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Avalon Acquisition Inc. - AVAC

  • Commons

    $9.87

    -0.10%

    AVAC Vol: 16.0K

  • Warrants

    $0.30

    -6.00%

    AVACW Vol: 93.2K

  • Units

    $10.10

    -0.02%

    AVACU Vol: 100.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 203.8M
Average Volume: 435.2K
52W Range: $9.83 - $9.92
Weekly %: -0.20%
Monthly %: -0.30%
Inst Owners: 2

Info

Target: Searching
Days Since IPO: 110
Unit composition:
Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one-half of one redeemable warrant
Trust Size: 20000000.0M

Management

Our officers, directors and director nominees are as follows: Name Age Position Donald H. Putnam 69 Executive Chairman S. Craig Cognetti 48 Chief Executive Officer John Griff 65 President R. Rachel Hsu 49 Chief Financial Officer Steven Gluckstern 69 Director Nominee John L. Klinck Jr. 57 Director Nominee Douglas C. Mangini 60 Director Nominee Donald H. Putnam has been our Executive Chairman since October 12, 2020. Mr. Putnam founded Grail Partners, LLC, a private investment and M&A advisory firm focused on financial services, in 2005. Prior to founding Grail, he founded Putnam Lovell Securities, an investment banking firm, in 1987, and led the firm as its Chief Executive Officer and Chairman of the Board from its founding until the firm’s sale in 2002, after which he served as CEO and Vice Chairman of Putnam Lovell NBF Securities, a subsidiary of Nation Bank/Cananda. From 1985 to 1987, Mr. Putnam served as President and Chief Operating Officer at Inference Corporation, a Rockefeller-backed AI company serving NASA, AmEx, and investment banks with LISP-based AI solutions, where Mr. Putman initiated an early algorithmic trading systems and funded the development of MarketMind, the first AI high frequency trading application, later to be delivered by Jeffries & Co and ITG, its publicly traded subsidiary. 89 From 1979 to 1985, Mr. Putnam held senior positions at SEI Corporation, including President of its mutual funds division and head of Corporate Development, in which capacity he oversaw the acquisition and leadership of Becker Funds Evaluation, Merrill Lynch Funds Evaluation, and other smaller purchases. Prior to joining SEI, Mr. Putnam was a Senior Consultant at Catallactics Corporation (a subsidiary of SunGard), in which capacity he devised systematic portfolio management strategies for Bankers Trust Company, J.P. Morgan, The Boston Company, The Northern Trust Company, and other clients. From 1973 to 1978, he designed index fund and quantitative investment products at Bankers Trust Company, a trust company. His education includes NYU and Courant Institute, with double major in mathematics (topology) and computer science (matrix/cluster analysis). We believe that Mr. Putnam’s qualifications to serve on our board include his vast experience advising and investing in companies within the financial services space, his track-record of building and managing financial services companies, and his track-record of identifying industry trends. S. Craig Cognetti, CFA, has been our Chief Executive Officer since October 12, 2020. Mr. Cognetti leads the principal investing practice at Grail Partners, a private investment and M&A advisory firm focused on financial services. Prior to joining Grail in 2006, Craig was with a New York City-based alternative investment firm Chelsey Capital. From 2002-2004, he was an officer at Mellon Ventures, the $1.4 billion private equity division of Mellon Financial, a global financial services firm. He focused on buyouts and financial services deals credit cards, trading platforms, and portfolio management. From 2000-2002, Craig served in the Corporate Strategy and Development group at Mellon, working on M&A transactions. He led an initiative to increase Mellon’s presence in separate accounts and built an alternative asset management platform. Earlier, Mr. Cognetti led a division of TRL, a transportation services company. Mr. Cognetti has a BS in Business Administration from Georgetown and an MBA from The Wharton School. Craig has completed the International Finance and Management program at Oxford University and is a CFA Charterholder. John Griff has been our President since October 12, 2020. Mr. Griff joined Manifold Partners LLC, an artificial intelligence hedge fund manager, as President in 2018. Mr. Griff’s 40-year financial services career has spanned capital markets, investment banking and asset management. From 2011 to 2013, he served as COO of the publicly held Gleacher & Company, an investment bank specializing in Advisory, Capital Markets, Fixed Income, and Private Equity, where he was also CEO of the broker-dealer subsidiary of Gleacher & Company. From 2008 to 2010, Mr. Griff served as Strategic Advisor to the CEO at LNR Property Corporation, a commercial real estate company, where he shared responsibility for LNR’s European business units, including a Commercial Real Estate fund, where he was responsible for a 500mil Sterling CRE portfolio. From 2003 to 2007, Mr. Griff served as President of Putnam Lovell, an investment bank specializing in the financial services sector. Prior to Putnam Lovell, from 1997 to 2002, Mr. Griff was CEO of HSBC USA, Inc., a subsidiary of a global financial services firm, leading the bank’s US based investment banking business, and serving as co-Head of Global Fixed Income. He was responsible for one of the largest risk positions in Fixed Income. Mr. Griff established Merchant banking businesses at each of NationsBanc, HSBC, Putnam Lovell, and Gleacher. He chaired each Investment Committee of each group and sat on the Boards of nearly all portfolio companies. Mr. Griff also served in senior roles at then NationsBanc Capital Markets, a banking firm, from 1993 to 1997; Lehman Brothers, a global investment bank, from 1989 to 1993; and Merrill Lynch, a global investment bank from 1986 to 1989. Mr. Griff advises high school and college coaches and athlete directors on leadership skills. Mr. Griff is a graduate of Fordham University where he earned a BS degree majoring in Finance and Marketing. R. Rachel Hsu has been our CFO since October 12, 2020. In 2019, Ms. Hsu joined Grail Partners LLC, a private investment and M&A advisory firm focused on financial services, and Manifold Partners, LLC, an artificial intelligence hedge fund manager, as CFO of both firms, after a sabbatical to raise her family between 2009 and 2019. Starting in 2003, she spent six years at Hall Capital Partners LLC, a private investment advisory firm to ultra-high-net-worth families and individuals. She joined Hall Capital Partners LLC as corporate controller and was CFO of the firm’s funds when she departed to raise her daughter. After graduating from the University of North Carolina with a Masters in Accounting and a B.S. in Business Administration, Ms. Hsu joined accounting firm PricewaterhouseCoopers LLP, a global accounting firm, in 1994. After her public accounting career, Rachel served as the controller at Putnam Lovell Securities Inc., an investment bank/broker-dealer focused on financial services, from 2000 to 2002. Ms. Hsu holds an inactive CPA license from North Carolina. Steven Gluckstern has agreed to serve as our director upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Gluckstern currently serves as the Founding Board Member at three diverse and innovative organizations: Santa Fe Farms LLC (a 500+ acre farm in New Mexico using regenerative farming techniques to grow and process organic hemp initially for CTHC free cannabinoid production); Teachercraft, LLC (a new digitally-based education company focused on the improvement of student outcomes through the development and implementation of a curricular-based on-line Professional Learning systems designed for the retraining of America’s public school teachers); and the newly-formed #WeAre Foundation (a foundation built to amplify voices that emphasize our shared humanity through the connective power of the Arts.) Appointed by Governor Michelle Lujan Grisham in 2019, Mr. Gluckstern currently serves as Chair of the New Mexico Education Retirement Board which oversees the state’s $13 billion+ education trust fund. From 2011 to 2017, Mr. Gluckstern was the Chairman and Chief Executive Officer of Rio Grande Neurosciences, Inc, a medical technology firm pioneering the development of a wide range of electromagnetic field therapies. Mr. Gluckstern co-founded Centre Reinsurance in 1998, one of the fastest-growing reinsurance enterprises in history, which was acquired by Zurich Financial Services Group, a global insurance firm in 1993. At Centre Reinsurance, in addition to holding various executive and financial positions, Mr. co-founded the $4+ billion Capital Z Partners, an alternative asset/private equity management firm. Previously, Mr. Gluckstern worked for investor Warren Buffet from 1986 to 1987 and during that time served as General Manager of reinsurance operations for the Berkshire Hathaway Insurance Group, a holding company, President of Columbia Insurance Company, an insurance firm, and Senior Vice President of National Indemnity Company, an insurance firm. Earlier in his career he was Chief Financial Officer of Healthco Inc., then the world’s largest distributor of dental products from 1984 to 1986. Mr. Gluckstern has also applied his entrepreneurial skills to numerous educational programs and philanthropic causes, serving on a wide range of boards over the past 40 years. Mr. Gluckstern holds a B.A. and Honorary Doctorate from Amherst College, an Ed.D. and Honorary Doctorate from the University of Massachusetts, and an M.B.A. from the Stanford Graduate School of Business. 90 We believe that Mr. Gluckstern’s qualifications to serve on our board include his long history of entrepreneurship, of building and managing businesses and of investing in innovative companies. John L. Klinck Jr. has agreed to serve as our director upon the effectiveness of the registration statement of which this prospectus forms a part. Since 2016, Mr. Klinck is an active angel investor and a Managing Partner of Hyperplane Venture Capital, a venture capital firm, where he has led FinTech investing across a range of seed stage companies using advanced technologies such as machine learning to solve front and back office business problems. From 2006 to 2015, Mr. Klinck was an executive vice president at State Street, a global financial services firm, where he founded Alternative Investment Solutions providing hedge fund and private equity administration. He also founded the data and analytics business called Global Exchange and served as Head of Strategy/M&A. Before joining State Street in 2006, Mr. Klinck was a Vice Chairman at BNY Mellon, a global financial services firm, President of Investment Manager Solutions and CEO of the company’s European businesses. He is also a current member of the Boards of Directors of Cardlytics, XCHG and Notarize . Mr. Klinck has a BA from Middlebury College and an M.B.A from the Fuqua School of Business at Duke University. We believe that Mr. Klinck’s qualifications to serve on our board include his experience in managing and innovating large financial services organizations, his deep knowledge of financial services and financial technology and his experience in identifying and investing in technology driven financial services companies. Douglas C. Mangini has agreed to serve as our director upon the effectiveness of the registration statement of which this prospectus forms a part. From June 2020 through December 2020, Mr. Mangini served as Senior Managing Director, Senior Advisor to Intermediary Distribution and member of Guggenheim Partners’ Senior Leadership Committee. From May 2012 through June 2020, Mr. Mangini served as Senior Managing Director, Head of Intermediary Distribution at Guggenheim Investments and member of Guggenheim Partners’ Senior Leadership Committee. Prior to joining Guggenheim, he held senior distribution roles at Morgan Stanley Investment Management and Nationwide Financial Services. Over his 30 plus year career in financial services industry, he has built and managed investment and insurance distribution platforms at firms including, Guggenheim Investments, Morgan Stanley Investment Management and Nationwide Financial Services. Within financial product distribution, Mr. Mangini has managed strategy, product, marketing, relationship management and sales groups. He has distributed a broad range of financial products including mutual funds, ETFs, alternative investments, UITs, retirement plans, annuities and life insurance to a broad spectrum of financial intermediaries including wirehouse and regional broker-dealers, independent broker-dealers, registered investment advisors, third-party investment advisors and retirement platforms. At Guggenheim and Morgan Stanley, he participated in the sale of ETF and mutual fund business units, respectively. Mr. Mangini received a BS Accounting from St. Joseph’s University and JD from New York Law School. We believe that Mr. Mangini’s qualifications to serve on our board include his experience in managing and innovating large financial services organizations, his deep knowledge of financial services and his experience in identifying and capitalizing on trends that drive growth across the industry. Number and Terms of Office of Officers and Directors Our board of directors will be divided into three classes, with only one class of directors being elected in each year, and with each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. In accordance with the Nasdaq corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following our listing on the Nasdaq. The term of office of the first class of directors, consisting of Steven Gluckstern, will expire at our first annual meeting of stockholders. The term of office of the second class of directors, consisting of Douglas C. Mangini and John L. Klinck Jr., will expire at our second annual meeting of the stockholders. The term of office of the third class of directors, consisting of S. Craig Cognetti and Donald H. Putnam will expire at our third annual meeting of stockholders. We may not hold an annual meeting of stockholders until after we complete our initial business combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. Pursuant to an agreement to be entered into concurrently with the issuance and sale of the securities in this offering, our sponsor, upon completion of an initial business combination, will be entitled to nominate individuals for election to our board of directors, as long as the sponsor hold any securities covered by the registration rights agreement. Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to nominate persons to the offices set forth in our certificate of incorporation as it deems appropriate. Our certificate of incorporation will provide that our officers may consist of one or more chairman of the board of directors, chief executive officer, president, chief financial officer, vice presidents, secretary, treasurer and such other offices as may be determined by the board of directors. 91 Director Independence Nasdaq listing standards require that a majority of our board of directors be independent. An “independent director” is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion of the company’s board of directors, would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. Our board of directors has determined that Steven Gluckstern, John L. Klinck Jr., and Douglas C. Mangini are “independent directors” as defined in the Nasdaq listing standards and applicable SEC rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present. Executive Officer and Director Compensation None of our executive officers or directors have received any cash compensation for services rendered to us. Commencing on the date that our securities are first listed on the Nasdaq through the earlier of completion of our initial business combination and our liquidation, we will reimburse our sponsor for office space and administrative support services provided to us in the amount of $10,000 per month. In addition, our sponsor, executive officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, executive officers, directors or their respective affiliates. Any such payments prior to an initial business combination will be made using funds held outside the trust account. Other than quarterly audit committee review of such reimbursements, we do not expect to have any additional controls in place governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with our activities on our behalf in connection with identifying and completing an initial business combination. Other than these payments and reimbursements, no compensation of any kind, including finder’s and consulting fees, will be paid by the company to our sponsor, executive officers and directors, or any of their respective affiliates, prior to completion of our initial business combination. After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of these fees will be fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials or tender offer materials furnished to our stockholders in connection with a proposed business combination. We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the amount of such compensation will be known at the time of the proposed business combination, because the directors of the post-combination business will be responsible for determining executive officer and director compensation. Any compensation to be paid to our executive officers will be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely by independent directors or by a majority of the independent directors on our board of directors. We do not intend to take any action to ensure that members of our management team maintain their positions with us after the completion of our initial business combination, although it is possible that some or all of our executive officers and directors may negotiate employment or consulting arrangements to remain with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management’s motivation in identifying or selecting a target business but we do not believe that the ability of our management to remain with us after the completion of our initial business combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements with our executive officers and directors that provide for benefits upon termination of employment. Committees of the Board of Directors Upon the effectiveness of the registration statement of which this prospectus forms

Holder Stats

1 0
% of Shares Held by All Insider 0.00%
% of Shares Held by Institutions 13.68%
% of Float Held by Institutions 13.68%
Number of Institutions Holding Shares 2

SEC Filings

Form Type Form Description Filing Date Document Link
SC 13G FORM SC 13G 2021-12-13 https://www.sec.gov/Archives/edgar/data/1836478/000106299321012728/formsc13g.htm
8-K FORM 8-K 2021-12-03 https://www.sec.gov/Archives/edgar/data/1836478/000173112221002097/e3342_8-k.htm
10-Q FORM 10-Q 2021-11-17 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001994/e3293_10-q.htm
8-K FORM 8-K 2021-10-15 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001730/e3189_8-k.htm
SC 13G AVALON ACQUISITION INC. 2021-10-15 https://www.sec.gov/Archives/edgar/data/1836478/000090266421004520/p21-2309sc13g.htm
3 2021-10-14 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001722/xslF345X02/ownership.xml
3 2021-10-14 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001720/xslF345X02/ownership.xml
3 2021-10-14 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001718/xslF345X02/ownership.xml
3 2021-10-14 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001716/xslF345X02/ownership.xml
3 2021-10-14 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001714/xslF345X02/ownership.xml
3 2021-10-14 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001712/xslF345X02/ownership.xml
3 2021-10-14 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001710/xslF345X02/ownership.xml
3 2021-10-14 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001708/xslF345X02/ownership.xml
SC 13G FORM SC 13G 2021-10-14 https://www.sec.gov/Archives/edgar/data/1836478/000106299321009514/formsc13g.htm
SC 13G SC 13G 2021-10-13 https://www.sec.gov/Archives/edgar/data/1836478/000110465921125740/tm2129925d1_sc13g.htm
8-K FORM 8-K 2021-10-12 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001695/e3181_8-k.htm
424B4 FORM 424B4 2021-10-07 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001672/e3157_424b4.htm
EFFECT 2021-10-05 https://www.sec.gov/Archives/edgar/data/1836478/999999999521003773/xslEFFECTX01/primary_doc.xml
S-1MEF FORM S-1MEF 2021-10-05 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001661/e3162_s-1mef.htm
CERT 2021-10-05 https://www.sec.gov/Archives/edgar/data/1836478/000135445721001123/8A_Cert_AVAC.pdf
8-A12B FORM 8-A12B 2021-10-04 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001646/e3148_8a12b.htm
CORRESP 2021-10-04 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001644/filename1.htm
CORRESP 2021-10-04 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001642/filename1.htm
S-1/A FORM S-1/A6 2021-10-01 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001632/e3143_s-1a6.htm
S-1/A FORM S-1/A5 2021-09-27 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001578/e3126_s1a5.htm
S-1/A FORM S-1/A 2021-09-07 https://www.sec.gov/Archives/edgar/data/1836478/000173112221001485/e3059_s-1a4.htm
S-1/A S-1/A 2021-05-28 https://www.sec.gov/Archives/edgar/data/1836478/000173112221000966/e2781_s-1a3.htm
CORRESP 2021-03-16 https://www.sec.gov/Archives/edgar/data/1836478/000173112221000389/filename1.htm
S-1/A FORM S-1/A 2021-03-16 https://www.sec.gov/Archives/edgar/data/1836478/000173112221000388/e2512_s-1a2.htm
UPLOAD 2021-03-11 https://www.sec.gov/Archives/edgar/data/1836478/000000000021002914/filename1.pdf
S-1/A FORM S-1/A 2021-03-05 https://www.sec.gov/Archives/edgar/data/1836478/000173112221000331/e2486_s-1a.htm
S-1 FORM S-1 2021-02-26 https://www.sec.gov/Archives/edgar/data/1836478/000173112221000306/e2477_s-1.htm
DRS 2020-12-21 https://www.sec.gov/Archives/edgar/data/1836478/000173112220001322/filename1.htm