MDB Capital Expands Board, Appoints Daniel Torpey as New Director

Rhea-AI Summary

On June 20, 2024, MDB Capital Holdings (NASDAQ: MDBH) announced the appointment of Daniel Torpey to its Board of Directors, effective June 17, 2024. This addition expands the board to eight members. Torpey brings over 24 years of experience from Ernst & Young LLP, specializing in accounting, auditing, compliance, financial reporting, and fraud detection. He has also worked with Arthur Andersen LLP and PricewaterhouseCoopers over his 38-year career. Torpey will soon retire from Ernst & Young and is eager to support MDB Capital's mission of transforming innovative ideas into successful public companies.

Positive

• Appointment of Daniel Torpey, an expert with 24 years at Ernst & Young.
• Board expansion to eight members, enhancing governance.
• Torpey’s extensive experience in fraud detection and corporate investigations could strengthen MDB's internal controls.

Negative

• None.

Addison, Texas, June 20, 2024 (GLOBE NEWSWIRE) -- MDB Capital Holdings, LLC, (NASDAQ: MDBH) (“MDB Capital”), a public venture platform focused on launching category-leading deep technology companies, today announced the appointment of Daniel Torpey to its Board of Directors, effective June 17, 2024.

With the addition of Torpey, the MDB Capital Board now comprises eight members. Torpey brings over 24 years of experience at Ernst & Young LLP (EY), where he currently serves as an Assurance Partner in the Forensic & Integrity Services practice. His expertise spans accounting, auditing, compliance, financial reporting, fraud detection, and corporate investigations.

“Dan’s breadth of knowledge and hands-on experience will be invaluable as we continue transforming 'Big Ideas' into valuable public companies," said Christopher Marlett, CEO and Co-Founder of MDB Capital.

Leveraging Decades of Experience

Throughout his 38-year career in public accounting at firms like EY, Arthur Andersen LLP, and PricewaterhouseCoopers, Torpey has honed his skills in detecting, monitoring, and investigating fraud and misconduct. He has also demonstrated a talent for building and leading global teams across diverse roles, including auditor, forensic accountant, and technology and analytics practice leader.

Torpey, who will retire from EY in June 2024, expressed his enthusiasm for joining MDB Capital's entrepreneurial ecosystem, "It is a privilege to collaborate with MDB's leadership in sustaining a culture of growth, integrity, transparency, and accountable governance as we collectively work to create enduring shareholder value."

A graduate of St. John’s University with a B.S. in Accountancy, Torpey is a Certified Public Accountant licensed in New York and Texas. He also serves on the board of The American Tinnitus Association.

About MDB Capital Holdings, LLC

Founded in 1997, MDB Capital focuses on launching “Big Ideas” into valuable public companies with a community-driven approach to public venture capital. This involves financings of pre-revenue, early-stage deep technology companies through early public offerings, primarily listed on NASDAQ, as well as post-IPO offerings for already public companies that fit MDB’s overall criteria for investment.

MDB Capital Holdings, LLC (NASDAQ: MDBH) and its subsidiaries, including a self-clearing broker-dealer and trading platform, and an integrated IP strategy consulting and law firm, operate under the MDB Capital brand. MDB Capital (a dba of Public Ventures, LLC) is a registered broker-dealer, Member FINRA/SIPC.

Forward-Looking Statements

This press release contains "forward-looking statements." These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," "shall" and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond MDB's control. MDB's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in documents that may be filed by MDB from time to time with the SEC. The forward-looking statements included in this press release represent MDB's views as of the date of this press release. MDB anticipates that subsequent events and developments will cause its views to change. MDB undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing MDB's views as of any date subsequent to the date of this press release.

Investor Relations Contact:
IR@mdb.com

Media Contact:
press@mdb.com

FAQ

What notable appointment did MDB Capital Holdings announce on June 20, 2024?

MDB Capital Holdings announced the appointment of Daniel Torpey to its Board of Directors, effective June 17, 2024.

Who is Daniel Torpey, recently appointed to MDB Capital's Board?

Daniel Torpey is an Assurance Partner in the Forensic & Integrity Services practice at Ernst & Young LLP with over 24 years of experience.

How many members are on MDB Capital's Board following Daniel Torpey's appointment?

Following Daniel Torpey's appointment, MDB Capital's Board now comprises eight members.

What experience does Daniel Torpey bring to MDB Capital's Board?

Daniel Torpey brings expertise in accounting, auditing, compliance, financial reporting, fraud detection, and corporate investigations.

When will Daniel Torpey retire from Ernst & Young?

Daniel Torpey will retire from Ernst & Young in June 2024.