s reputation, track record, and stated acquisition focus — whether by sector, geography, or size.

This phase sets the stage for everything that follows.

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Welcome back to The SPAC Podcast. In this series, we’re breaking down the seven stages of the SPAC process using the mnemonic SPECIAL — one letter at a time.

In this first stage, S stands for Sponsor Setup.

Every SPAC starts with a sponsor. Sponsors are the founding team — often investment professionals or former operators — who form the SPAC, contribute risk capital, and secure founder shares.

They play a critical role in setting the vision, building trust with investors, and ultimately identifying a strong acquisition target. Think of them as the lead architects of the deal.

No sponsor, no SPAC.

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Welcome to The SPAC Podcast. Before we dive into our SPECIAL series, let’s answer the obvious question: what is a SPAC?

A SPAC is a Special Purpose Acquisition Company — a publicly traded shell corporation created for the purpose of acquiring a private business and taking it public. SPACs raise capital through an IPO without a specific acquisition target in mind, which is why they’re often called “blank check companies.”

The structure allows sponsors — often experienced investors or executives — to raise funds in advance, with the promise to identify and merge with a high-potential company later. SPACs typically have 18–24 months to complete an acquisition, or else they must return the funds to investors.

In today’s markets, SPACs have become a creative and flexible alternative to traditional IPOs.

In this series, we’re going to walk through each of the seven key stages of a Special Purpose Acquisition Company — from formation to going public — using the mnemonic SPECIAL:

S – Sponsor Setup

P – Public Raise (IPO)

E – Evaluate Targets

C – Combination Planning

I – Investor Engagement

A – Approval Process

L – Launch as a Public Company

Each episode will take a closer look at one of these stages — clearly and concisely — to help you understand how SPACs work from start to finish.

Let’s get started.