SilverBox Capital’s Stephen Kadenacy and Joe Reece

This week, we speak with Joe Reece and Stephen Kadenacy, from the SilverBox team. Joe and Stephen led the Boxwood Merger Corp. and SilverBox Engaged Merger Corp. I transactions, as well as recently priced the SilverBox Corp. III IPO.

We dig into their perspective, having priced SPACs in three very different market environments. Joe and Steve explain why and how they maintained their value priorities while IPOing their third SPAC in the difficult market of early 2023.

The pair also discuss the relative of advantages of having committed capital from forward purchase agreements at IPO versus the flexibility of diverse potential PIPE investors down the road.

What will the landscape look like once the SPAC cycle fully resets, and what does it take for a sponsor to bank a successful deal while the current macro conditions exist?

Give it a listen.