Insider Spotlight
Why it matters
Stephen CuUnjieng’s appointment as independent director of Apex Treasury Corp., a $340-million special purpose acquisition company, is the first time a Filipino has secured such a role twice in the US market. His first stint was with Nasdaq-listed AvePoint from 2020 to 2022.
That repeat selection is uncommon and reflects his competence, credibility, and long-standing reputation across global capital markets.
The details
Apex Treasury appointed CuUnjieng on March 13 following the resignation of director David Mikulecky, who stepped down without citing any disagreements.
CuUnjieng joins as a Class I director and will sit on both the audit and compensation committees. The board confirmed his status as an independent director under Nasdaq rules.
He will also receive 30,000 Class B ordinary shares from the company’s sponsor, alongside standard indemnity and shareholder rights agreements tied to the firm’s initial public offering.
About the company
Apex Treasury is a Florida-based SPAC formed to pursue mergers, share exchanges, or similar business combinations in the US tech sector. Like other SPACs, it raised capital through an IPO and is seeking a target company to take public.
Its leadership is now leaning on seasoned financiers like CuUnjieng to guide governance and deal evaluation.
The big picture
CuUnjieng brings decades of investment banking experience, including leadership roles at Evercore Asia, Macquarie Group, and Merrill Lynch Asia Pacific.
He currently serves as lead independent director of First Philippine Holdings and sits on the Maharlika Investment Fund board, where he chairs the investment committee.
Between the lines
Repeat appointments to US boards are rare for Southeast Asian executives, especially Filipinos. CuUnjieng’s return suggests not just expertise, but trust built over time with international investors and institutions.
That trust is increasingly valuable as SPACs navigate complex deal-making environments and heightened scrutiny.
What’s next
CuUnjieng is expected to play a key role in Apex Treasury’s search for a viable acquisition target, leveraging his regional networks and cross-border deal experience. —Daxim L. Lucas | Ed: Corrie S. Narisma
