SPACInsider

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.  

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

In this episode, we examine how the SPAC market evolved in 2025 and what sponsors, issuers, and investors should be thinking about as the calendar turns to 2026. Joining the discussion are Ed Kovary, Head of Capital Markets at BTIG, and Jerry Serowik, Head of Capital Markets at Cohen & Company, two firms that were among the most active in the SPAC ecosystem in 2025. Drawing on firsthand experience, the conversation covers how deal structures, investor expectations, and sponsor strategies shifted over the course of the year and how capital markets conditions shaped issuance and deal execution. The episode concludes with a forward-looking discussion on what these trends imply for SPAC activity in 2026, including where opportunities may emerge and what risks remain for the asset class.  

With Matt George, CEO of Merlin Labs Many firms chasing autonomous ground-vehicles have relied on SPACs to reach the public markets, and now Merlin Labs wants to bring autonomy to the skies. The Boston-based startup is developing an AI-powered “pilot,” the Merlin Pilot, designed to manage full “takeoff-to-touchdown” flights across a wide range of aircraft, from light planes to heavy transports. This week, we talk with Merlin Labs CEO Matt George about why the company sat out the first wave of SPAC-driven aerospace mania, and why partnering with Inflection Point Acquisition Corp. IV (Nasdaq: BACQ) feels like the right moment to go public. Matt explains that, in aviation, the use cases for autonomy can be more immediate and valuable than on the ground, from reducing crew needs on cargo and transport flights to enabling fully uncrewed operations in military and civil aviation. We also explore the broader macro conditions driving demand higher, and where the market for autonomous flight stands today. How fast could it grow, and how high could it fly?  

With Ranjeet Sundher, CEO of Tactical Resources, and Kanishka Roy, CEO and Chairman of Plum Acquisition Corp. III SPACs have played a big role in the race to develop US-based sources of rare earth materials, but few available target companies are within a few years having an operational mine. Tactical Resources aims to be the exception. This week, we speak with Ranjeet Sundher, CEO of rare earth miner Tactical Resources, and Kanishka Roy, CEO and Chairman of Plum Acquisition Corp. III (OTC:PLMJF). They came together in a $589 million business combination announced in August. Ranjeet explains how the unique qualities of his company's Peak Project could lend itself to a much earlier commercial launch. And Kanishka lays out how that timeline impacts the value case for this transaction in an environment where the demands and supply limits don’t look to ease anytime soon.  

Affordability has become a major theme of 2025 and of all the areas where technology has sped up processes and brought down costs, housing has been a stubborn exception. One company that is trying to bring a new technology-based approach to this is BOXABL, and it has partnered with a SPAC to accelerate that vision. This week, we speak with Galiano Taramani, founder and co-CEO of BOXABL and Larry Swets Jr., CEO of FG Merger Corp. II (NASDAQ:FGMC). The two announced a $3.5 billion combination in August. Galiano explains how BOXABL has found an edge in how it ships its modular homes and how it hopes to eventually manufacture them at a rate of one house per minute. Larry explains how BOXABL’s unique crowdfunding path gives FG Merger II confidence in the company’s journey after listing and how adding financial services angles to its platform could potentially take it to the next level.  

Presidio CEO Will Ulrich and EQV Ventures CEO Jerry Silvey Discuss Their $664 Million Combination How do you build a fast-growing oil and gas company without drilling single hole and without planning to at any point in the future? That may sound like a riddle, but it’s actually a business model that public investors will soon be able to invest in. This week, we speak with Will Ulrich, CEO of energy firm Presidio and Jerry Silvey, CEO of EQV Ventures Acquisition Corp. (NYSE:EQV). The two announced a $664 million combination in August. Will explains how Presidio has built a platform to acquire and optimize mature oil and gas assets and why he is confident that the company’s playbook will allow it to remain aggressive while still paying out a sizeable dividend as soon as it lists. Jerry tells us how his team’s first SPAC has managed to secure institutional buy-in for its vision at each stage and why he believes the time to accelerate Presidio’s strategy is now.  

Infleqtion CEO Matthew Kinsella on the Business of Quantum Sensing and the Road Ahead (CCCX) With capital pouring into quantum computing, the question is no longer if it will arrive, but what other parts of the quantum world are already here? This week, we speak with Matthew Kinsella, CEO of Infleqtion. It announced a $1.8 billion business combination with Churchill Capital Corp. X (NASDAQ: CCCX) in September. Infleqtion has already commercialized a line of quantum sensing devices for defense applications, which has put it ahead of many in the quantum pack in terms of revenue. Matthew explains why the company has decided to carve out a place for itself in this area of critical technology while still simultaneously working to advance its computing technology and where he thinks the industry could be headed. Which quantum computer will win? And, how much more addressable work is out there already in the quantum sensing market once Infleqtion is able to put this deal’s proceeds to work?  

A conversation on nuclear’s next wave with Giordano Morichi of Terra Innovatum and Gus Garcia of GSR III Acquisition Corp. (NASDAQ: GSRT) Developers of small, modular nuclear reactors have been among the most prized stocks of 2025 given their potential to be big players in the energy mix as data center demand booms. This demand is massive, but when it comes to nuclear reactor design, Terra Innovatum believes it’s a matter of the smaller the better. This week, we speak with Giordano Morichi, Chief Business Development Officer and Head of Investor Relations at Terra Innovatum, and Gus Garcia, Co-CEO of GSR III Acquisition Corp. (NASDAQ:GSRT). The two announced a $475 million business combination April and are now nearing the end of their merger process. Giordano explains why the unique size of Terra Innovatum’s 1 MW reactor designs make it a more competitive fit for a host of applications, and how its fuel source could get it to market faster initially and more efficiently over time. Gus gets into how these factors have the potential to compound Terra Innovatum’s advantages and why the major gains made by the company’s listed peers has made its valuation even more attractive since the deal was struck.  

This week, we sit down with Dynamix Corporation (NASDAQ:ETHM) CEO and Chair Andrejka Bernatova, who is about to list her third SPAC in the past four years with one business combination already completed and another pending. She tells us how it has been quite the ride through the last two SPAC cycles and where she thinks SPACs at times went wrong during the last one. Right now, she is focused on completing Dynamix’s combination with crypto treasury firm The Ether Machine. She explains why her team zeroed in on Ethereum as the cryptocurrency with the most promise and how that vision was informed by her team’s history of dealmaking in the oil and gas space. How will these crypto treasury plays continue to differentiate as they become more numerous? And, what opportunities does she see around the bend for Dynamix III?  

SPACs have been highly active lately in taking public a new generation of nuclear technology companies, but in order for those companies to meet the power demand being driven by the boom in datacenter deployments, they are going to need a steady supply of uranium. This week, we speak with Mark Mukhidja, CEO of uranium mining firm Eagle Energy Metals, and Chris Sorrells, Chairman and CEO of Spring Valley Acquisition Corp. II (NASDAQ:SVII). The two announced a $312 million dollar combination back in July that would create a unique stock that is a pure play on US-based uranium production. Mark explains how the US went from being a leading uranium producer to one that imports nearly all of its uranium and how Eagle Energy’s Aurora project has the potential to start turning that around. Chris tells us why this upstream nuclear play is a logical follow-up to Spring Valley I’s successful combination with small nuclear reactor developer NuScale (NYSE:SMR) and why he believes this transaction is structured with both Eagle Energy’s short-term and long-term financing needs in mind.  

This week, we return to the subject of autonomous trucking with a SPAC target that already logged months of its trucks operating autonomously in an industrial setting with rollouts on public highways and defense applications inbound. That company is Kodiak, which announced a $2.6 billion combination with Ares Acquisition Corporation II (NYSE:AACT) in April. Kodiak CEO Don Burnette joins us to explain how the company has sought to blaze a trail to commercialization for the company while burning a fraction of the R&D cash that some of its peers have to get to this same point. Don explains how the company has looked to apply that same capital efficiency to the structure of its SPAC combination and what opportunities he sees on the other side of the company’s drive into the public markets.  

In this SPACInsider Podcast REPLAY, we go back to January 2022 when the abrupt end of 2021’s SPAC euphoria was setting in, and new strategies were needed to weather the storm. We sat down with Niccolo de Masi of the dMY SPACs to get his takes on how SPACs were going to roll with the punches and his own vision for when a refreshed SPAC cycle would reemerge. Now that SPACs are back, which of these predictions came to fruition and what lessons from the down market have teams brought into the new cycle? Give it a listen

An in-depth discussion with Sebastian Bea, President & Head of Investments at ReserveOne, and Vik Mittal, Managing Member at Meteora Capital Partners If there has been one hot summer trend among SPACs, it has been the crypto treasury business combination. To help better understand this new genre of SPAC deal, we sat down with Sebastian Bea, President and Head of Investments at ReserveOne, which announced a $1 billion combination with M3-Brigade Acquisition V Corp (Nasdaq: MBAV) last month. We're also joined by Vik Mittal, Managing Member at Meteora Capital Partners. They discuss why this particular play has come to the forefront of the market now and how the market has reacted as more and more entries of this deal type have been announced. Sebastian also explains how ReserveOne plans to generate returns greater than the value of its underlying assets and are earmarking a portion of its portfolio for private investments. How will ReserveOne and other companies of this type continue to differentiate themselves as their cohort grows? And what happens if the US government changes its attitude on crypto once again? ---- IMPORTANT DISCLOSURES: This podcast is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or a solicitation of any kind. The views and opinions expressed by the guests are their own and do not necessarily reflect the views of their respective firms or affiliates. Past performance discussed is not indicative of future results. All investments involve risk, including potential loss of principal. Any performance figures mentioned have not been independently verified and may not reflect actual client experiences or net returns after fees and expenses. The guests may have financial interests in companies, securities, or investment strategies discussed. Sebastian Pedro Bea is associated with the M3-Brigade V/ReserveOne transaction mentioned in this discussion. Vik Mittal serves as Managing Member of Meteora Capital, LLC and principal of numerous SPACs.  These relationships may create conflicts of interest. Nothing in this podcast should be construed as personalized investment advice. Listeners should consult with qualified financial professionals before making investment decisions. Market predictions and forward-looking statements are speculative and subject to significant uncertainty.

What many of the biggest trends in emerging technology today have in common is that they require significantly more electricity and reliable means of receiving it efficiently. This week, we speak with Simon Irish, CEO of nuclear plant developer Terrestrial Energy, and Shawn Matthews, CEO and Chairman of HCM II Acquisition Corp. (NASDAQ:HOND). The two announced a $1.3 billion combination in March. Terrestrial Energy is developing designs for small modular nuclear reactors that produce heat for industrial clients along with power. Simon explains why he believes this approach is tailor-made for the demands of the times and how he sees the technology scaling. Shawn discusses how the public markets have picked up enthusiasm for nuclear power lately and how this helped informed his evaluation of the opportunity with Terrestrial Energy.  

Harry You, Brandon Sun, and Vik Mittal break down the SPAC landscape On this special edition of the SPACInsider Podcast, we bring together a panel of SPAC veterans to explore the state of the market from the perspectives of sponsors, investors, and underwriters. Joining us are serial SPAC sponsor Harry You, Brandon Sun, Head of SPAC Investment Banking at Cohen & Company, and Vik Mittal, Managing Director at Meteora Capital. Together, they unpack how the complexion of the 2025 SPAC market is shifting and which strategies are rising to the top. How have crypto-focused deals reshaped the landscape, and how many more iterations of that playbook can succeed? We also get into how macro headwinds and tailwinds affect the traditional IPO window and SPAC deal flow, and whether activity is poised to accelerate in the second half of the year. It’s a wide-ranging, mid-year pulse check-in on SPACs.  Give it a listen. ------------- IMPORTANT DISCLOSURES: This podcast is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or a solicitation of any kind. The views and opinions expressed by the guests are their own and do not necessarily reflect the views of their respective firms or affiliates.   Past performance discussed is not indicative of future results. All investments involve risk, including potential loss of principal. Any performance figures mentioned have not been independently verified and may not reflect actual client experiences or net returns after fees and expenses.   The guests may have financial interests in companies, securities, or investment strategies discussed. Harry You is associated with multiple SPACs mentioned in this discussion. Vik Mittal serves dual roles as Managing Member of Meteora Capital, LLC and CFO of Berto Acquisition Corp. Brandon Sun represents Cohen & Company Capital Markets. These relationships may create conflicts of interest.   Nothing in this podcast should be construed as personalized investment advice. Listeners should consult with qualified financial professionals before making investment decisions. Market predictions and forward-looking statements are speculative and subject to significant uncertainty.

  This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to public market investors. Oleksandr explains how the company has maintained high EBITDA margins despite the many disruptions unleashed by Russia’s ongoing invasion of Ukraine.  He gets into why he decided now was the right time to make Kyivstar the first pureplay Ukraine stock to be listed in the US, and how its listing would give investors a chance to participate in the company’s industry consolidation plans as well as the eventual reconstruction of Ukraine.  

After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced a $1.3 billion combination with Churchill Capital Corp. IX (NASDAQ:CCIX) last month. David explains how both Plus’ strategy and the autonomous driving landscape have changed since the company last considered a SPAC listing and why the company is betting on a software-first approach - partnering with truck manufacturers rather than building hardware in-house. He also breaks down how this model could position Plus for better scalability and higher margins in the years ahead.

CEO Marc Nemati and Colombier II’s Omeed Malik break down the deal, timing, and the strategy. Despite its moniker as the “the everything store” you can’t buy everything on Amazon, and firearms are one of those things. But, GrabAGun has spent years building a platform for regulated online firearms purchases, and soon, consumers will be able to buy GrabAGun stock as well. This week, we speak with Marc Nemati, CEO of GrabAGun and Omeed Malik, CEO and Chairman of Colombier Acquisition Corp. II (NYSE:CLBR). The two announced a $197 million dollar combination in January of this year that is now nearing close. Marc explains why GrabAGun’s platform and the inroads it has already made with Gen Z consumers would be difficult to replicate. And, why a public listing presents a unique opportunity in the traditionally fragmented and illiquid space. Omeed lays out how the market has already reacted to the transaction as well as others that share a similar investment thesis, and how Colombier II has built its strategy around the enthusiasm the parties are already seeing. Note: Subsequent to this interview, the Registration Statement on Form S-4 filed by GrabAGun Digital Holdings Inc. was declared effective. Trading using the PEW ticker is anticipated to occur as soon as practicable following the July 15, 2025 shareholders' meeting.

On this week’s SPACInsider REPLAY, we revisit a 2022 conversation with Harry Sloan of the Eagle SPACs. At the time, Harry had already completed seven SPACs and was closing in on his eighth. As markets cooled and the SPAC boom waned, Harry offered a prescient take on where the market was headed—and what a “post-boom” SPAC cycle might look like. Two years later, his words still resonate. Tune in for a thoughtful look back at a key inflection point in SPAC history.