Heiko Dimmerling
About Heiko Dimmerling
Heiko Dimmerling is Chief Financial Officer and a Class III Director of Target Global Acquisition I Corp. (TGAAF), serving since 2021; he was 53 years old as of the 2024 proxy and holds a B.A. in Business Administration from the University of Applied Sciences, Fulda . His background includes senior leadership in private equity operations (COO at HQ Capital with ~$12B AUM) and 16+ years as a Partner at Triton, plus early career work at Arthur Andersen; he also co-founded BatchOne to address hardware startup support gaps . TGAAF is a blank check company formed to consummate a business combination; as such, operational performance metrics (TSR, revenue, EBITDA growth) for TGAAF pre-business combination are not applicable or disclosed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| HQ Capital | Chief Operating Officer | — | Led global operations across private equity, real estate, and direct investments with over $12B AUM |
| Triton | Partner | 16+ | Sponsored several funds totaling ~€9B investor capital |
| Arthur Andersen | Corporate finance/M&A support | — | Supported VC/PE international strategic investors in M&A and corporate finance |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BatchOne | Co-Founder | — | Created to address the support gap for hardware startups |
Fixed Compensation
| Element | Value | Period/Context | Notes |
|---|---|---|---|
| Base Salary ($) | None | Pre–business combination | “None of our executive officers or directors have received any cash compensation” |
| Target Bonus (%) | None | Pre–business combination | No cash bonus structure disclosed; no cash compensation paid |
| Actual Bonus ($) | None | Pre–business combination | No cash bonuses paid |
| Administrative Services | $10,000/month reimbursed to Sponsor affiliate | Until May 31, 2024 | Office space/administrative fee; terminated May 31, 2024 |
Performance Compensation
| Award Type | Grant/Transfer Date | Quantity | Fair Value | Vesting/Restrictions | Performance Metrics | Payout Basis |
|---|---|---|---|---|---|---|
| Founder Shares (Class B → Class A) | Nov 2021 (transfer of Class B); converted June 11, 2023 | 25,000 shares | Not disclosed | Converted to Class A on 6/11/2023; subject to same restrictions as Class B (transfer restrictions; waiver of redemption and liquidating distributions; obligation to vote in favor of a Business Combination; plus Reg S restrictions) | None disclosed | None disclosed |
| Stock Options/RSUs/PSUs | — | — | — | Not disclosed | Not disclosed | Not disclosed |
Notes: The proxy specifies no cash compensation prior to completion of the business combination and does not disclose PSU/RSU or option awards for Dimmerling; only founder share transfers with post-conversion restrictions are disclosed .
Equity Ownership & Alignment
| Item | Value | As Of | Source |
|---|---|---|---|
| Total Beneficial Ownership (Class A) | 25,000 shares | 2025 Proxy | |
| Ownership % of Outstanding | Less than 1% | 2025 Proxy | |
| Shares Outstanding | 7,153,431 (7,128,431 Class A; 25,000 Class B) | 2025 Proxy | |
| Vested vs Unvested | Not disclosed | — | |
| Options (exercisable/unexercisable) | Not disclosed | — | |
| Pledged as Collateral | Not disclosed | — | |
| Ownership Guidelines | Not disclosed | — |
Restrictions: The 25,000 founder shares transferred to the CFO and subsequently converted are subject to founder-share restrictions (transfer limitations; waiver of redemption and liquidating distributions; obligation to vote in favor of a Business Combination; Reg S restrictions post-conversion) .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Current Positions | CFO and Director (Class III) | |
| Tenure | Since 2021 | |
| Age | 53 (as of 2024 proxy date) | |
| Board Term Expiration | 2025 (Class III) | |
| Severance / Termination Benefits | Company is not party to agreements providing benefits upon termination for executive officers/directors | |
| Change-of-Control / Post-Combination Pay | No pre-combination compensation; post-combination, directors/executives who remain may be paid consulting/management fees (to be determined by independent directors/comp committee) | |
| Clawback Provisions | Not disclosed | |
| Non-Compete / Non-Solicit / Garden Leave | Not disclosed | |
| Administrative Services Arrangement | $10,000/month reimbursed to Sponsor affiliate; terminated May 31, 2024 |
Related Party and Capital Structure Context
- SPAC Background and Capital: TGAAF is a blank check company; IPO of 20,000,000 units at $10/unit with warrants; trust funded to $219,194,512 including over-allotment and private placement warrants purchased by the Sponsor .
- Sponsor/Founder Share Transfers: Sponsor transferred 25,000 founder shares to CFO in Nov 2021; on June 11, 2023, 5,347,415 Class B shares converted into Class A with founder-share restrictions carried forward .
- Private Placement Warrants (Sponsor): Target Global Sponsor Ltd. purchased 7,063,909 private placement warrants; on May 31, 2024, Sponsor agreed these would be cash-exercised if fair market value equals $15.00/share and redeemable similar to public warrants (threshold reset to $15) .
Performance & Track Record (TGAAF context)
- Corporate Actions: LOI signed May 31, 2024 for a robotics/AI target; later, a Business Combination Agreement signed with Venhub on Dec 2, 2024 was terminated via Settlement and Release Agreement on May 21, 2025 .
- Pre-Combination Operating Metrics: As a SPAC, TGAAF does not report revenue/EBITDA/TSR performance for operating activities prior to closing a business combination .
Board Governance
| Attribute | Detail | Source |
|---|---|---|
| Board Composition | Six members: Abbott, Clarke, Hinrichs, Regev, Dimmerling, Cromme | |
| Independent Directors | Abbott, Hinrichs, Regev, Clarke | |
| Dimmerling Independence | Dimmerling is CFO and Director; independent directors are separately identified (implies non-independent as an officer) | |
| Committees / Attendance | Not disclosed |
Compensation Structure Analysis
- Cash vs Equity Mix: No cash compensation pre-business combination; equity alignment via founder-share transfer of 25,000 shares with restrictive terms .
- Guaranteed vs At-Risk Pay: Compensation is effectively at-risk and contingent on business combination outcomes, with no guaranteed cash pay pre-combination .
- Award Modifications/Repricing: No executive award repricing disclosed; Sponsor-level warrant terms adjusted to a $15 threshold on May 31, 2024 (Sponsor agreement) .
- Discretionary Bonuses: None disclosed pre-business combination .
Equity Ownership & Alignment Details
| Detail | Implication | Source |
|---|---|---|
| 25,000 Class A shares (<1%) held by Dimmerling | Modest direct economic alignment; founder-share restrictions limit liquidity pre-combination | |
| Founder-share restrictions on transfer and voting | Reduces immediate selling pressure; aligns towards completion of business combination | |
| No pledged shares disclosed | No pledging red flag identified |
Employment Terms and Retention Risk
| Factor | Assessment | Source |
|---|---|---|
| No severance agreements | Lower guaranteed protection; retention relies on future combination and potential post-combination roles/fees | |
| No cash pay pre-combination | Alignment is primarily via founder equity and completion of business combination | |
| Post-combination compensation to be set by independent directors | Governance mechanism for setting future pay-for-performance structures |
Investment Implications
- Alignment and Selling Pressure: Dimmerling’s stake is small (25,000 Class A; <1%), but founder-share restrictions and voting obligations reduce near-term sell pressure and promote alignment with completing a deal .
- Retention Risk: Absence of severance or cash pay pre-combination suggests retention hinges on transaction execution and future roles; if a combination stalls (as with Venhub’s termination), retention motivation may depend on new targets and sponsor dynamics .
- Future Pay-for-Performance: Post-combination compensation will be set by independent directors/compensation committee, creating potential for robust P4P design once operating targets exist; investors should monitor metrics adopted (revenue growth, EBITDA, TSR) and any lock-up/vesting terms disclosed in the de-SPAC proxy .
- Governance and Liquidity: Sponsor-level warrant terms (cash exercise at $15) and founder-share restrictions shape the capital structure; monitor filings for any changes that could influence dilution or executive liquidity post-combination .