SPACInsider

2025 SPAC Market Update with Dimitre Genov, Ed Kovary, and Nick Skibo

In this special follow-up edition of the SPACInsider Podcast, we check back in with Dimitre Genov, Ed Kovary, and Nick Skibo, who last joined us at the end of Q3 2024, to assess the state of the SPAC market in 2025 and the key dynamics shaping the landscape.

Our panel brings together perspectives from across the SPAC ecosystem—banking, investing, and advisory—to provide a well-rounded view of the latest market shifts.

Joining us are:

• Ed Kovary, Head of SPAC Capital Markets at BTIG
• Nick Skibo, Managing Partner at Gritstone Asset Management
• Dimitre Genov, Managing Director at Brookline Capital Markets, advising SPAC sponsors on IPOs and de-SPAC transactions

Together, they break down early indicators of SPAC activity for the year ahead, discuss trends such as warrants versus rights, overfunding, and transaction deadlines, and analyze how the new administration’s regulatory changes, particularly at the SEC, could impact dealmakers.

Tune in for an in-depth discussion on the 2025 SPAC market.

 

Ed Nabrotzky, CEO of Industrial Technology Firm Dot Ai

AI assistance is finding its way into an increasing number of corners of the market, and the industrial supply chain is an area that could use help the most. This week,  we speak with Ed Nabrotzky, CEO of industrial technology firm Dot Ai.

Dot Ai announced a $130 million combination with ShoulderUp Technology Acquisition Corp. (OTC:SUAC) in March 2024.

Ed explains how Dot Ai has given clients enhanced vision for their warehouse management through the use of both devices and AI software tools that keep products moving on time even when the human workers miss something.

He also tells us why he expects Dot Ai’s pairing of a SPAC listing and a freshly announced strategic partnership will lead it to its growth goals. How will the upcoming international trade fights impact everyday shippers? And, what’s up next around the corner in the technology in this space?

 

Medera CEO Ronald Li & Keen Vision CEO and Chairman Kenneth Wong

Innovation in gene therapies is hard, but also potentially ground-breaking and biotechnology firm Medera is taking its decades-long journey in the space to the public markets just as hits its next steps in the clinical process.

This week, we speak with Ronald Li, CEO of Medera, and Kenneth Wong, CEO and Chairman of Keen Vision Acquisition Corp. The two announced a $622 million dollar combination in September.

Ron explains how Medera has leveraged years of innovations including the capacity to grow miniature human hearts for testing as it advances gene therapies for heart failure that do not rely on animal testing and could prove significantly cheaper than alternatives.

Kenneth tells us why he believes those details align well with the changing regulatory and investment climate around drug development. And, why he views Medera as being a more mature investment play in the biotech space than many of the others coming to market today.

 

Betsy Cohen and Max Smeal Discuss the SPAC Market

This week, we speak with Betsy Cohen and Maxwell Smeal from the Cohen Circle Acquisition Corp. I team to get their views on the current SPAC landscape. Betsy Cohen is already a well-known figure in SPAC circles for having previously led the Fintech Acquisition and FTAC SPACs.

Betsy and Max discuss the past, present and future of the SPAC product and how they have managed to craft such a successful string of deals, especially in difficult markets.

Plus, Betsy gives us her view on some of the challenges surrounding SPACs over the past few years and why she thinks SPACs will continue to have a place in the IPO market overall.

Give it a listen.

Will Gray, from New Era Helium, and John Lipman, from Roth CH V (ROCL)

Most people don’t spend much time thinking about helium, but the resource is critical for some key industries and much of the supply lies with the US’ geopolitical adversaries. There are also no helium mining companies listed on a major worldwide exchange, but that could soon be changing.

This week, we speak with Will Gray, co-Founder and CEO of New Era Helium and John Lipman, co-CEO and co-Chairman of Roth CH Acquisition V Co. (NASDAQ:ROCL). The two announced a business combination in January that would see New Era become a unique stock representing a resource that is not trading like most other commodities.

Will describes how New Era has positioned itself in a helium market that can be tricky to play at a time when supply is tight. John lays out what could be next for New Era once the combination is complete and what he sees taking shape in the new SPAC cycle now that he's on his fifth SPAC deal himself.

 

SPACs and Taxes - What to Consider After the Election and Before the End of the Year

This week, the SPACInsider Podcast delves into some of the tax and accounting issues that SPAC teams and investors should be considering as we approach the Presidential election and the end of 2024.

Mark Deters and Ryan Bixenman, partners at WithumSmith+Brown, join us to help break it all down.

For example, what does it mean for SPACs searching overseas if Trump enacts a wide range of tariffs? What about the excise tax on SPAC redemptions if Kamala Harris wins and raises it to 4%? Will this result in increased SPAC liquidations before the end of 2024?

Mark and Ryan discuss these considerations and more as we approach the end of the tax year and what further changes might be in store.

Give it a listen.

SPAC Market Update with Dimitre Genov, Ed Kovary, and Nick Skibo

This week, SPACInsider founder Kristi Marvin speaks with a panel spanning the banking, investing and advisory sides of SPAC transactions.

She is joined by Ed Kovary, Head of SPAC Capital Markets at BTIG, Nick Skibo, Managing Partner at Gritstone Asset Management, and Dimitre Genov, a Managing Director at Brookline Capital Markets advising SPAC sponsors on IPOs and de-SPAC transactions.

Kristi checks in on how recent trends like the resurgence of anchor investors is perceived by the various participants in a SPAC transaction through to close, and what the SPAC landscape looks like now with the previous cycle winding to a close and a new one beginning.

 

Baird Medical Senior Advisor & CMO David Kaysen and Excelfin's COO Brian Sun

SPAC targets in the healthcare space typically are a few years away from full commercialization, but shareholders in Exelfin Acquisition Corp. (NASDAQ:XFIN) will get to vote this week on a combination with a medical device company that is already churning out positive EBITDA.

This week, we speak with Brian Sun, Chief Operating Officer of Excelfin and David Kaysen, Senior Advisor and Chief Marketing Officer for Baird Medical.

The two announced a $279 million dollar combination in June 2023. Brian explains why Excelfin diverted its initial focus from fintech to medical devices.

David lays out how Baird has gotten this far through commercialization in China and why it expects successful adoption in the US. With the prospect of tariffs potentially increasing between those two jurisdictions, they also explain how Baird and Excelfin have a plan for that as well.

 

XCF Global's CEO Mihir Dange and Focus Impact BH3's Co-CEO Wray Thorn

The world has a long way to go to meet climate goals, especially airlines. There is currently no alternative to jet fuel-powered passenger planes on the horizon, which puts the focus on sustainable aviation fuel, or SAF.

This week, we speak with Mihir Dange, CEO of XCF Global and Wray Thorn, co-CEO of Focus Impact BH3 Acquisition Company (NASDAQ:BHAC). The two signed a $1.8 billion combination in March and aim to create one of the only pureplay SAF producers on the public markets.

XCF is in the process of converting existing diesel facilities to produce SAF and Mihir explains why this approach is key to bringing production online faster.

Wray also lays out the financial case for backing SAF production and how a SPAC deal plays into XCF’s future funding mix.

Vertiv's David Cote and GS I's Tom Knott Discuss the Success of their SPAC Combination

This week, in a special edition of the SPACInsider Podcast, we speak with David Cote, Executive Chairman of Vertiv, and Tom Knott, who was previously Head of Permanent Capital at Goldman Sachs, who joined forces in 2019 on GS Acquisition Holdings Corp.

GS I combined with Vertiv (NYSE:VRT) in what has become the most successful SPAC deal of all time.

We discuss what were the critical ingredients to the transaction's success and what is needed to achieve solid returns in SPAC deals under the current conditions.

However, it wasn’t all roses from the start, with the deal closing right as the pandemic shocks were beginning to hit the system. But, the two explain how their team weathered the storm with both preparation and a plan for the company’s post-transaction future.

Give it a listen.