Post Creator: Rosie Bartley

SPACs: the ongoing evolution of Special Purpose Acquisition Companies with Don Duffy, ICR

By ICR | Podcast

In recent years, a new way of taking companies public has exploded onto the scene: the special-purpose acquisition company, or SPAC. SPACs are regulated differently than traditional IPOs, they have different risks, and require different communication strategies. But if you understand them, SPACs can offer incredible opportunities for management and investors alike. For a deeper understanding of this new structure, we turned to a familiar face, someone who has been working on SPACs since the very beginning. President of ICR, Don Duffy, has spent almost 15 years working with SPACs and has seen the structure evolve into its current form. Don gives us his candid analysis on SPACs and how they’ve played a significant role in the modern stock market. Don also relays the historical context of institutionalised finance and how the market has reached the financial battleground that is active today. Since 2001, Don has worked towards building ICR’s industry teams and corporate culture. To understand how SPACs have forced their way into the public conversation, listen here to find out more.


  • Looking at the impact of SPACs and recent history of the market (0:41)
  • When the market ‘pivoted’ and institutions changed their transactional approach (4:06)
  • The changes of structure relating to transaction negotiation (5:52)
  • Don’s opinion on regulation (13:30)
  • The benefits of buying SPACs for investors (15:35)
  • Sponsor and target relations (23:29)
  • Media strategy difference between IPO and SPAC (28:02)
  • How to deal with the threat of short-sellers (30:32)


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