Daniel McCabe
About Daniel M. McCabe
Independent director of Yotta Acquisition Corporation since April 2022; age 74. McCabe is a Connecticut-based attorney and real estate investor, founding member of Daniel M. McCabe, LLC since 1982 and managing partner of 1200 Summer Street Associates since 1985. He holds a J.D. from St. John’s University Law School (1974) and a B.A. in Economics from University of Bridgeport (1971). He is designated independent under Nasdaq rules and serves across all three board committees, chairing Compensation .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Daniel M. McCabe, LLC (CT) | Founding Member (General Practice Law) | 1982–Present | Legal counsel and practice leadership |
| 1200 Summer Street Associates | Managing Partner (Real Estate Investment/Management) | 1985–Present | Real estate investment management |
| Brennan, Dichter & Brennan | Associate → Partner | 1976–1982 | Private practice progression to partner |
| Superior Court at Stamford | Assistant Clerk | 1974–1976 | Court administration |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Quetta Acquisition Corporation (Nasdaq: QUTA/QETA referenced) | Director | Oct 2023–Present | Public SPAC board seat; Yotta CEO Hui Chen and CFO Robert Labbe also hold roles at Quetta, creating multi-SPAC interlocks |
Board Governance
- Independence: Board determined McCabe is independent under Nasdaq and SEC rules .
- Committee memberships and chair roles:
- Audit Committee member (Chair: Brandon Miller)
- Nominating Committee member (Chair: Qi Gong)
- Compensation Committee Chair (members: Miller, McCabe, Gong)
- Attendance: Board held 4 meetings in FY2023; no director attended fewer than 75% of Board and committee meetings .
- Related-party oversight: Audit Committee charter includes review and approval of related-party transactions .
Fixed Compensation
| Component | Amount ($) | Terms |
|---|---|---|
| Annual cash retainer | 0 | No compensation of any kind is paid to directors prior to consummation of a business combination |
| Committee/Chair fees | 0 | No fees pre-business combination |
| Meeting fees | 0 | No fees pre-business combination |
| Expense reimbursement | Unlimited (board oversight) | Out-of-pocket expenses reimbursable; no set cap; overseen by Board/Audit Committee |
Performance Compensation
| Metric/Instrument | Status | Notes |
|---|---|---|
| Stock awards (RSUs/PSUs) | None disclosed | SPAC policy: no director compensation prior to business combination |
| Options | None disclosed | No grants prior to business combination |
| Bonus metrics (EBITDA, TSR, ESG) | Not applicable | No bonus or performance plan pre-business combination |
Other Directorships & Interlocks
| Company | Relationship | Governance Consideration |
|---|---|---|
| Quetta Acquisition Corporation | McCabe is a director; Yotta’s CEO (Hui Chen) and CFO (Robert Labbe) also serve at Quetta | Multi-SPAC interlocks may create competition for targets and information flow across vehicles; Yotta’s charter renounces certain corporate opportunities to mitigate conflicts |
Expertise & Qualifications
- Legal: 50+ years in law, including founding his own firm; partner-level experience; court administration background .
- Real Estate: Long-tenured managing partner in real estate investment and management .
- Governance: Chairs Compensation Committee; serves on Audit and Nominating Committees; independent status affirmed .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding |
|---|---|---|
| Daniel M. McCabe | 3,333 | <1% |
| Daniel M. McCabe | 3,333 | <1% (as of Sept 22, 2025) |
- Founder/insider securities context: Sponsor and insiders’ Founder Shares and Private Placement Units have no redemption rights and are subject to lock-ups; Sponsor paid a nominal price per Founder Share relative to the $10 IPO unit price, indicating potential incentive misalignment at the group level .
Governance Assessment
- Strengths:
- Independent director across all committees; chairs Compensation, supporting board effectiveness and pay oversight .
- Audit Committee mandate explicitly covers related-party transaction approvals, bolstering conflict controls .
- Attendance above minimum threshold; engagement indicated by service on three committees .
- Potential Conflicts/Red Flags:
- Multi-SPAC interlocks (Yotta and Quetta) among McCabe and Yotta executives can create target competition and corporate opportunity tensions; Yotta’s charter includes renunciation to mitigate but residual risk remains .
- Sponsor-related incentives: Founder Shares were acquired at a nominal price (approx. $0.0087/share) and Private Placement Units have no redemption rights, potentially motivating transaction completion over liquidation; governance vigilance required by independent directors .
- Related-party exposure via Sponsor control: Yotta Investment LLC is controlled by Ms. Chen (spouse of CEO Hui Chen), with outstanding sponsor loans and extension funding mechanics—independents should ensure robust oversight of any transactions and repayments at business combination close .
Overall, McCabe’s legal and real estate background, independence, and committee leadership (Compensation Chair; Audit/Nominating member) support board effectiveness. Monitoring of SPAC-specific incentives, sponsor interlocks, and multi-SPAC overlaps remains critical for investor confidence .