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SPACs Are Back (Maybe) | Jeff Bernstein of Riveron
Description
In this episode of Run the Numbers, CJ sits down with Jeff Bernstein, managing partner at Riveron, to unpack what really happens when a company decides it might be time to go public. Jeff draws on his experience across banking, hedge funds, operating roles, and advisory work to break down IPOs, dual-track processes, and the surprising realities behind price discovery—including why a 20x-oversubscribed book isn’t what it seems. He also dives into the re-emergence of SPACs, what’s different this time, and the key considerations CFOs should weigh before choosing that route. From IPO-readiness must-haves to building the muscle memory needed for public-company life to the sketchiest EBITDA adjustment he’s ever seen, Jeff brings stories, frameworks, and hard-won lessons for any finance leader thinking about the road to the public markets.
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LINKS:
Jeff Bernstein on LinkedIn: https://www.linkedin.com/in/jeff-bernstein-498a23158/
Company: https://riveron.com/
CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/
Mostly metrics: https://www.mostlymetrics.com
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TIMESTAMPS:
00:00:00 Preview and Intro
00:02:59 Sponsors – Tipalti, Aleph, Fidelity Private Shares
00:06:20 The Mechanics of Going Public at Riveron
00:09:59 The State of Tech Capital Markets
00:11:19 Comparing the Internet, Mobile, and AI Waves
00:14:11 Understanding Dual Track Processes
00:15:34 Sponsors – Metronome, Mercury, RightRev
00:19:35 Why Companies Choose to Go Public or Sell
00:23:02 Why Price Discovery Is Harder in Today’s Market
00:26:05 The Pros and Cons of Direct Listings
00:29:16 Balancing Fairness Between Employees and Investors
00:30:47 Inside the IPO Pricing Process
00:34:26 How Banks and Investors Game Allocations
00:41:22 The Return of SPACs and Why They’re Back
00:43:46 Key Considerations for CFOs Evaluating SPAC Mergers
00:47:53 The Most Successful SPACs to Date
00:49:00 Building Public Company Readiness
00:52:03 Developing Muscle Memory for Quarterly Reporting
00:55:31 The CFO’s Role as Chief Communicator
00:57:47 Long-Ass Lightning Round – Overhyped Metrics and Sketchy EBITDA
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SPONSORS:
Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more.
Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run
Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off.
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