Steven Wasserman
About Steven M. Wasserman
Steven M. Wasserman, age 64, is Non-Executive Chairman of ALCY; he has served as a director since November 19, 2021 and became Non-Executive Chairman in November 2022. He is co-founder and managing partner of Alchemy Investment Management, an affiliate of ALCY’s sponsor, and is a licensed attorney. His background spans investment management, SPAC leadership and advisory roles across special situations, credit opportunities, and technology/media, positioning him as a deal-oriented board leader for a SPAC focused on deep-tech/data analytics .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Alchemy Investment Management (affiliate of sponsor) | Co-founder & Managing Partner | Not disclosed (current) | Sponsor affiliate; receives $10,000/month admin fee via related party arrangement |
| MSP Sports Capital, L.P. | Principal | Since 2019 | Sports investments; principal role |
| The Roosevelt Investment Group, Inc. | Vice Chairman | 2018–2021 | Executive leadership in investment advisory |
| Seaport Investment Management, LLC | Chief Executive Officer | 2015–2018 | Led development of new investment strategies |
| Beige Group, LLC (family office) | Senior Managing Director | 2011–2014 | Identified/ executed investments |
| AMT Ventures LLC | Managing Partner | 2004–2008 | Principal investments; portfolio included Ktech, Nanodetex, Agent Science Technologies, Link One |
| New York-based hedge fund | Senior Advisor (special situations/credit) | Since 2017 | Advisory on special situations/credit opportunities |
| BlockWorks Group, LLC | Advisor | Since 2017 | Blockchain/cryptocurrency communications |
| Alpha Security Group Corporation (SPAC) | Chief Executive Officer | 2005–2009 | SPAC CEO; prior SPAC experience |
| Energy Infrastructure Acquisition Corp. (SPAC) | Advisor | Mar 2006–Mar 2008 | SPAC advisory |
| Seanergy Acquisition Corp. (SPAC) | Advisor | Nov 2007–Sep 2008 | SPAC advisory |
| Starbulk Acquisition Corp. (SPAC) | Advisor | Apr 2008–Mar 2009 | SPAC advisory |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| byNordic Acquisition Corporation (Nasdaq) | Director | Current | Public company SPAC director |
| MSP Sports Capital, L.P. | Principal | Since 2019 | Private investment fund role |
| BlockWorks Group, LLC | Advisor | Since 2017 | Crypto/media advisory |
| New York-based hedge fund | Senior Advisor | Since 2017 | Special situations/credit advisory |
Board Governance
- Board role: Non-Executive Chairman (since Nov 2022); director since Nov 19, 2021 .
- Independence status: ALCY identifies independent directors as Debbie S. Zoldan, Carlo Tursi, and Pablo Terpolilli; Steven is not listed among independent directors .
- Committee structure and chairs:
- Audit Committee: Debbie S. Zoldan (Chair), Carlo Tursi, Pablo Terpolilli; all independent and each qualifies as “audit committee financial expert” .
- Compensation Committee: Debbie S. Zoldan (Chair), Carlo Tursi, Pablo Terpolilli; all independent .
- Nominating Committee: Debbie S. Zoldan (Chair), Carlo Tursi, Pablo Terpolilli; all independent .
- Independent director executive sessions: Independent directors have regularly scheduled meetings at which only independent directors are present .
- Attendance: Not disclosed in available filings.
Fixed Compensation
| Pay Element | Recipient | Amount/Terms | Source |
|---|---|---|---|
| Administrative support services fee | Alchemy Investment Management LLC (affiliate of sponsor) | $10,000 per month, up to 18 months; not paid from trust prior to business combination | Related-party arrangement overseen under audit committee procedures |
| Director cash compensation | Board members | Mr. Shah receives no compensation as director; no other director pay disclosed | Current 8-K disclosure |
No meeting fees, committee fees, or director equity grants are disclosed in the DEF 14A or 10-K documents reviewed.
Performance Compensation
Economic incentives tied to business combination completion (affecting insiders, including directors affiliated with sponsor):
| Instrument | Quantity/Cost | Status if no Business Combination | Market Value Reference |
|---|---|---|---|
| Founder/Class B shares (aggregate for Initial Shareholders) | 2,875,000 founder shares; aggregate purchase price $25,000 | Founder shares become worthless; insiders waived liquidation rights | ~$31.3m based on $10.89 close on Oct 7, 2024; ~$39.2m based on $11.50 close on Aug 8, 2025 |
| Private Warrants (Initial Shareholders) | 595,500 purchased for $5,955,000 | Become worthless absent a deal | ~$77,415 based on $0.13 public warrant price on Aug 8, 2025 |
Additional sponsor-linked incentive mechanics:
- Sponsor agreed to contribute the lesser of $30,000 or $0.03 per non-redeemed Public Share per month for extensions, repayable upon business combination; forgiven if no deal (not from trust) .
- Insiders (including sponsor and directors) are deemed “promoters” and expected to vote in favor of extensions; they may purchase public shares and vote them for the extension .
Other Directorships & Interlocks
| Company | Role | Interlock/Overlap |
|---|---|---|
| byNordic Acquisition Corporation (Nasdaq) | Director | SPAC directorship; potential time/attention considerations as disclosed in risk factors |
Expertise & Qualifications
- Extensive SPAC leadership and advisory track record, including prior SPAC CEO and advisory roles .
- Investment management leadership (Roosevelt Investment Group Vice Chairman; Seaport Investment Management CEO) .
- Licensed attorney .
- Strategic focus aligned with ALCY’s deep-tech/data analytics remit; board emphasizes independent directors’ governance and capital markets experience .
Equity Ownership
ALCY beneficial ownership disclosures show no personal beneficial ownership attributed to Steven Wasserman; founder and sponsor holdings are reported at the entity level, and sponsor control structure indicates no individual director of VAM Partners LLC has voting/dispositive control over sponsor-held securities.
| Holder | Class A Shares (Number/%) | Class B Shares (Number/%) | Notes |
|---|---|---|---|
| Steven M. Wasserman | — / — | — / — | No personal beneficial ownership reported |
| Sponsor (Alchemy DeepTech Capital LLC) | 538,000 / 44.5% (Oct 2024) | 2,875,000 / 100% (Oct 2024) | Sponsor controlled by VAM Partners LLC board; no individual director deemed to have beneficial ownership |
| Sponsor (post conversion) | 3,412,999 Class A / ~75% (Aug 2025) | 1 Class B / 100% (Aug 2025) | Conversion of Class B to Class A on Oct 22, 2024; same transfer/lock-up restrictions apply |
Lock-up and waiver provisions:
- Initial Shareholders agreed not to transfer insider shares until six months post-business combination, subject to exceptions; waived redemption/liquidation rights on founder shares .
Governance Assessment
- Independence and committee composition: Steven serves as Non-Executive Chairman but is not listed among independent directors; all committees (Audit, Compensation, Nominating) are chaired and populated by independent directors—positive for oversight .
- Related-party exposure: ALCY pays $10,000/month to Alchemy Investment Management (affiliate of sponsor co-founded by Steven) for admin support—requires vigilant audit committee oversight; potential perceived conflict given sponsor affiliation and board chair role .
- SPAC-specific incentives: Founder shares and private warrants become worthless if no deal; insiders waived liquidation/redemption rights, creating strong incentives to complete a transaction, which can misalign with public investor downside protection—requires robust independent committee processes and fairness opinions for any affiliate deal .
- Promoter status and voting: Insiders are “promoters” and are expected to vote for extensions; have indicated potential to purchase public shares and vote them—could influence outcomes and deserves investor scrutiny .
- Policy gaps: Company has not adopted an insider trading policy—unusual for a Nasdaq-listed issuer and a governance red flag; Code of Ethics exists but lacks insider trading policy implementation .
- Structural safeguards: Audit committee oversees related-party transactions; independent directors conduct executive sessions; chartered committee responsibilities are well-defined—positive governance infrastructure .
RED FLAGS
- Administrative fee paid to sponsor affiliate ($10,000/month) while Non-Executive Chairman is co-founder/managing partner of that affiliate—related-party conflict risk .
- No insider trading policy adopted—policy deficiency for public company governance .
- Strong deal-completion incentives (founder shares/private warrants) and promoter status; insiders expected to vote for extensions and may acquire public shares to influence votes—potential misalignment with public investors .
- Sponsor contributions/loans for extensions repayable only if a deal closes—adds pressure to consummate a transaction .
Overall, Steven’s transactional and SPAC experience is additive for deal execution, but sponsor affiliation and fee arrangements heighten conflict risk; reliance on independent committees and transparent, third-party fairness opinions is critical to maintaining investor confidence .