SPACInsider

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?

 

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.

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.

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.

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?

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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.

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.

 

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?

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.

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.

 

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?