Vik Mittal has been investing in SPACs for 22 years. His verdict on the 2020–21 boom: roughly 60–70% of vehicles liquidated, and a majority of those that closed went bankrupt before their lockups expired — what he flatly calls "a real destruction of capital." So why is he more bullish on the asset class now than he's been in years?

In this episode, Vik Mittal, Managing Member and CIO of Meteora Capital, joins host Mike Blankenship to unpack how institutional capital reshaped the SPAC market — turning a sleepy backwater product into a disciplined vehicle built around serial sponsors. Drawing on two decades on the buy side at Glazer Capital and years as a principal sponsor, Vik traces the arc from the first institutional PIPEs through the 2021 excess to today's renaissance. It's a clear-eyed practitioner's look at sponsor quality, valuation discipline, redemptions, warrants, and exactly where durable SPAC deals are getting done in 2025.

What We Cover:

• 📈 How institutional PIPEs first opened the SPAC market to long-only and long-short funds
• 🏦 Why separating the shareholder vote from redemptions reshaped the asset class
• ⚠️ The 2020–21 boom: liquidation rates, capital destruction, and the lessons learned
• 🔁 Why serial sponsors with real track records define the 2025 renaissance
• 💰 Sponsor alignment: why core-team risk capital beats fully syndicated deals
• 🧮 The PIPE as a valuation-discipline mechanism for investors
• 🚀 Where SPACs fit vs. a regular-way IPO — and the 10X target profile
• 🤖 AI infrastructure and digital assets as the new SPAC frontier
• 🎓 Advice for first-time sponsors: sit on a board before you lead
• 📰 The media's biggest misconceptions about how SPACs really work

Connect with Vik Mittal Website meteoracapital.com LinkedIn linkedin.com/in/vik-mittal-539903132

Connect with Mike Blankenship LinkedIn linkedin.com/in/mikeblankenship

About Winston Taylor Winston Taylor is an international law firm with a capital markets practice that works with companies and sponsors across the SPAC and public-company lifecycle. Learn more at winstontaylor.com.

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Disclaimer: Michael J. Blankenship is a licensed attorney and partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.

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