Nathanael Abebe
About Nathanael Abebe
Nathanael Abebe is President and a director of Rigel Resource Acquisition Corp (RRACF); age 39. He was most recently Founder and Managing Partner of Rockpoint Capital, previously an Investment Manager at Orion Resource Partners, and earlier a commodities trading analyst at Lehman Brothers, Barclays Capital, and LAMCO. He holds an MBA from Wharton and a BSc in Chemical Engineering (Rutgers). As a SPAC, RRACF discloses no operating revenues or TSR/EBITDA performance metrics pre-business combination, so pay-for-performance metrics tied to company financial outcomes are not applicable at this stage .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rockpoint Capital | Founder & Managing Partner | Not disclosed | Founded and led investment firm; relevant private equity leadership experience |
| Orion Resource Partners | Investment Manager | Not disclosed | Evaluated, executed and monitored numerous private equity transactions |
| Lehman Brothers | Commodities Trading Analyst | Not disclosed | Derivatives and quantitative structuring |
| Barclays Capital | Commodities Trading Analyst | Not disclosed | Derivatives and quantitative structuring |
| LAMCO | Commodities Trading Analyst | Not disclosed | Derivatives and quantitative structuring |
External Roles
No current external public-company board roles disclosed for Abebe beyond RRACF .
Fixed Compensation
- No cash compensation paid to officers/directors; RRACF pays the Sponsor $10,000 per month for administrative services (not to individuals). No base salary, bonus, or perquisites disclosed for Abebe prior to the business combination .
Performance Compensation
RRACF did not adopt executive performance metrics (revenue/EBITDA/TSR) for Abebe pre-business combination. Equity-linked incentives are sponsor-related founder shares and private placement warrants transferred at formation/IPO; these are subject to lock-up and standard SPAC terms, not to annual operating targets .
| Incentive Type | Grant Date | Units | Terms | Strike Price | Vesting / Lock-up |
|---|---|---|---|---|---|
| Founder Shares (Class B) | Jul 13, 2021 | 135,000 | Converts one-for-one into Class A ordinary upon business combination, subject to adjustment | N/A (transferred at original per-share purchase price) | Not transferable until the earlier of (A) one year after business combination or (B) when Class A trades ≥$12.00 for 20 days within any 30-day period commencing ≥150 days post-BC |
| Founder Shares (Class B) | Oct 16, 2021 | 20,000 | Same as above | N/A (transferred at original per-share purchase price) | Same lock-up conditions as above |
| Private Placement Warrants | Nov 9, 2021 | 100,000 | Each warrant to purchase 1 Class A share | $11.50 per share | Not transferable, assignable or salable until 30 days after completion of an initial business combination |
Equity Ownership & Alignment
| Security | Amount | Ownership % of Class | Exercisable / Unvested | Pledged | Notes |
|---|---|---|---|---|---|
| Class B Founder Shares | 155,000 | Less than 1% | Subject to transfer restrictions/lock-up as above | Not disclosed | Beneficial ownership reported; will convert one-for-one into Class A upon business combination, subject to adjustment |
| Private Placement Warrants | 100,000 | Not counted in share % | Exercisable after de-SPAC per warrant terms | Not disclosed | $11.50 strike; not transferable until 30 days post-BC |
Company share context (for ownership and float analysis):
| Metric | Value |
|---|---|
| Ordinary Shares Outstanding (Jul 28, 2025) | 10,140,370 (2,640,370 Public; 7,500,000 Founder) |
| Initial Shareholders Voting Power | ~74.0% of outstanding Ordinary Shares |
No pledging or hedging disclosures for Abebe are provided; no stock ownership guidelines disclosed for directors/officers .
Employment Terms
- Employment agreements/terms: Officers serve at the discretion of the Board; committees of independent directors determine compensation post-business combination .
- Severance/change-of-control: RRACF states it is not party to agreements providing benefits upon termination for directors/officers; post-BC compensation may be set by the compensation committee, but amounts are not known until after the transaction .
- Non-compete/non-solicit/garden leave, clawbacks, tax gross-ups: Not disclosed .
Board Governance
- Abebe serves on RRACF’s Board as a non-independent executive director (President). All committees are comprised solely of independent directors; Abebe does not sit on committees .
- Committee composition:
- Audit Committee: Peter O’Hagan (Chair), Christine Coignard, Tim Keating, Kelvin Dushnisky; Abebe is not a member .
- Compensation Committee: Christine Coignard (Chair), Kelvin Dushnisky, L. Peter O’Hagan, Timothy Keating; Abebe is not a member .
- Nominating & Corporate Governance Committee: Kelvin Dushnisky (Chair), Christine Coignard, L. Peter O’Hagan, Timothy Keating; Abebe is not a member .
- Independent directors meet in regular executive sessions .
Director Compensation
- No cash retainer, meeting fees, or committee fees disclosed; directors (including Abebe) received founder share transfers at original purchase price; no cash paid pre-business combination .
Performance & Track Record
- SPAC status: No operating revenues; activities limited to IPO/trust management and the Blyvoor Gold transaction process. As of Mar 31, 2025, RRACF reiterates no operating revenues pre-BC .
- Capital structure/trust: Trust account had ~$31.7 million as of Jun 30, 2025 after significant redemptions; remaining float is low relative to founder holdings, implying potential post-BC supply dynamics once lock-ups lapse .
Compensation Committee Analysis
- Charter empowers independent compensation committee to set officer pay and administer equity/incentive plans post-BC; may retain independent consultants subject to NYSE/SEC independence considerations. No current use of external consultants disclosed .
Related Party & Sponsor Economics (context)
- Founder shares and private placement warrants were distributed among Sponsor, affiliates, and certain directors/officers (including Abebe). Sponsor and affiliates extended multiple promissory notes/loans to fund extensions; these are at risk if no business combination closes by the termination date .
Investment Implications
- Alignment: Abebe’s economics are primarily equity-linked (founder shares and PP warrants). Lock-up and $12.00 price condition create long-term alignment but also potential selling pressure when conditions are met post-de-SPAC .
- Retention risk: No fixed cash or severance; compensation post-BC to be determined by the independent compensation committee. Retention likely hinges on finalized roles in the combined entity rather than pre-BC contracts .
- Trading signals: Low public float (2.64M Class A vs 7.5M founder shares) and high insider voting power can drive de-SPAC vote outcomes; monitor lock-up expirations (≥1 year post-BC or $12.00/20-of-30 days trigger beginning ≥150 days post-BC) and 30-day PP warrant transferability for potential supply overhang .
- Governance: Dual role (President + director) does not extend to committee membership; governance safeguards via independent-only committees and executive sessions are in place, mitigating independence concerns for pay-setting and oversight .