Yanyan Lin
About Yanyan Lin
Independent director of Aquaron Acquisition Corp. (AQUC) since March 2021; age 36 as of the April 2, 2025 record date . Founder and CEO of Bole Education Consulting Inc. (Maryland) since July 2016; previously senior auditor at Tate & Tryon CPAs & Consultants (Washington, D.C.) from January 2013 to June 2018 . Education: University of Virginia—MS Accounting (2012), BS Commerce (Accounting & Finance) with second major in Economics (2012); holds a U.S. CPA . Tenure on AQUC board ≈4 years (since March 2021) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tate & Tryon CPAs & Consultants (Washington, D.C.) | Senior Auditor | Jan 2013 – Jun 2018 | Led audit teams and key testing across trade/professional associations; builds audit rigor and controls expertise |
| Bole Education Consulting Inc. (Maryland) | Founder & CEO | Jul 2016 – Present | Operational leadership; commercial development experience relevant to oversight |
External Roles
| Company | Type | Role | Committee roles | Disclosure |
|---|---|---|---|---|
| Bole Education Consulting Inc. | Private | Founder & CEO | N/A | Disclosed in AQUC filings; no other public company directorships disclosed |
Board Governance
- Independence and designation: Board determined Lin is an independent director under Nasdaq/SEC rules; AQUC’s independent directors meet in sessions without management . Lin serves as Audit Committee Chair and is designated the “audit committee financial expert” under SEC rules .
- Committees and meeting cadence (FY 2024):
- Audit Committee members: Yang Wang, Yanyan Lin (Chair), Xiaoming Ma; held no formal meetings in 2024 (SPAC stage; relied on monthly reports/written approvals) .
- Nominating Committee members: Yang Wang (Chair), Yanyan Lin, Xiaoming Ma; held no meetings in 2024 .
- Compensation Committee members: Yang Wang (Chair), Yanyan Lin, Xiaoming Ma; did not meet in 2024; no compensation consultant retained .
| Committee | Members | Chair | FY 2024 Meetings |
|---|---|---|---|
| Audit | Yang Wang; Yanyan Lin; Xiaoming Ma | Yanyan Lin | 0 (relied on monthly reports/written approvals) |
| Nominating | Yang Wang; Yanyan Lin; Xiaoming Ma | Yang Wang | 0 |
| Compensation | Yang Wang; Yanyan Lin; Xiaoming Ma | Yang Wang | 0 |
Fixed Compensation
- AQUC SPAC policy pre-business combination: “No compensation of any kind… will be paid to any of our existing stockholders, including our directors… prior to… consummation of a business combination”; only reimbursement of reasonable out-of-pocket expenses .
| Component | FY 2024 | FY 2023 |
|---|---|---|
| Annual cash retainer | $0 (SPAC stage) | $0 (SPAC stage) |
| Committee membership fees | $0 | $0 |
| Committee chair fees | $0 | $0 |
| Meeting fees | $0 | $0 |
Performance Compensation
- Equity and variable pay at SPAC stage: No equity grants (RSUs/PSUs/options), bonuses, or performance-linked pay to directors prior to closing a business combination .
| Metric/Vehicle | Status | Notes |
|---|---|---|
| RSUs/PSUs | None pre-combination | No grant dates/values/vesting disclosed |
| Stock options | None pre-combination | No strikes/expirations/vesting |
| Bonuses/Performance metrics | None pre-combination | No revenue/EBITDA/TSR targets |
| Clawbacks/Change-in-control | Not applicable at SPAC stage | No director severance or CIC multiples disclosed |
Other Directorships & Interlocks
- No other public company directorships or committee roles disclosed for Lin in AQUC filings; primary external role is private (Bole Education Consulting) .
- Network/conflict checks: AQUC requires fairness opinions and independent director approval for any affiliate business combination; no finder/consulting fees to insiders before de-SPAC .
Expertise & Qualifications
- CPA credential; advanced accounting education (UVA); prior audit leadership .
- Board-designated audit committee financial expert; chairs Audit Committee .
- Commercial and business development experience from founding/managing Bole Education Consulting .
Equity Ownership
- Beneficial ownership: Lin holds 15,000 shares; less than 1% of outstanding as of April 14–15, 2025 .
- Shares outstanding reference: 2,428,412 shares eligible to vote as of the April 2, 2025 record date .
- Escrow/lock-up terms for insider/founder shares: 50% released the earlier of 6 months post-business combination or when stock ≥$12.50 for 20/30 trading days; remaining 50% released at 6 months post-combination (or earlier upon certain transactions) .
| Item | Value |
|---|---|
| Shares beneficially owned | 15,000 |
| Ownership % of outstanding | ≈0.62% (15,000 ÷ 2,428,412) |
| Escrow/lock-up status | Founder/insider shares subject to staged release; see conditions |
| Pledging/Hedging | No director-specific pledging/hedging disclosures found; insider shares in escrow |
Governance Assessment
-
Positives
- Independence and technical rigor: Lin is an independent director and Audit Committee Chair, designated as the audit committee financial expert—supports strong oversight of reporting and controls .
- Alignment through founder equity: Lin’s 15,000 founder shares (escrowed with price/seasoning triggers) create long-dated alignment post-combination, discouraging short-termism .
- Affiliate transaction safeguards: AQUC commits to fairness opinions and independent approval for any affiliate business combination; no insider fees pre-close—mitigates related-party risks .
-
Watch items / RED FLAGS
- Committee inactivity: All three committees reported zero formal meetings in FY 2024 (SPAC stage)—monitor effectiveness and cadence as the transaction approaches and if AQUC de-lists/re-lists .
- Sponsor control and incentives: Sponsor controls ~65% of shares; insiders’ founder shares become worthless if the SPAC fails to extend or close—a structural conflict affecting votes on extensions/redemptions .
- Trading/listing risk: AQUC was delisted from Nasdaq (Mar 7, 2025), now OTC—implications for liquidity, governance optics, and closing conditions for the merger; any waivers will warrant close scrutiny .
- Ownership/policy transparency: No disclosed director stock ownership guidelines, pledging or hedging policies specific to directors; reliance on escrow terms rather than ongoing policy oversight .
-
Context on voting/execution risk
- AQUC’s April 2025 proxy centers on extension and trust amendments to reach a May 2026 deadline, with monthly sponsor contributions; directors/officers have financial interests in extension approval due to founder/private units economics .