Alvin Wang
About Alvin Wang
Alvin Wang serves on the Board of Four Leaf Acquisition Corporation and is the managing member of ALWA Sponsor LLC, the Company’s Sponsor. He is a PRC resident who holds 81.4% of the Sponsor’s membership interests and shares voting and dispositive power over the Sponsor’s founder shares; through the Sponsor he beneficially owns 1,305,250 founder shares (32.0% of outstanding as of June 13, 2025) . At IPO, Four Leaf disclosed that since 2019 Wang has been a Managing Director at FocalPoint Partners LLC, an investment banking firm, with broad transaction and valuation experience across TMT, retail, healthcare, industrials, and renewable energy sectors (biographical disclosure) .
Past Roles
| Organization | Role | Tenure/Timing | Committees/Impact |
|---|---|---|---|
| FocalPoint Partners LLC (Los Angeles) | Managing Director | Since 2019 | Transaction and valuation experience across TMT, retail, healthcare, industrials, renewable energy |
External Roles
- No additional public company directorships for Wang are disclosed in Four Leaf’s proxy/10‑K materials reviewed. His Four Leaf director status is confirmed in company filings .
Board Governance
- Committee assignments and structure (IPO disclosures):
- Audit Committee members: Bala Padmakumar, Stephen Markscheid (Chair), Rahul Mewawalla; Wang is not listed as a member .
- Nominating/Corporate Governance: No standing nominating committee at IPO; independent directors handled nominations, with intent to form when required .
- Compensation Committee: To be comprised of independent directors per Nasdaq rules; specific members not listed in the IPO prospectus .
- Independence: Wang is not independent given he is the controlling managing member of the Sponsor (81.4%) and beneficially owns ~32% of Four Leaf through Sponsor founder shares .
- Conflicts/incentives: Founders’ equity would be worthless if no business combination is completed; Sponsor also holds private warrants, creating incentives to consummate a deal and support extensions .
Fixed Compensation
| Component | Detail | Amount/Terms | Source |
|---|---|---|---|
| Annual cash retainer (pre-business combination) | SPAC insiders agreed not to receive any finder’s fee, consulting fee, loan repayment, or other compensation prior to, or in connection with, consummation of the initial business combination (except as disclosed) | $0 prior to business combination | EX-10.1 Letter Agreement (Insiders’ compensation restrictions) |
Note: Four Leaf’s filings show founder share transfers (25,000 each) to independent directors Rahul Mewawalla and Stephen Markscheid in Aug 2022 (to vest upon business combination), but no separate cash fees are disclosed; Wang’s economics largely arise from Sponsor holdings rather than director fees .
Performance Compensation
| Instrument | Holder/Beneficial Interest | Key Terms | Timing/Vesting | Source |
|---|---|---|---|---|
| Founder Shares (Class B) | 1,305,250 shares beneficially owned by Alvin Wang via ALWA Sponsor LLC (managing member) | Convert 1:1 into Class A at closing of business combination (subject to adjustment) | Founder shares become valuable only if a business combination closes | |
| Private Placement Warrants | 3,576,900 warrants held by Sponsor; Wang has direct/indirect interest through Sponsor | Exercise price $11.50/share; purchased at $1.00 per warrant; value referenced by public warrant price | Outstanding; no “vesting,” but only valuable if post-deal stock trades above strike |
These founder equity and private warrants create strong at-risk, deal-completion–dependent incentives.
Other Directorships & Interlocks
- None disclosed for Wang in Four Leaf’s reviewed DEF 14A/10‑K; Four Leaf’s filings list him as a director of Four Leaf and managing member of ALWA Sponsor LLC .
Expertise & Qualifications
- Investment banking/transaction execution: Managing Director at FocalPoint Partners since 2019 with cross-industry deal experience (TMT, retail, healthcare, industrials, renewable energy) .
- Sponsor governance/financing: Manages ALWA Sponsor LLC; oversight of founder shares, private warrants, extension financing arrangements .
Equity Ownership
| Metric | Detail | Amount | Reference Date | Source |
|---|---|---|---|---|
| Shares beneficially owned (Common) | Through ALWA Sponsor LLC; Wang is managing member and shares voting/dispositive power | 1,305,250 | Record date June 13, 2025 | |
| Percent of outstanding | Based on 4,078,153 total outstanding shares | 32.0% | June 13, 2025 | |
| Ownership vehicle | ALWA Sponsor LLC; Wang holds 81.4% of Sponsor membership interests | — | As disclosed | |
| Private placement warrants (Sponsor) | Sponsor holds 3,576,900 warrants; Wang has an indirect interest | 3,576,900 | Outstanding at filing | |
| Pledging/Hedging | Not disclosed | — | — | — |
Related Party & Potential Conflicts
| Item | Terms | Size/Exposure | Source |
|---|---|---|---|
| Sponsor loans to the Company | Outstanding Sponsor loans repayable only upon business combination; convertible into warrants at $1.00/warrant at Sponsor’s option; otherwise non-interest | $2,270,100 outstanding as of proxy date | |
| Extension financing (Extension Notes) | To extend business combination deadline, Sponsor deposits $75,000 per month into trust in exchange for non-interest bearing notes repayable only upon business combination; forgiven if deal not completed | $75,000 per monthly extension | |
| Sponsor indemnity of Trust | Sponsor agreed to indemnify to keep Trust at least $10.30 per public share (subject to conditions/waivers), if liquidated without a deal | $10.30/share floor (subject to limits) | |
| Incentive asymmetry (founder equity/warrants) | Founder shares and private warrants become worthless absent a business combination; creates incentive to support extensions and deals even on less favorable terms to public stockholders | Qualitative (material) |
Governance Assessment
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Strengths
- Capital markets and M&A experience supports deal sourcing and evaluation; investment banking background since 2019 provides relevant transaction skillset .
- Audit oversight staffed by independent directors (Wang not on Audit), which aligns with Nasdaq/SEC expectations .
-
Risks and RED FLAGS
- Sponsor control and economic incentives: Wang controls the Sponsor (81.4%) and beneficially owns ~32% of Four Leaf; founder shares and Sponsor warrants are worthless absent a business combination, creating powerful incentives that may diverge from public holders’ downside protection (RED FLAG) .
- Related-party financing: Sponsor loans ($2.27M) convertible into additional warrants and extension funding via non-interest notes repayable only on deal completion increase alignment to close a transaction (RED FLAG) .
- CFIUS/Foreign person risk: As a PRC resident who controls the Sponsor, Four Leaf may be deemed a “foreign person,” potentially limiting U.S. target options in TID industries and delaying or blocking deals (material regulatory risk) (RED FLAG) .
- Independence: Wang is not independent under common governance definitions due to controlling Sponsor role and significant beneficial ownership (RED FLAG) .
Overall: Wang brings deal expertise and capital, but his control of the Sponsor and substantial founder economics represent significant conflicts of interest typical for SPAC sponsors. These dynamics, combined with CFIUS “foreign person” constraints, are material governance and execution risks for investors to monitor .