Daniel Shribman
About Daniel Shribman
Daniel Shribman (age 41) is an independent director of AltEnergy Acquisition Corp. (AEAE) and chairs the Audit Committee. He is Founder and CEO of Hildene Holdings LLC; previously Chief Investment Officer of B. Riley Financial and President of B. Riley Principal Investments (2019–2024; 2018–2024). He holds an A.B. in Economics and History from Dartmouth College and has served on AEAE’s board since inception .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| B. Riley Financial, Inc. | Chief Investment Officer | 2019–2024 | Oversaw investments; public company governance exposure |
| B. Riley Principal Investments | President | 2018–2024 | Led principal investing; board-level involvement across portfolio |
| Anchorage Capital Group | Portfolio Manager | 2010–2018 | Led investments across industrials and other sectors |
| Tinicum Capital Partners | Investment professional | Prior to 2010 | Private equity experience |
| Lazard Frères (Restructuring) | Analyst | Prior to 2010 | Restructuring advisory background |
External Roles
| Organization | Role | Current/Prior | Tenure/Notes |
|---|---|---|---|
| Alta Equipment Group (NYSE: ALTG) | Director | Current | Since Feb 2020 |
| The Arena Group (NYSE: AREN) | Director | Prior | Jun 2021–Nov 2023 |
| FaZe Holdings (Nasdaq: FAZE) | Director | Prior | Jul 2022–Aug 2023 |
| NextPoint Financial (OTCMKTS: NACQF) | Director | Prior | Aug 2021–Apr 2023 |
| Eos Energy (Nasdaq: EOSE) | Director | Prior | Nov 2020–Sep 2022 |
| Great American Group (B. Riley affiliate) | Director | Current | Listed among fiduciary obligations |
Board Governance
- Independence: Shribman is an independent director under Nasdaq and SEC Rule 10A‑3 and chairs AEAE’s Audit Committee .
- Committee assignments:
- Audit Committee: Chair (members Shribman, Salvator, Campbell) .
- Compensation Committee: Not a member (members Campbell, Salvator, Heimert; chair Salvator) .
- Nominating & Corporate Governance Committee: Member (Campbell, Shribman, Heimert; chair Campbell) .
- Attendance/Engagement:
- Nominating & Governance Committee has not met to date .
- Compensation Committee held no meetings in 2024 (no compensation actions pre‑business combination) .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual director retainer (cash) | $0 | AEAE pays no compensation to directors prior to business combination |
| Committee membership fees | $0 | No fees paid pre‑combination |
| Committee chair fees | $0 | No fees paid pre‑combination |
| Meeting fees | $0 | No fees paid pre‑combination |
Performance Compensation
| Instrument/Metric | Terms | Vesting/Triggers | Applicable Party |
|---|---|---|---|
| Earnout Shares – Block A | Price ≥ $14 for 20 of 30 trading days during Earnout Period | Forfeited if not achieved; five‑year window for A‑1; ten‑year for A‑2 | |
| Earnout Shares – Block B | Price ≥ $18 for 20 of 30 trading days during Earnout Period | Forfeited if not achieved; ten‑year window | |
| Lock‑up on Restricted Securities | 50% released at 12 months; 25% at 18 months; 25% at 24 months post‑closing | Applies to Sponsor and Company Member shares | |
| Special Restrictions (Sponsor) | Additional transfer restrictions until Shinyoung guaranty termination | Applies to Sponsor Earnout and 500k special restricted shares |
Note: AEAE discloses no director‑specific equity grants or cash bonuses pre‑combination; earnout and lock‑up structures principally affect Sponsor and Company Member securities. Shribman is entitled to receive 20,000 AEAE shares from Sponsor interests after lock‑ups lapse, contingent on completion of a business combination .
Other Directorships & Interlocks
| Topic | Details |
|---|---|
| Underwriter/affiliate interlock | B. Riley was AEAE’s IPO underwriter; deferred fees of $8.05M due upon business combination . Shribman previously held senior roles at B. Riley; AEAE codes for conflicts mitigation are disclosed . |
| Sponsor control | Sponsor owns ~78–78.5% of shares and controls votes on extensions and adjournments; proposals can pass even if all public holders vote against . |
Expertise & Qualifications
- Financial and investment expertise across public and private markets, with restructuring and special situations background beneficial to Audit Committee leadership .
- Technology/media/energy exposure via prior boards (EOSE, AREN, FAZE) and industrials via ALTG, supporting diligence breadth for SPAC target evaluation .
Equity Ownership
| Holder | Shares | % of Outstanding | Notes |
|---|---|---|---|
| AltEnergy Acquisition Sponsor LLC | 5,750,000 | 78.5% | Includes 250,000 Class B founder shares; Sponsor manager is CEO Russell Stidolph . |
| American Financial Group | 500,000 | 7.0% | Schedule 13G filer . |
| Daniel Shribman | N/A (not listed as beneficial owner) | N/A | Entitled to receive 20,000 shares from Sponsor interests post‑combination, subject to lock‑ups/forfeiture terms . |
Policy alignment (risk mitigants): AEAE’s Insider Trading Policy prohibits short sales, pledging, hedging and mandates pre‑clearance and blackout windows for insiders .
Governance Assessment
- Strengths:
- Independent Audit Committee chaired by Shribman; all members financially literate; a designated audit financial expert sits on the committee .
- Clear insider trading/anti‑pledging policy and committee charters in place .
- Concerns/RED FLAGS:
- Sponsor dominance (≈78% voting power) can approve extensions irrespective of public shareholder votes, reducing minority holder influence .
- Material weaknesses in internal controls persisted through year‑end 2024; multiple restatements and accounting issues (warrant liabilities; non‑redemption agreements; CFO consulting accruals), elevating control risk .
- Nasdaq delisting (Nov 2024) and current OTC trading status may impair liquidity and governance optics; compliance challenges cited .
- Related‑party dependencies: Sponsor administrative fees ($15k/month accruing), working capital loans ($2.335M outstanding at 12/31/2024), and non‑redemption arrangements transferring founder shares—potential conflicts and dilution risk .
- Earnout structures tied to stock price thresholds ($14/$18) could incentivize short‑term price outcomes post‑combination rather than fundamentals .
Implications for investors: Shribman’s independence and audit leadership are positives, but Sponsor control, unresolved ICFR weaknesses, and OTCPink listing status materially affect investor protections and confidence. Governance scrutiny should focus on control remediation timelines, related‑party oversight, and transparent disclosure of director‑level equity and potential conflicts pre/post‑combination .