Tristar Acquisition I Corp. appointed Chunyi (Charlie) Hao as new CEO

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers, Compensatory Arrangements of Certain Officers.

Resignation of Officers and Directors 

On July 18, 2023, effective immediately, the following officers and directors submitted the resignation of their respective offices: William M. Mounger II as Chairman of the Board and Chief Executive Officer, Timothy Dawson as Chief Financial Officer, Cathy Martine-Dolecki as Chief Operating Officer and director, and Robert Willis as director of the Company. Each officer and director informed the Company that he or she was resigning from his or her role, to pursue other opportunities. There were no disagreements between the Company and any officer or director on any matter related to the Company's operations, policies or practices. 

Appointment of Officers and Directors 

On July 18, 2023, the directors of the Company (a) appointed Chunyi (Charlie) Hao as Chief Executive Officer and a director of the Board, and (b) Michael Hao Liu as Chief Financial Officer and a director of the Board. 


Chunyi (Charlie) Hao, 63, is a founding partner and has been a managing director of East Stone Capital Limited, a private equity firm focusing on emerging industries, since October 2017. Most recently, Mr. Hao served as Chairman of the Board and Chief Financial Officer of East Stone Acquisition Corporation from August 2018 through November 2022, when it completed its business combination with NWTN, Inc. (Nasdaq: NWTN). Mr. Hao has served as chief executive officer and president of Shandong Haizhishe Energy Engineering Co., Ltd., a solar and wind engineering company in China, and was in charge of the daily operations and business development of the company from December 2015 to March 2019. Prior to that, Mr. Hao was an investment officer of Shanghai Guxin Investment Limited, a firm engaging in the investment of solar farms across China, from 2014 to June 2015. He served as chief financial officer at Delphi Automotive Corp (Saginaw Steering System) ("Delphi") of General Motors Inc., overseeing joint venture operation across China and Asia Pacific from 1995 to 1998. Mr. Hao is an independent director of Cogobuy Group PLC (HKSE: 0400.HK), an e-commerce platform and distributor for electronic goods in China. He served as chief executive officer and director at China Fundamental Acquisition Corporation and a board director and president of China operations at Asia Automotive Acquisition Corporation, two SPACs in 2008 and 2005, respectively. Mr. Hao received his Bachelor's degree in French from Beijing Language and Culture University, a Master of Arts degree from the University of Notre Dame and an MBA degree from Pace University. Mr. Hao is well qualified to serve as the Company's director due to his extensive experience with SPACs, as well as his expertise in management, finance and capital investments. 

Michael H. Liu, 52, is an accomplished executive with a proven track record in the technology industry. He has been serving as the CEO of HopeRun Technology Corporation, a financial technology company, since 2013 and has been instrumental in driving the company's accomplishments since April 2013. Mr. Liu has extensive leadership experience, including his role as the Managing Partner of InRun Capital Holdings LLP, an investment management company, from 2015 to present and as President & CEO of Cloud4Device Technology Corp, a technology company, from 2014 to 2018. He holds a Bachelor's degree in telecommunications from Beijing Union University, an MBA from Rensselaer Polytechnic Institute, and has completed the Advanced Management Program at Harvard Business School. Mr. Liu is well qualified to serve as the Company's director due to his extensive investment and leadership experience. 

Mr. Hao is the sole owner and director of Navy Sail International Limited, the Purchaser in the Sponsor Handover. Following the Sponsor Handover and the redemptions effected in connection with the Extension, Mr. Hao beneficially owns Founder Shares, or approximately 17.77% of the Company's issued and outstanding ordinary shares, and all of the Company's outstanding Placement Warrants. 

In connection with such appointments, Mr. Hao and Mr. Liu will each enter into a respective indemnity agreement with the Company, a form of which was filed with the SEC on October 13, 2021 as Exhibit 10.4 to the Company's registration statement on Form S-1. Other than as described above, there are no arrangements or understandings pursuant to which each of Mr. Hao and Mr. Liu were selected as a director. Other than as described above, neither Mr. Hao or Mr. Liu have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.