The SPAC Podcast: Special Purpose Acquisition Company – Details, episodes & analysis

What does it take to put fusion energy on the public markets? Greg Twinney, CEO of General Fusion, joins Mike Blankenship to break down why the company is going public through a SPAC merger with Spring Valley — and why committed, oversubscribed PIPE capital mattered far more to him than counting on the trust account to actually come through at closing.

EPISODE SUMMARY

Greg Twinney, CEO of General Fusion and a 20-plus-year veteran of commercializing new technologies, walks through one of the most closely watched energy SPAC deals of the cycle. Twinney explains General Fusion's announced business combination with Spring Valley, the rationale for choosing a SPAC over a direct listing or traditional IPO, and how the company structured committed capital to fund critical machine milestones. The conversation digs into redemption risk, trust account dynamics, PIPE financing, and what it takes to move a decades-long fusion program from private science into the scrutiny of the public markets. A clear-eyed look at capital formation, deal structure, and the equity story behind deep-tech.

What We Cover

• Why General Fusion chose a SPAC over a direct listing or IPO
• The announced Spring Valley business combination and ~$1B pro forma equity value
• How an oversubscribed PIPE raise (~$108M) anchored the deal
• Trust capital, redemption risk, and why committed PIPE mattered most
• Funding the milestones for a 50% power-plant-scale machine
• General Fusion's liquid-metal-wall engineering approach to fusion
• How fusion economics could translate to commercial power plants
• The decoupled, capital-efficient path to a first-of-a-kind plant
• What going public means for a decades-long fusion program

Connect with Greg Twinney Website generalfusion.com LinkedIn linkedin.com/in/gregtwinney

Follow The SPAC Podcast Website thespacpodcast.com · LinkedIn linkedin.com/company/thespacpodcast · YouTube youtube.com/@thespacpodcast

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/

What if going public meant buying Main Street — 92 small businesses at a time?

Michael Blankenship sits down with Michael Brown, Co-Founder & CEO of Teamshares — a programmatic acquirer of $0.5M–$5M EBITDA businesses heading to NASDAQ via merger with Live Oak V. Founded in 2019, Teamshares has acquired 92 companies from retiring owners, runs $400M+ in consolidated revenue across 40+ industries and 30 states, and is part HoldCo, part fintech.

Michael walks through the silver tsunami thesis, why most SME exits end in inertia or closure, and how Teamshares structured a SPAC merger and PIPE alongside T. Rowe Price. 

🤝 Connect with Michael Brown:
🌐 https://www.teamshares.com/
💼 https://www.linkedin.com/in/-masb/

📩 Connect with Michael Blankenship:
💼 https://www.linkedin.com/in/mikeblankenship/
🌐 https://www.thespacpodcast.com/

🎙️ Follow The SPAC Podcast:
🌐 https://www.thespacpodcast.com/
▶️ https://www.youtube.com/@thespacpodcast

Important Disclosures and Disclaimers

Teamshares has entered into a definitive agreement for a business combination with Live Oak Crest Acquisition Corp. (“Live Oak”), a special purpose acquisition company. In connection with the proposed transaction, a registration statement on Form S-4 (the “Registration Statement”) has been filed with the U.S. Securities and Exchange Commission (the “SEC”). This podcast does not constitute an offer to sell or the solicitation of an offer to buy any securities. For important information about the proposed transaction, including where to find the Registration Statement and other legal disclaimers, please refer to the press release available at https://www.businesswire.com/news/home/20260403515446/en/Teamshares-and-Live-Oak-V-File-S-4.

Clarifications. References to “segment profit” refer to Pro Forma Operating EBITDA, which includes pre-acquisition results of acquired businesses as if they had been owned for the full year. A full reconciliation of non-GAAP measures to the most directly comparable GAAP measures, as well as Teamshares’ audited GAAP financial statements, is available in the Registration Statement. Investors should review the full set of assumptions and risk factors accompanying these metrics in the Registration Statement.

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/

Going public is one of the most important decisions a founder can make. But choosing the right path to the public markets is just as critical as the decision itself.

In this interview, host Michael Blankenship sits down with Peter Wright, founder of McKinley SPAC and a longtime capital markets advisor with experience across more than 30 SPAC transactions.

Peter shares insights from his career as both a sell-side and buy-side research analyst before entering the SPAC market during its early growth phase. He explains why founders evaluating a path to the public markets should consider SPAC mergers alongside traditional IPOs.

The conversation explores how SPACs provide founders with deal certainty, valuation certainty, and capital certainty while potentially reducing the timeline to becoming a public company. Peter also addresses common misconceptions about SPACs, how dilution works in these transactions, and why capital market strategy is critical to long-term success after the listing.

Peter also shares how his team evaluates target companies, the industries they believe are positioned for growth, and why sectors such as space technology, fintech, and EV mobility are attracting significant attention.

If you’re a founder considering the public markets, or an investor interested in the evolution of the SPAC ecosystem, this conversation offers a practical look at how deals are evaluated and structured today.

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/

In this episode of The SPAC Podcast, Patrick Sturgeon, Managing Partner at Brookline Capital Markets, explains what separates strong SPAC sponsors from passive ones. He shares why the best sponsors bring more than just capital, offering industry knowledge, operational experience, and access to networks that can help companies grow.

Patrick highlights how valuable sponsors understand the challenges operators face and contribute solutions through relationships, financing connections, and strategic partnerships. For target companies, the right sponsor can be a key differentiator in executing a successful transaction.

Connect with the Guest:
Patrick Sturgeon – Managing Partner, Brookline Capital Markets
Website: https://brooklinecapmkts.com/
LinkedIn: https://www.linkedin.com/in/patrickasturgeon/
View all of their episodes here:
https://www.thespacpodcast.com/guests/patrick-a-sturgeon/

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 #SPACSponsors #DealMaking #PatrickSturgeon #BrooklineCapitalMarkets

Contact The SPAC Podcast:
https://www.thespacpodcast.com/contact/

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/

In this episode of The SPAC Podcast, Adeel Rouf breaks down the real risk-reward tradeoff that comes with being a serial SPAC sponsor. Drawing on deep experience leading multiple SPACs, Adeel outlines the critical responsibilities and vulnerabilities that sponsors must prepare for if they want to succeed in today’s highly competitive landscape.

He emphasizes that sponsors can’t rely solely on bankers or external networks to source deals, they need to build a robust, executable deal flow well before the IPO. Additionally, having strategic investors who trust your leadership and are ready to deploy capital quickly is just as essential. Adeel also warns about the underdiscussed risk: great targets attract competition. Your ability to differentiate your edge as a sponsor, through track record, investor alignment, and speed may be the most important factor of all.

Connect with the Guest:

Adeel Rouf – SPAC Sponsor & Investor

LinkedIn: https://www.linkedin.com/in/adeelrouf/

View all of their episodes here:

https://www.thespacpodcast.com/guests/adeel-rouf/

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

Contact The SPAC Podcast:

https://www.thespacpodcast.com/contact/

#SPACs #CapitalMarkets #SPACPodcast #SPACSponsor #RiskReward #InvestorTrust #DealFlow

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.

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/

In this episode of The SPAC Podcast, Louis Camhi lays out a candid and nuanced outlook for the SPAC market heading into 2025 and beyond. He explains that while SPACs are simply another tool in the capital markets toolbox, recent macro events, including the 2024 election cycle and early 2025 volatility, have temporarily held back broader recovery.

Louis points to signs of momentum returning: an uptick in IPO activity, renewed interest from private equity firms seeking liquidity, and notable success stories like Circle a former SPAC target now one of the best-performing IPOs. While he emphasizes that proof of a SPAC resurgence isn’t here yet, the macro backdrop is improving, and the stage is set. The question is: can sponsors execute high-quality deals that rebuild investor trust?

Connect with the Guest:

Louis Camhi – SPAC Investor & Fund Manager

LinkedIn: https://www.linkedin.com/in/louis-camhi-aa3464b/

View all of their episodes here:

https://www.thespacpodcast.com/guests/louis-camhi/

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

Contact The SPAC Podcast:

https://www.thespacpodcast.com/contact/

#SPACs #CapitalMarkets #SPACPodcast #SPACOutlook #IPORecovery #PublicMarkets #Liquidity

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.

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/

In this episode of The SPAC Podcast, Louis Camhi breaks down the evolving relationship between SPACs and the crypto space and where investor attention is shifting next. He highlights recent high-profile transactions, including Cantor Fitzgerald’s CEP deal, which gave investors exposure to Bitcoin through a listed equity vehicle.

Louis also points out that while digital asset treasury models initially gained traction, the market is starting to shift. Investors are now looking for operating crypto businesses with real cash flow, not just token exposure. With new SPAC sponsors entering the market from crypto-native backgrounds, Louis sees strong potential but reminds listeners that the “blind pool” nature of SPACs means execution is everything.

Connect with the Guest:

Louis Camhi – SPAC Investor & Fund Manager

LinkedIn: https://www.linkedin.com/in/louis-camhi-aa3464b/

View all of their episodes here:

https://www.thespacpodcast.com/guests/louis-camhi/

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

Contact The SPAC Podcast:

https://www.thespacpodcast.com/contact/

#SPACs #Crypto #DigitalAssets #SPACPodcast #CapitalMarkets #Bitcoin #DeSPAC

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.

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/

In this episode of The SPAC Podcast, Chaz, founder of Churchwell, explains why D&O insurance is highly customizable and why wording matters more than most sponsors realize.

He shares real-world examples of how missing a single phrase, like “reverse merger,” has led carriers to deny SPAC-related claims. Chaz also describes how his firm works with clients post-de-SPAC, leveraging top D&O coverage attorneys to audit policies, uncover deficiencies, and fix them without raising costs.

For SPAC sponsors and targets, this episode highlights how tailoring policy language can make the difference between full protection and no coverage at all.

Connect with the Guest:

Chaz – Founder, Churchwell

LinkedIn: https://www.linkedin.com/in/chazchurchwell/

View all of their episodes here:

https://www.thespacpodcast.com/guests/chaz

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

Contact The SPAC Podcast:

https://www.thespacpodcast.com/contact/

#SPACs #CapitalMarkets #SPACPodcast #DandOInsurance #RiskManagement #DeSPAC #CorporateGovernance

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/

In this episode of The SPAC Podcast, James outlines what makes the “ideal” SPAC target and why it’s often more about strategic fit and synergies than sector.

For James, public-company-ready management is the non-negotiable starting point. But beyond that, he describes scenarios where SPACs create unique value:

• A company like William Scotsman, with $120M EBITDA and a bolt-on acquisition opportunity that could only be executed via a SPAC.
• Consolidation plays, where multiple mid-sized companies can’t acquire each other directly, but a SPAC structure can bring them together.

The goal? To roll profitable businesses into a SPAC, pursue follow-on acquisitions, and unlock synergies that would otherwise be impossible.

Even if some owners are wary of SPACs from past experience, James argues that this type of structure remains one of the most powerful ways to combine businesses and capture value.

Connect with the Guest:

James – SPAC & Capital Markets Expert

LinkedIn: https://www.linkedin.com/in/james-graf-745191/

View all of their episodes here:

https://www.thespacpodcast.com/guests/james

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

Contact The SPAC Podcast:

https://www.thespacpodcast.com/contact/

#SPACs #CapitalMarkets #SPACPodcast #DeSPAC #MergersAndAcquisitions #SPACTargets #BusinessSynergies

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), critiques the SEC’s practice of regulating by enforcement.

Nick cites the Momentus Stable Road case (2021) as a prime example, echoing Commissioner Hester Peirce’s concerns that enforcement actions have been used to make policy in the SPAC space.

Instead of case-by-case precedents, Nick argues that the Administrative Procedure Act (APA) provides the right framework:

- Publish proposed rules

- Invite public comment and critique

- Finalize rules transparently, with the possibility of judicial review

By contrast, regulation by enforcement forces defendants to shoulder policy shifts alone without transparency or accountability.

For sponsors, boards, and investors, Nick’s perspective highlights why predictability in the rules of the game matters as much as the capital markets themselves.

Connect with the Guest:

Nick Morgan – Partner, Paul Hastings LLP | Co-Founder, ICAN

LinkedIn: https://www.linkedin.com/in/nick-morgan-9182744/

View all of their episodes here:

https://www.thespacpodcast.com/guests/nick-morgan/

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

Contact The SPAC Podcast:

https://www.thespacpodcast.com/contact/

#SPACs #CapitalMarkets #SPACPodcast #SEC #RegulationByEnforcement #Transparency #ICAN

Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

Let's Connect on LinkedIn: 

https://www.linkedin.com/in/mikeblankenship/ https://www.linkedin.com/in/joshuabrucewilson/ 

To Contact Us, Please Visit: 

https://www.TheSPACPodcast.com/contact/