Epiphany Technology Acquisition Corp. (the “Company”) announced today that the company’s Board of Directors (the “Board”) has approved an increase in the size of the Board from seven (7) directors to eleven (11) directors and elected Ross Haghighat, Stephen Sherwin, Ronald Eastman and Louis Lange as members of the Board.
In addition, the Board appointed Mr. Ross Haghighat as Co-Chief Executive Officer of the Company. The Board determined that each of Messrs. Stephen Sherwin, Ronald Eastman and Louis Lange is an “independent director” as defined in the Nasdaq listing standards and applicable rules of the Securities and Exchange Commission.
While the Company may pursue an initial business combination with a partner company in any business or industry, it initially focused on technology businesses. The public markets in general, as well as the SPAC market in particular, remain challenged, making it difficult for us to partner with a high-quality technology company at an attractive valuation. We decided to expand our focus to include the biotechnology industry, where we believe the market backdrop remains more favorable. To this end, we have augmented our management team and board with highly qualified individuals with significant experience building, operating and investing in biotechnology companies.
The Company is blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities.