Positioning the Deal: Crafting the Narrative and Economics Behind a DESPAC Transaction
In this episode of The DESPAC Podcast Go Public Series, host Chaz Churchwell and SPAC attorney Michael Blankenship of Winston & Strawn unpack the third step of the Go Public Framework: P – Positioning the Deal.
Positioning determines how the market will perceive your company, your credibility, your economic structure, and your partnership fit. This step defines the trajectory of the entire DESPAC transaction.
Listeners will learn:
• Why positioning extends far beyond raising capital
• How to choose the right SPAC sponsor based on track record and sector expertise
• How deal economics shape investor outcomes
• Why realistic, disciplined projections matter to institutional buyers
• How to structure the narrative to establish trust rather than hype
• Why crypto treasury companies need enhanced disclosure on risk and custody
• How transparency can mitigate regulatory and investor concerns
This episode provides clarity for leaders preparing to shape their deal story and structure for a successful transition to the public markets.
Connect With the Guest:
Michael Blankenship, Winston & Strawn LLP
LinkedIn: https://www.linkedin.com/in/mikeblankenship
Connect With the Host & The DESPAC Podcast:
Chaz Churchwell LinkedIn: https://www.linkedin.com/in/chazchurchwell/
YouTube Channel: www.youtube.com/@thedespacpodcast
THE DESPAC PODCAST STANDARD LEGAL DISCLAIMER
The DESPAC Podcast is for informational purposes only. The views and opinions expressed by the host and guests are their own and do not represent the views of Smooth Stone Capital, its affiliates, or any sponsoring organization.
Nothing in this podcast should be interpreted as legal advice, investment advice, tax advice, or a recommendation to pursue or avoid any transaction. Discussions may reference SPACs, DESPAC transactions, securities regulations, or public-company readiness frameworks. These conversations are educational in nature and should not be relied upon when making financial or strategic decisions.
Listeners should consult qualified legal, financial, and tax professionals before acting on any information discussed in this podcast. Any examples or scenarios mentioned are illustrative and may not reflect current market conditions or regulatory requirements.
Participation by a guest does not constitute an endorsement of any company, strategy, product, or service. References to specific firms or individuals are for context only.
Smooth Stone Capital and the DESPAC Podcast disclaim all liability arising from the use of or reliance on the information presented.
Chaz Churchwell: Everybody, welcome back to the D SPAC podcast, go Public series. I'm your host, Chaz Churchwell, and so far we have covered G for get ready and O for organized advisors. Now we're gonna dive in to P Positioning the deal. Michael, you want to tell me what it is on the difference that people need to be looking at?
Um, what makes it different from just finding a spac?
Mike Blankenship: That's a great question, Chad. Positioning the deal is more than just finding capital. It's about crafting your story. It starts by aligning with a SPAC sponsor who brings more than money. They need sector expertise and strong track record. You are looking for a true partner.
Chaz Churchwell: Yeah, that's so true. And then also you wanna make sure that there's somebody who's gonna be modeling economics, because that's a huge part of the deal.
Mike Blankenship: Exactly. You have to understand how every component, the valuation, the pipe structure, redemptions and dilution impacts the final outcome for the company.
This is where you can see is how much capital you're actually gonna have at closing for investors. That clarifies the deal structure and their potential return.
Chaz Churchwell: So then talk to me about this. What do you think, I mean, you, you're one of the top SPAC attorneys that's out there. What is the most important part of the narrative?
Mike Blankenship: Well, I see it's credibility. Uh, you need to craft a, a disciplined and investor narrative. Avoid any hype, focus on a clear, achievable business plan. Investors are looking for execution and transparency, not just a flashy story. A straightforward narrative builds trust with the public and institutional investors alike.
Chaz Churchwell: Okay, and then for our companies that have, uh, a crypto treasury component to it, what does positioning look like that's different?
Mike Blankenship: So it, it requires clear disclosures. You have to disclose how you'll use the proceeds, your risk management policies, and your custody structure with total clarity. Uh, this transparency is key to mitigating concerns from regulators and potential investors.
Next, we'll talk about you undergoing diligence.