What “Risk Capital” Really Means for SPAC Sponsors

What “Risk Capital” Really Means for SPAC Sponsors

Author: Joshua Wilson January 21, 2026 Duration: 2:13
Chris Cottone explains what risk capital is in a SPAC, why it’s required, and how much sponsors should realistically expect to commit. He breaks down IPO and DESPAC costs, typical risk capital ranges, and how sponsor syndicates can reduce upfront financial burden through shared participation. Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series ...

Tune into The SPAC Podcast: Special Purpose Acquisition Company for a clear-eyed look at one of finance's most talked-about vehicles. Hosts Michael Blankenship, a capital markets attorney and partner at Winston & Strawn LLP, and Joshua Wilson, an executive producer and capital markets advisor, steer these discussions with a practitioner's depth. They don't just report the news; they unpack the mechanics, the regulatory shifts, and the strategic plays behind each headline. You'll hear from the dealmakers, lawyers, and executives who are actively structuring these transactions, getting their unvarnished perspectives on what works, what doesn't, and what might be coming next. This podcast moves beyond the hype to examine the real-world implications of SPACs for investors, companies, and the broader market. It’s designed for anyone from seasoned professionals to curious observers who want to understand the nuances behind the acronym. Each episode feels like a detailed briefing, blending analysis with candid conversation to make a complex topic accessible. If you're navigating the SPAC landscape or simply trying to decipher its impact, this series provides the essential context you need.
Author: Language: en-us Episodes: 100

The SPAC Podcast: Special Purpose Acquisition Company
Podcast Episodes
Why Discipline Wins When Capital Is Hard to Raise [not-audio_url] [/not-audio_url]

Duration: 2:44
In this episode, Andrejka Bernatova shares why her team was able to complete one of the largest equity raises since 2021 while many others struggled. She explains how disciplined decision-making, operator-level experienc…
Guest Spotlight: Andrejka Bernatova [not-audio_url] [/not-audio_url]

Duration: 1:14
In this clip, Andrejka Bernatova introduces her global background spanning investment banking, private equity, sovereign wealth investing, and executive leadership across energy and infrastructure. She shares how experie…
What’s the Right Size for a SPAC? [not-audio_url] [/not-audio_url]

Duration: 1:12
What’s the ideal size for a SPAC? Chris Cattone explains why the sweet spot is often between $100M and $150M in trust, balancing fee efficiency, target quality, and flexibility through the DESPAC process. Connect with th…
Are SPAC Warrants Still Undervalued? [not-audio_url] [/not-audio_url]

Duration: 1:19
Warrants are misunderstood, not obsolete. James C. explains how he evaluates SPAC warrants, why pricing under 25 cents still matters, and how basket strategies can create asymmetric outcomes with defined risk. This is a…
Guest Spotlight: Chris Cottone [not-audio_url] [/not-audio_url]

Duration: 1:06
Chris Cattone joins The SPAC Podcast to share his background and perspective from inside a multi-location family office. As a partner at Greentree Financial, Chris works closely with companies preparing for IPOs and foll…
Which SPAC Sponsors Matter Most Right Now [not-audio_url] [/not-audio_url]

Duration: 1:04
In today’s SPAC market, experience matters more than ever. James C. highlights the sponsors he’s watching and explains why repeat execution, investor trust, and deal-closing credibility separate leaders from noise. For i…
SPAC Deals to Watch Right Now [not-audio_url] [/not-audio_url]

Duration: 2:34
Markets don’t recover in theory. They recover through real deals. James C. walks through the SPAC transactions he’s watching closely and explains why PIPE strength, investor quality, and deal execution will determine whe…
Are SPACs Still a Good Investment? [not-audio_url] [/not-audio_url]

Duration: 0:59
Are SPACs still worth investing in? The answer depends on how you use them. James explains why SPACs can be a strong portfolio addition for investors who understand capital timing, yield floors, and upside optionality. S…
Which SPACs Has James Invested In And Why [not-audio_url] [/not-audio_url]

Duration: 2:14
SPAC selection isn’t about volume. It’s about sponsors. James C. breaks down the SPACs he’s invested in and why sponsor quality has become the defining factor in today’s market. From Churchill to Betsy Cohen and Cantor-b…
Guest Spotlight: James Campanella [not-audio_url] [/not-audio_url]

Duration: 1:24
From the NYSE trading floor in 1994 to navigating multiple SPAC booms and pullbacks, James C. has seen capital markets from every angle. In this opening clip, James shares his background, how his perspective evolved beyo…