Welcome to the Arena from ICR – Conversations with Today's Innovators & Business Leaders ICR

In the current macro environment with growing inflation and financial uncertainty, it's no wonder companies are actively seeking alternative solutions to safeguard their businesses. But today's guest is more than just an alternative; he's a game-changer for his clients, helping them maximize their financial outcomes.
Today we're sitting down with Raj Imteaz, who serves as the Head of ICR Capital's Convertible and Equity Derivatives Advisory Team, where he focuses on complex capital markets transactions across all industry verticals. Raj advises boards and management teams on structuring and executing convertible debt transactions, convertible preferred and mandatory offerings, structured share repurchases, cap calls and call spreads, hedging and monetization strategies, and warrant management solutions.
Raj joined ICR Capital from Matthew South, where he was the Head of Technology origination, advising clients on multiple convertible and equity derivatives transactions. Previously, Raj spent 15 years at Barclays, where he was a Managing Director in the equity-linked and hybrid solutions team and led the origination efforts across several sectors.
During his career, Raj has advised on and executed more than 200 convertible and equity derivative transactions, totaling over a hundred billion dollars of deal value.
Highlights:
Raj gives us an overview of the current economic environment (4:03)What a convertible is and the role of advisors (6:01)How advisors can save businesses time and money (8:45)What makes Raj's team of advisors unique (10:18)Raj describes some of his team's stand-out deals (13:41) Links:Syed Raj Imteaz LinkedIn
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

This week we’re looking back at one of our most popular episodes of the last 6 months: our conversation with Charles Baker.
Every investment comes with plenty of responsibility, but in a multifaceted market like sports and entertainment with varied revenue streams and worldwide integration, navigating this complex landscape can be overwhelming. Today's guest is helping his clients make sure that all the bases are covered. Literally. 
We're sitting down with Charles (Chuck) Baker, who chairs Sidley Austin's Entertainment, Sports, and Media Group. Chuck represents investors in professional sports, businesses and teams, and advises on sports and entertainment transactions. He has decades of experience in the sports industry and has represented sports franchise purchases across multiple leagues, including the NFL, Major League Baseball, Major League Soccer, the NBA, the NHL, the National Women's Soccer League, and multiple European football leagues.
Recently, Chuck represented Genius Sports in its multi-year strategic partnership with the NFL and the Canadian Football League, and also advised on the acquisition minority interest in the Los Angeles Lakers, the Charlotte Hornets, as well as the 6+ billion dollar purchase of the Washington Commanders.
Chuck has been highly recognized in the field of sports and entertainment law by multiple national publications. Most recently, the National Law Journal named him to its 2022 list of sports gaming entertainment law trailblazers. The Sports Business Journal also named him to their 2021 Power Players list, and Law 360 added him to their 2020 Sports Betting MVPs.
Chuck is an active board member for the March of Dimes and Leukemia and Lymphoma Society. He is also an adjunct professor and advisory board member at the University of Miami School of Law, and a distinguished lecturer at NYU's Tisch Institute for Sports Management, Media and Business.
Chuck was also an associate for former Senator, Dollar Bill Bradley, one of Tom's all time favorite Knicks! 
Highlights:
Chuck's work background and how he came across his opportunity at Sidley Austin (4:34)Secular trends currently driving the sports and entertainment investment market (7:56)Chuck describes the investor audience specific to sports and entertainment (9:54)Current sports markets with high deal flow (12:58)Chuck tells the story of the Chelsea FC deal and his role in the transaction (15:14)The current trend and future of sports investments going international (17:53)Chuck describes Sidley Austin's recent partnership with Arctos (20:10) Market competition, industry saturation, and the market's outlook (23:11)How streaming and entertainment consumption affect media rights (25:17)Women's sports and growing investment markets (27:17)How market developments and investments affect fan experience (28:54)Chuck's most recent wins with his own sports teams (29:45)Links:
Charles Baker
Charles Baker on LinkedIn
Sidley Austin on LinkedIn
Sidley Austin Website
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

Lithium-ion batteries are playing a big part in clean energy development, but making the battery itself clean and efficient will be crucial for the future of this technology. Today's guest is right at the center of making that happen.
 We're sitting down with Ajay Kochhar, who is President, CEO, and Co-Founder of Li-Cycle, a leading global lithium-ion battery resource recovery company that trades under the symbol LICY. Before founding Li-Cycle in 2016, Ajay gained extensive technology and project development experience through progressive roles with Hatch's industrial clean tech and advisory practices. 
While working in that space, he garnered in-depth engineering and project management experience through clean technology development in the lithium, cobalt, nickel, copper, gold, lead, zinc, molybdenum, and rare earth metals industries. His technical expertise spans the entire project life cycle from conceptual and pre-feasibility studies to construction and commissioning.
Highlights:
Ajay describes the use and benefits of lithium-ion batteries (3:50)What makes lithium-ion battery recycling unique (4:19)Ajay's career history and how he spotted a gap in the market (6:42)Ajay describes Li-Cycle's IP portfolio (8:31)What it means for companies to be 'environmentally friendly' (9:46)The benefits of domestic production and infrastructure (11:36) Economics and dual-revenue business model at Li-Cycle (12:49)Ajay discusses competition in the industry (15:50) Ajay's thoughts on the electric-vehicle adoption (18:05)Current and short-term priorities for Li-Cycle (20:00)Relationship with China in the lithium-ion industry (21:51)How the Inflation Reduction Act impacts businesses like Li-Cycle (23:00)Ajay's opinion on what investors miss when measuring company value (24:01)Links:
Ajay Kochhar on LinkedIn
Li-Cycle on LinkedIn
Li-Cycle Website
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

To be a great consultant, a deep understanding of an industry is table stakes, but you also have to connect with the needs of the employees that work within it, while helping a business grow and change appropriately. It's not an easy formula to master, but today's guest has figured it out.
Today we're sitting down with long-time FOICER - that stands for friend of ICR -  Fred LeFranc. Fred is the Managing Partner and Co-Founder of Results Thru Strategy, a consulting firm focused on the hospitality industry. Fred and his team help companies improve their strategic planning, organizational development, marketing, and performance management, as well as enhance their technology-based systems. They also help with executive coaching.
Fred's four decades in the hospitality industry include stints as COO, CEO, Board Member, and President of a number of hospitality and technology brands, including Flat Rock Grill, Ruby's Diner, Fishbowl Marketing, and Louise's Trattoria. Inc. Magazine actually featured his corporate turnaround from Louise's which included design, concept development, food production,  IT systems, and operational executions as a great milestone in his career.
Highlights:
Fred's introduction to the hospitality industry (4:09)How Fred transitioned from hospitality to consulting (5:07)Fred's outlook on the current state of the hospitality industry (7:16)Common challenges for businesses in the hospitality landscape (8:30)Fred describes what it takes to be a great CEO in hospitality (9:48)Areas where companies are under-investing in their business (11:32) Fred describes his approach to technology integration in hospitality (13:20)How technology can amplify branding and business (15:26) Businesses that are excelling in their take-out and delivery services (16:40)The importance of understanding service channels (17:53)Most common mistakes made by early-stage companies (18:50)Biggest mistakes made by mature companies (20:03)Fred talks about his time as CEO of Engelman's Bakery (22:02)How Fred advises businesses amidst labor and inflation challenges (24:32)What Fred is seeing in M & A in the industry (26:13)Fred's projected future trends in hospitality (26:57)Most gratifying client engagements in Fred's portfolio (28:05)Links:Fred LeFranc on LinkedInResults Thru Strategy on LinkedInResults Thru Strategy WebsiteICR TwitterICR LinkedInICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

Outsourcing our sustainability efforts does help us get one step closer to an eco-friendly future, but to make a true impact we have to develop our own resources and processes. Our guest today is helping to drive the green revolution right here at home.
Joining us on this episode is Dr. Denis Phares. After establishing himself as a tenured professor of Aerospace and Mechanical Engineering at the University of Southern California, Dr. Phares left academia to found Dragonfly Energy in 2012. The stock trades under the symbol DFLI.
His focus is on developing technologies that will change the way we store and harness renewable energy. With three decades of extensive experience in the fields of energy, nanotechnology, fluid mechanics, and powder processing, Dr. Phares has positioned himself as a leading expert in green energy storage and has spent the last 15 years focused on advancing lithium-ion battery technology.He holds a number of patents, some of which are key in fundamental battery cell manufacturing. 
Denis received a BS in physics from Villanova University, an MS and a PhD in environmental engineering science from the California Institute of Technology, and for good measure, he also has an MBA from the University of Nevada at Reno.
Highlights:
Denis' transition from professor to entrepreneur(3:56)Behind Dragonfly Energy's unique energy storage focus (5:01)The birth of Battle Born Batteries (5:47)Current outlook on the RV market's stability (8:23)Dragonfly Energy's partnership with RV giant Forest River (9:16)Dragonfly Energy's current target market and growth strategy (10:05) Research & development and the importance of IP (11:42)Denis breaks down battery technology and how they work (12:55)Findings from Dragonfly Energy's recent energy assessment (15:58)The scalability of lithium-ion battery technology (17:18)Product expansion and innovation at Dragonfly Energy (18:34)Why Dragonfly Energy's HQ is in Nevada (21:02)Denis discusses lithium mining in the US (22:01)Current verticals Dragonfly Energy is exploring (23:18)Denis provides an overview of the current state of producing solid-state batteries (25:25)Denis explains the value of becoming a public company (27:10)Links:
Denis Phares on LinkedIn
Dragonfly Energy on LinkedIn
Dragonfly Energy Website
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

There's a reason it's called healthcare – care and carefulness are at the core, and if you want to be successful in the field, you've got to understand the significance of compliance, exceptional service, and continuous expansion. Today's guest has mastered that formula. 
We're sitting down with Thomas Sandgaard who is Chairman, President, and CEO of Zynex, which trades on the NASDAQ under the symbol ZYXI. Thomas founded the company in 1996, but before that, he held management positions with companies such as ITT, Siemens, GN Danavox DataCo, and Phillips. 
Thomas is also the Founder and CEO of Sandgaard Capital, a private equity investment firm and family office. Additionally, he's the Founder and President of the Sandgaard Foundation, which seeks to address the tragic opioid and fentanyl crisis here in the States by helping to fund initiatives that save lives from overdoses, help people escape the cycle of relapse, and support victims and their families. 
Thomas has a degree in electronic engineering from Denmark's Syddansk University, Engineering, and an MBA from Copenhagen Business School. 
Highlights:
Zynex's background and business model (3:57)How Thomas got into the medical device industry (5:39)The pain management market (7:04)Zynex's target audiences (8:17)Competition in the field (9:14)Zynex's line of products (10:37) Thomas explains Zynex's total addressable market (11:21)Patient monitoring part of the business (12:56)How Zynex builds and maintains their sales force (14:45)Thomas' philosophy on customer service (17:22)How Zynex is diversifying its product range (18:10)Thomas describes how he prioritizes investments and balances growth and profitability (19:16)Zynex's first quarter growth reports (20:38)Zynex's new M-Wave NMES device (21:48)Thomas' take on the barriers to entry in the medical device industry (23:13)Thomas' work as a musician (24:38)The Sandgaard Capital Foundation and its mission (25:55)Links:
Thomas Sandgaard on LinkedIn
Zynex Medical on LinkedIn
Zynex Medical Website
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.