IBN(InvestorBrandNetwork), a multifaceted financial news and publishing company for private and public entities, today announces that Akis Tsirigakis, Chairman, President and co-CEO of Growth Capital Acquisition Corp. (NASDAQ: GCAC), a special purpose acquisition company that is closing on a business combination with Silicon Valley innovator Cepton Technologies Inc., recently appeared on Gamechangers LIVE, a podcast series putting a spotlight on individuals who are gamechangers in their fields and sharing perspective on their journeys, mindsets, struggles and successes in an effort to inspire and inform listeners.
The broadcast, hosted by Executive Coach and Speaker Sergio Tigera, is available for on-demand viewing on Gamechangers LIVE.
During the interview, Tsirigakis discussed his background in shipping and special purpose acquisition companies, placing particular emphasis on his first IPO in 2005.
“I started in Greece, then moved to the States as a senior in high school as an exchange student. I studied in the States, went to the University of Michigan and got a degree in naval architecture,” Tsirigakis said. “Then, I started working in New York in shipping. I still work in shipping. I am currently CEO of Sevenseas, a shipping-focused investment fund. … In 2005, I started in a new direction creating SPACs, special purpose acquisition companies. Of course, having a background in shipping, my first SPAC was in shipping. I raised, in 2005, $200 million for it through a company called Star Maritime Acquisition and created Star Bulk. Star Bulk, today, is the largest dry bulk shipping company listed in the world.”
Tsirigakis then provided a brief introduction to SPACs.
“You have a sponsor, like me, with a background in a certain industry – it could be finance, shipping or whatever. Then, you match up with an underwriter and create the documentation necessary,” he continued. “You go through the SEC process, and the blank check company, as it is called, becomes public and raises money through an IPO – it’s an initial IPO of a shell company that has to put the funds in a trust account. You cannot touch that trust account until you find a suitable counterparty to merge with. … You are not allowed to have discussions or pre-arrange a deal. That’s the essence of a blank check company.”
“A SPAC has a limited life of 24 months, sometimes 18. If you don’t invest the funds that you’ve raised within the 24-month window, you have to return the money to the investors. You have a gun on your head to perform timely and well,” Tsirigakis explained. “The road show for the 2005 IPO was a six-week road show; it was an amazing thing. We ran all over the place – Europe, Canada, Israel, everywhere – and that’s how the $200 million was raised. … For me, this was a revelation. I hadn’t realized that I, as a technical person, could leverage my background to do something in the public markets. I had to learn fast, actually very fast, and not make mistakes that would cost my investors. I had to build a reputation, which is critical. If you fail once, you will probably have no second chance.”
Throughout the interview, Tsirigakis continued to examine his extensive background in SPACs, which now includes multiple successful transactions, before discussing Growth Capital Acquisition Corp. and its impending merger with Cepton Technologies.
Learn more by viewing the full interview on Gamechangers LIVE.
About Growth Capital Acquisition Corp.
GCAC is a Delaware blank check company, also commonly referred to as a special purpose acquisition company (or SPAC), formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities in any industry or geographic region. GCAC is led by its Co-Chief Executive Officers Akis Tsirigakis and George Syllantavos.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.