Aimfinity Investment Corp. I (NASDAQ:AIMA) announced this afternoon that its sponsor entered into a repurchase agreement with previous directors and officers of the company and will undergo a change in management.

On March 16, Aimfinity’s sponsor initiated a distribution of 300,000 founder shares and 492,000 private placement units to its existing members and entered into a repurchase agreement with Xin Wang, Joshua Gordon, James J. Long and Nicholas Torres III, then directors and officers of the company, to transfer 10,000 founder shares each to the sponsor, as a result of which, the sponsor will directly hold 1,672,500 founder shares.

Following the distribution and repurchase agreement, directors and officers of Aimfinity resigned from their respective positions.

Concurrently with the resignations, Aimfinity appointed I-Fa Chang as the sole director of the board and is deemed the beneficial owner of 1,672,500 founder shares. I-Fa Chang exercised his authority as sole director to appoint four new members to the board to fill vacancies, consisting of Kevin Vassily as a Class I director, Hanzhong (Han) Li and Teng-Wei Chen as Class II directors, and Xuedong (Tony) Tian as a Class III director, effective immediately.

The board then appointed Mr. Chang as the new Chairman and CEO of Aimfinity, and Mr. Tian as the CFO, also effectively immediately. Mr. Chang will also serve as a Class III director.

Mr. Chang brings more than two decades of investment management and advisory experience to the company. He currently serves as Chairman and CEO of Inkstone Feibo Acquisition Corporation. The SPAC filed its S-1 in May 2022 for a $60M IPO and is seeking a Nasdaq listing to acquire a biotechnology company with an emphasis on ESG practices in the U.S. and Taiwan.

Mr. Chang is joined by CFO Xuedong (Tony) Tian, who has served as a managing director and head of capital markets at US Tiger Securities, Inc. since October 2020. Mr. Tian previously served as the CEO of Feutune Light Acquisition Corporation (Nasdaq: FLFV), which priced its $85 million IPO in June 2022 and is still searching for a target to combine with. He has also served as CFO and director of Inkstone SPAC.

Aimfinity originally priced its $70 million IPO in April 2022, but has not found a target business to combine with just yet. The SPAC has a completion deadline of June 28 and intends to focus on identifying unique business concepts with high-performing organizations that have both aspirations to accelerate growth and create enduring value within the technology sector.