Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Agreements of Certain
Officers
On March 17, 2023, directors and officers of Aimfinity Investment Corp. I, a
Cayman Islands exempted company (the "Company"), resigned from their respective
positions. There was no known disagreement with any of the Company's outgoing
directors on any matter relating to the Company's operations, policies or
practices. Concurrently with the resignations, the Company, by ordinary
resolution of the holders of the Class B ordinary shares of the Company, or the
"founder shares", appointed I-Fa Chang as sole director of the board of
directors (the "Board"). On the same day, I-Fa Chang, exercising his authority
as the sole director of the Board, appointed four new members to the Board to
fill such vacancies, consisting of Kevin Vassily as a Class I director, Hanzhong
(Han) Li and Teng-Wei Chen as Class II directors, and Xuedong (Tony) Tian as a
Class III director, effective immediately. The Board then appointed Mr. Chang as
the Chairman and Chief Executive Officer of the Company, and Mr. Tian as the
Chief Financial Officer of the Company, effectively immediately. The Board
further designated Mr. Chang as a Class III director.
Background of New Directors and Officers
The following sets forth certain information concerning each new director and
officer's past employment history, for officers, directorships held in public
companies, if any, and for directors, their qualifications for service on the
Company's board.
Mr. I-Fa Chang is the Chairman and Chief Executive Officer of the Company.
Mr. Chang has more two decades of investment management and advisory experience.
Since April 2022, Mr. Chang has served as Chairman and CEO of Inkstone Feibo
Acquisition Corporation, a Delaware incorporated special purpose acquisition
corporation ("Inkstone SPAC") seeking Nasdaq listing. In 2012, Mr. Chang founded
Inkstone Capital Co., Ltd., a technology-focused investment advisory firm
("Inkstone Capital") serving clients in Mainland China, Hong Kong and Taiwan,
and has served as its chief executive officer ever since. He has also served as
an independent director of Sichuan Tianfu Bank, a regional bank based in
Southeast China since 2015. Between October 2017 and June 2018, Mr. Chang served
as a director and finance control officer for Finconn Inc., a subsidiary of the
Taiwanese electronic manufacturing conglomerate, Foxconn. Before founding
Inkstone Capital, Mr. Chang had extensive experience in financial and investment
management across different sectors. Between June 2006 to December 2008,
Mr. Chang served as a financial consultant for Chengdu Jiannanchun Shengbo
Technology Co., Ltd., an IT solution company. He also served as a managing
director for ARC China Investment Corporation, an investment management company
from April 2007 to July 2011, and as a managing director for Xiamen Dazhou-ARC
Investment Management Co., Ltd., a joint venture between ARC China and Dazhou
Holding Group, a multi-industry conglomerate based in Xiamen, Fujian Province,
PRC, from August 2011 to October 2012. Mr. Chang received his MBA in Finance
from National Pingtung Science and Technology University in Taiwan, and his B.A.
in Management Information System from California State University, San
Bernardino.
We believe that Mr. Chang qualifies as our Chairman because of his investment
and financial management experience.
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Mr. Xuedong (Tony) Tian is our Chief Financial Officer and a member of our
Board. Mr. Tian has served as a managing director and head of capital markets at
US Tiger Securities, Inc. since October 2020. He has also served as the CEO of
Feutune Light Acquisition Corporation (Nasdaq: FLFV), a SPAC listed on Nasdaq,
since March 2022, and a director since June 2022. He has also served as CFO and
director of Inkstone SPAC. From May 2012 to October 2020, Mr. Tian was the
founder and president of Weitian Group LLC, a corporate advisory and investor
relations firm. Prior to that, Mr. Tian served as a sell-side equity analyst at
various investment banks, including managing director covering China at Merriman
Capital, Inc. from June 2013 to January 2016; executive director and lead
analyst covering China Industrials and IT outsourcing at Oppenheimer & Co. Inc.
from May 2011 to May 2012; vice president and lead China analyst at Ladenburg
Thalmann & Co. Inc. from May 2010 to April 2011; senior associate covering
Networking, Hardware & IT Supply Chain at Ticonderoga Securities LLC from
October 2009 to May 2010; and associate covering Semiconductor & Semiconductor
Capital Equipment at Pacific Crest Securities LLC (now part of KeyBanc) from
April 2008 to September 2009. Mr. Tian holds an MBA degree from New York
University, a M.A. degree in Economics from the University of Connecticut and
M.S. and B.S. degrees in Land Resources and Management from China Agricultural
University. Mr. Tian is a CFA charter holder and currently holds Series 7, 24,
63, and 79 licenses.
We believe that Mr. Tian qualifies as our director because of his experience in
capital market.
Dr. Hanzhong (Han) Li is a member of our Board. Dr. Li has more than two decades
of investment, operational and management experience in biotechnology industry.
Since February 2019, Dr. Li has served as the senior vice president for
Corporate Development at Eureka Therapeutics, a clinical stage biotechnology
company developing antibody-TCR T-Cell therapies for oncology treatment based in
California. In this role, Dr. Li is responsible for a variety of initiatives on
finance, corporate and business development for the company. Before joining
Eureka, Dr. Li spent two years as the chief financial officer at Ascentage
Pharma Group. Between 2010 and 2017, Dr. Li served as deputy director in the
strategy and portfolio management group at Bayer Pharmaceuticals (FWB: BAYN), a
German pharmaceutical company. Earlier in his career, Dr. Li served as an equity
research analyst at Morgan Stanley, Suntrust Robinson Humphrey and Stanford
Financial Group in New York, covering biotech and biopharmaceutical companies
for the period between 2002 and 2009. He also worked as a research scientist at
Genentech, Inc., where he served as lead inventor of three patents on novel
cytokines. Dr. Li received his Ph.D. in Pharmacology from the Boston University
School of Medicine and MBA from the Anderson School of Business at UCLA. Dr. Li
is a director nominee of Inkstone SPAC.
We believe that Dr. Li qualifies as our director because of his operational and
management experience in the biotech industry.
Dr. Teng-Wei Chen is a member of our Board. Dr. Chen is an active start-up and
early-stage investor in Southern Taiwan. Dr. Chen has served as managing
director at You-Ci Management Consulting Co., Ltd., an investment company based
in Pingtung, Taiwan, since 2015. Since 2018, Dr. Chen has been a director of
New-shine Biomedical Co., Ltd., a Taiwanese biotechnology company of which he
was also an investor. In 2019, he founded iDentist Business Space Co., Ltd., a
provider of coworking and shared conferencing space provider in Pingtung,
Taiwan. In 2021, Dr. Chen founded You-Cheng Internet Information Co., Ltd., an
IT solution company based in Pingtung, and has served as its Chairman and CEO
since then. As a dentist by training, Dr. Chen has been the chief dentist and
manager of Sunshine Dental Clinic, in Pingtung, Taiwan since September 2015.
From August 2012 to March 2014, Dr. Chen was a visiting dental specialist at
Tainan Hospital, Ministry of Health and Welfare, Taiwan. Dr. Chen finished his
residency at National Cheng Kung University Hospital, Taiwan, in July 2012,
where he was a resident dentist for six years. Dr. Chen received his D.D.S. in
Dentistry from China Medical University, Taiwan, in 2006. Dr. Li is a director
nominee of Inkstone SPAC.
We believe that Dr. Chen qualifies as our director because of his background in
founding, managing and investing in start-up companies.
Mr. Kevin Vassily is a member of our Board. Mr Vassily is a member of the board
of directors of Denali Capital Acquisition Corp. (Nasdaq: DECA) since April
2022, and Feutune Light Acquisition Corp. (Nasaq: FLFV) since June 2022, two
SPACs listed on Nasdaq. In January 2021, he was appointed Chief Financial
Officer, and in March 2021, became a member of the board of directors of iPower
Inc. (Nasdaq: IPW), an online hydroponic equipment retailer and supplier. Prior
to joining iPower, from 2019 to January 2021, Mr. Vassily served as Vice
President of Market Development for Facteus, Inc., a financial analytics company
focused on the Asset Management industry. From March
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2019 through Janurary 2020, he served as an advisor at Woodseer Global, a
financial technology firm providing global dividend forecasts. From October 2018
through its acquisition in March 2020, Mr. Vassily served as an advisor at Go
Capture (which was acquired by Deloitte China in 2020), where he was responsible
for providing strategic, business development, and product development advisory
services for the company's emerging "Data as a Service" platform. Since February
2020, Mr. Vassily has served as a director of Zhongchao Inc. (Nasdaq: ZCMD), a
provider of healthcare information, education and training services to
healthcare professionals and the public in China. Since July 2018, Mr. Vassily
has also served as an advisor at Prometheus Fund, a Shanghai-based merchant
bank/private equity firm focused on the "green" economy. From April 2015 through
. . .
Item 8.01. Other Events
On March 16, 2023, the sponsor initiated a distribution of 300,000 founder
shares and 492,000 private placement units of the Company held by the sponsor to
its existing members and entered into a repurchase agreement with Xin Wang,
Joshua Gordon, James J. Long and Nicholas Torres III, then directors and
officers of the Company, to transfer 10,000 founder shares each to the sponsor,
as a result of which, the sponsor will directly hold 1,672,500 founder shares.
Mr. Chang, as the Manager of the sponsor is deemed the beneficial owner of
1,672,500 founder shares.
All founder shares and private placement units remain subject to the terms of
the Letter Agreement dated April 25, 2022 and applicable lock-up restrictions
(as described in the Company's registration statement on Form S-1 (File No.:
263874), under the Securities Act of 1933, as amended, relating to the initial
public offering of the Company).
Item 9.01 Financial Statements and Exhibits.
Exhibit
No. Description
10.1 Form of Indemnity Agreement between the Company and each of the new
directors and officers of the Company, dated March 17, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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