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News & Insights

Stay up to date with the latest news, market commentary, and strategic insights from the team at D. Boral Capital.

Our Team
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News & Insights

Stay up to date with the latest news, market commentary, and strategic insights from the team at D. Boral Capital.

Our Team
Transactions

Featured Insights

November 28, 2025

D. Boral Capital Acted as Sole Bookrunner to SC II Acquisition Corp. (Nasdaq: SCIIU) in Connection with its ~$173,000,000 Initial Public Offering

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November 11, 2025

D. Boral Capital acted as Exclusive Placement Agent to Decent Holding Inc. (Nasdaq: DXST) in Connection with its ~$8,000,000 Registered Follow-On Offering

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October 31, 2025

D. Boral Capital Acted as Exclusive Placement Agent to ECARX Holdings Inc. (Nasdaq: ECX) in Connection with its ~$150,000,000 Registered Direct Offering

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October 27, 2025

D. Boral Capital Acted as Exclusive Placement Agent to Vivakor, Inc. (Nasdaq: VIVK) in Connection with its $3,500,000 Registered Direct Offering

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October 24, 2025

D. Boral Capital Acted as Sole Bookrunner to Harvard Ave Acquisition Corp. (Nasdaq: HAVAU) in Connection with its $145,000,000 Initial Public Offering

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D. Boral Capital acted as Exclusive Placement Agent to Brera Holdings PLC (Nasdaq: BREA) in connection with its $1.4 Million Registered Direct Offering

June 17, 2025

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D. Boral Capital acted as Sole Bookrunner to Aduro Clean Technologies Inc. (Nasdaq: ADUR) in connection with its $8.0 Million Follow-on Offering

June 11, 2025

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D. Boral Capital acted as Placement Agent in connection with a $4,850,000 Private Placement of SpaceX Series Interests

June 10, 2025

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D. Boral Capital Acted as Co-Placement Agent to Medicus Pharma Ltd. (Nasdaq: MDCX) in connection with its $7.0 Million Follow-On Offering

June 2, 2025

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D.Boral Capital acted as Sole Bookrunner to Wintergreen Acquisition Corp. (NASDAQ: WTGUU) in connection with its $56.0 Million Initial Public Offering

May 30, 2025

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D. Boral Capital acted as Exclusive Placement Agent to Luminar Technologies (NASDAQ: LAZR) in connection with its up to $200.0 Million Equity Linked Securities Offering

May 22, 2025

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D. Boral Capital Acted as Capital Markets Advisor to Global Star Acquisition Inc. (NYSE: GLST) in connection with its Completed Business Combination with K Enter Holdings Inc.

May 13, 2025

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D. Boral Capital Acted as Sole Bookrunner to Apimeds Pharmaceuticals US, Inc. (NYSE: APUS) in connection with its $13.5 Million Initial Public Offering

May 12, 2025

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D. Boral Capital is Acting as Exclusive Placement Agent to Nature’s Miracle Holding Inc. (OTCQB: NMHI) in connection with its Private Placement for up to $20 Million

May 7, 2025

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D. Boral Capital Acted as Exclusive Placement Agent to Pineapple Financial Inc. (NYSE: PAPL) in connection with its $1.5 Million Public Offering

May 5, 2025

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D. Boral Capital Acted as Exclusive Placement Agent to ADS-TEC Energy (Nasdaq: ADSE) in connection with its up to $50.0 Million Registered Direct Offering

May 1, 2025

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D. Boral ARC Acquisition I Corp. Files Registration Statement for Proposed Initial Public Offering

April 29, 2025

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D. Boral Capital Acted as Sole Bookrunner to Phoenix Asia Holdings Limited (Nasdaq: PHOE) in connection with its $6.4 Million Initial Public Offering

April 28, 2025

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D. Boral Capital Acted as the Sole Underwriter on the IPO of Black Hawk Acquisition Corp. (Nasdaq: BKHAU) which Recently Announced a Merger with Vesicor Therapeutics, Inc.

April 28, 2025

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D. Boral Capital Acted as Exclusive Placement Agent to Safe & Green Holdings Corp. (Nasdaq: SGBX) in connection with its Approximately $8.0 Million Private Placement

April 14, 2025

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Advancing Inflammatory Disease Treatment: Insights & Breakthroughs from Enlivex's Knee Osteoarthritis Program

This webinar explores recent breakthroughs in treatment approaches for inflammatory disease treatment, focusing on new clinical insights from Enlivex’s knee osteoarthritis program.

View Webinar

D. Boral Capital Acted as Exclusive Placement Agent to Pineapple Financial Inc. (NYSE: PAPL) in Connection with its $100,000,000 Private Placement as it Initiates its Injective Digital Asset Treasury Strategy, Becoming the First and Only Publicly Traded INJ Holder on a National Exchange

September 5, 2025

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D. Boral Capital Acted as Lead Bookrunner to Propanc Biopharma, Inc. (Nasdaq: PPCB) in Connection with its $4,000,000 Uplisting

August 19, 2025

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D. Boral Capital Acted as Lead Bookrunner to rYojbaba Co., Ltd (Nasdaq: RYOJ) in Connection with its $5,000,000 Initial Public Offering

August 15, 2025

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D. Boral Capital Acted as Co-Manager to Compass Therapeutics, Inc. (Nasdaq: CMPX) in Connection with its $120,000,000 Underwritten Public Offering

August 12, 2025

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D. Boral Capital Acted as Sole Bookrunner to D. Boral ARC Acquisition I Corp. (Nasdaq: BCARU) in Connection with its $250,000,000 Initial Public Offering

August 1, 2025

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D. Boral Capital Acted as Exclusive Placement Agent to WEBUY GLOBAL LTD. (Nasdaq: WBUY) in Connection with its $3,000,000 Follow-on Offering

August 1, 2025

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D. Boral Capital Acted as Exclusive Placement Agent to Omeros Corporation (Nasdaq: OMER) in Connection with its $22,000,000 Registered Direct Offering

July 24, 2025

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D. Boral Capital Acted as Sole Bookrunner to Mega Fortune Company Limited (Nasdaq: MGRT) in Connection with its $15,000,000 Initial Public Offering

July 17, 2025

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D. Boral Capital Acted as Lead Bookrunner to Robot Consulting Co., Ltd. (Nasdaq: LAWR) in Connection with its $15,000,000 Initial Public Offering

July 17, 2025

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D. Boral Capital Acted as Co-Manager to Vertical Aerospace (NYSE: EVTL) in Connection with its $60.0 Million Follow-on Offering

July 11, 2025

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D. Boral Capital Acted as Sole Bookrunner to Globa Terra Acquisition Corporation (Nasdaq: GTERU) in Connection with its $175,000,000 Initial Public Offering

July 10, 2025

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D. Boral Capital Acted as Exclusive Placement Agent to K Wave Media, Inc. (Nasdaq: KWM) in Connection with its up to $500,000,000 Convertible Note Private Placement

July 10, 2025

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D. Boral Capital acted as Sole Bookrunner to Masonglory Limited (Nasdaq: MSGY) in connection with its $6 Million Initial Public Offering

July 9, 2025

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D. Boral Capital acted as Sole Bookrunner to Vendome Acquisition Corporation I (Nasdaq: VNMEU) in connection with its $200 Million Initial Public Offering

July 1, 2025

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D. Boral Capital acted as Placement Agent to Veritone, Inc. (Nasdaq: VERI) in connection with its $10 Million Follow-on Offering

June 30, 2025

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Advancing Inflammatory Disease Treatment: Insights & Breakthroughs from Enlivex's Knee Osteoarthritis Program

This webinar explores recent breakthroughs in treatment approaches, with a focus on new clinical insights from Enlivex’s knee osteoarthritis program.

View Webinar

Recent Transactions

November 28, 2025

SC II Acquisition Corp.

Nasdaq: SCIIU

~$173,000,000

Initial Public Offering

Sole Bookrunner

Press Release

November 20, 2025

Perplexity AI, Inc.

Perplexity AI Series Interests

~$5,500,000

Private Offering

Exclusive Placement Agent

Press Release

November 11, 2025

Decent Holding Inc.

Nasdaq: DXST

~$8,000,000

Registered Follow-On

Exclusive Placement Agent

Press Release

October 31, 2025

ECARX Holdings Inc.

Nasdaq: ECX

~$150,000,000

Registered Direct Offering

Exclusive Placement Agent

Press Release

October 31, 2025

Vivakor, Inc.

Nasdaq: VIVK

~$2,500,000

Registered Direct Offering

Exclusive Placement Agent

Press Release

October 29, 2025

XORTX Therapeutics Inc.

Nasdaq: XRTX

~$1,000,000

Registered Direct Offering

Exclusive Placement Agent

Press Release

October 27, 2025

Undisclosed Healthcare Company

$18,000,000

Convertible Note

Financial Advisor

Press Release

October 27, 2025

Vivakor, Inc.

Nasdaq: VIVK

$3,500,000

Registered Direct Offering

Exclusive Placement Agent

Press Release

October 24, 2025

Harvard Ave Acquisition Corp.

Nasdaq: HAVAU

$145,000,000

Initial Public Offering

Sole Bookrunner

Press Release

October 24, 2025

Miluna Acquisition Corp

Nasdaq: MMTXU

$69,000,000

Initial Public Offering

Joint Bookrunner

Press Release
All Transactions
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John Darwin

Chief Investment Officer

John Darwin is the Chief Investment Officer of D. Boral Capital where he leads the firm’s investment initiatives and portfolio management.

John has 15 years of experience in private equity, venture capital, and corporate development with a focus on high-growth and emerging industries across all geographies. Prior to D. Boral Capital, John was Managing Director of ARC Group where he oversaw the firm’s equity, debt and SPAC investments. Before joining ARC, John held the position of co-founder and Managing Partner of Luminous Capital, a private investment and advisory firm focused on structured credit.

Earlier in his career, John was President of OCG, Inc., a U.S based retail franchisor, where he led the expansion through organic growth and M&A from single location to multi-national operations and eventual sale.

John received his BBA in Finance from Cox School of Business at Southern Methodist University.

Mark Iorio

Director

Mark Iorio is a Managing Director and Head of Equity Capital Markets at D. Boral Capital.

Since joining the firm in 2022, he has been responsible for managing the placement of more than 200 public and private offerings. Throughout Mark’s career, he has been involved in approximately $20 billion worth of capital raises, ranging from IPOs, Follow-Ons, SPACs, PIPEs, Convertibles, Debt, and Private Placements. Prior to DBC, Mark worked at Maxim Group, where he focused on capital raising initiatives, primarily for private biotechnology, pharmaceutical, and life sciences companies.

Mr. Iorio holds a bachelor’s degree in finance from the Lubin School of Business at Pace University.

Jason Kolbert

Head of Research

Jason Kolbert is the Head of Research at D. Boral Capital. Since joining the firm in 2024, he has worked closely with long-time colleague David Boral to establish and expand the firm’s research platform. Under his leadership, the research team delivers fundamentals-driven analysis through an open-architecture model and actively covers more than 70 companies, with growing coverage across Healthcare, Technology & AI, Industrials, Energy, Financial Services, and Special Situations.

Prior to D. Boral Capital, Jason built a 25-year career as a highly regarded biotechnology analyst and investor. He was most recently Executive Managing Director and Head of Healthcare Research at Maxim Group. Earlier in his career, he spent seven years at Citigroup as a biotechnology analyst and seven years at Susquehanna International Group as a portfolio manager, giving him a unique perspective at the intersection of research and capital markets. Jason began his professional career as a pharmaceutical chemist before moving into international product and marketing management with Schering-Plough in Japan. He later transitioned to Wall Street as a biotechnology research associate at Salomon Smith Barney.

Jason’s research philosophy centers on identifying paradigm-shifting technologies that are disruptive within their industries, supported by rigorous channel checks, valuation metrics, and long-term forecasting—often spanning a decade. In addition to his professional work, he is committed to mentoring the next generation of analysts and fostering integrity in research.

Jason holds a Bachelor of Science in Chemistry from the State University of New York at New Paltz and an MBA from the University of New Haven.

David Lee

Head of Secondaries & Follow-on Investment Banking

David Lee, MBA, is Head of Secondaries & Follow-on Investment Banking at D. Boral Capital. David has spent more than 15+ years in investment banking for capital raising and M&A transactions. Throughout his career, David has advised more than $100B in equity, debt, and M&A transactions for companies across a variety of industries.

David started his IB career at Wachovia and transitioned to Wells Fargo Securities post-merger, and then onto Bank of America Merrill Lynch. After completing his MBA, he resumed his investment banking career at Oppenheimer and then the M&A group at Elevance Health, before joining D. Boral Capital.

David received his MBA from the NYU Stern School of Business.

Ryan J. Whalen

Chief Legal Officer

Ryan J. Whalen has been the Chief Legal Officer of D. Boral Capital since November 2025, previously serving as General Counsel since 2023, and Deputy General Counsel & Head of Litigation since November of 2021.

Prior to joining D. Boral Capital, Ryan spent over two decades as a litigator representing clients faced with complex business disputes. His experience includes handling securities litigation, financial disputes, corporate governance/director and officer litigation, breaches of fiduciary duty, fraud, professional malpractice, employment law, and whistle-blower claims. Ryan also has experience in the Financial Services industry representing investment banks, hedge funds, public companies, and investors. Most recently, Ryan was a Partner at Gusrae Kaplan Nusbaum PLLC. Law, and prior to that, he was a Partner at Brown & Whalen, P.C.

Ryan holds his Juris Doctor degree from Fordham University School of Law and his bachelor’s degree from the University of Rhode Island.

David W. Boral

Chief Executive Officer & Founder

David W. Boral is the Chief Executive Officer and Founder of D. Boral Capital.

Prior to D. Boral Capital, David held several leadership positions in the Investment Banking and Capital Markets industry. His 16 years of expertise spans both public and private transactions, including IPOs, Secondaries/Follow-On Offerings, SPACs, PIPEs, Reverse Mergers, M&A, Bankruptcy/Restructurings, Cross Listings, and other private and public offerings, in the US and abroad. Most recently, David was Co-Head of Investment Banking & Managing Director at Aegis Capital Corp, and prior to that, he was a Director of Investment Banking, at Maxim Group.

In addition to his work at D. Boral Capital, David is dedicated to improving the world around him, specifically the lives of children and veterans. He currently serves on the advisory board for Keep a Child Alive, a nonprofit organization that provides healthcare, housing, and other support services to HIV/AIDS-affected communities in Africa and India. Additionally, David serves on the board for Lifeline Humanitarian Organization, which was founded by Princess Katherine, to reduce and relieve the suffering of physically and mentally disabled children, orphans, and the elderly, as well as to improve medical facilities in Serbia. He also partners with St. Jude Children’s Research Hospital, Heroes Among Us, and Project Rousseau, through corporate sponsorships.

David holds a bachelor’s degree in Business Administration from the Lubin School of Business at Pace University.

Gaurav Verma

Co-Head of Investment Banking

Gaurav Verma has been covering the Technology, Media, and Telecom sector for over 10 years, and has executed over 100 billion in transactions encompassing sell-side and buy-side M&A, IPOs, SPACs, equity offerings, converts, high yield and investment-grade financings. Mr. Verma has advised C-Suite executive teams on M&A assignments, business development opportunities, growth strategies, and capital allocation policies.

Prior to joining D. Boral Capital, Gaurav was a Director at Nomura, spearheading TMT coverage efforts, and previously, was a Senior Vice President at Bank of America Merrill Lynch, within their TMT Investment Banking Group.

Gaurav received his MBA in Finance and Entrepreneurship from the NYU Stern School of Business and BS in Computer Science and Economics from Rutgers University.

Stephanie (Mengjie) Hu

Co-Head of Investment Banking

Stephanie (Mengjie) Hu has been the Head of Asia at D. Boral Capital since May of 2023, previously serving as Vice President, Asia Investment Banking at D. Boral Capital, since November of 2021.

Stephanie has over 9 years of Investment Banking and Financial Services experience. She has completed over 100 transactions across a wide range of industries, representing over $3.5 billion in aggregate value, and has participated in multiple product offerings including IPOs, Follow-Ons/Secondaries, PIPEs, Private Placement, Uplistings (Re-IPO), Reverse Mergers, Registered Directs, CMPOs, ATMs, SPACs and M&As. Her focus is primarily on serving the financial needs of Asian emerging growth and middle-market companies in a variety of industries.

Stephanie holds a Master’s degree in Finance from the University of Rochester, and she is bilingual in English and Mandarin.

Phil Wiederlight

Chief Operating Officer

Phil Wiederlight has been the Chief Operating Officer since November 2023, previously serving as Head of Syndicate, Equity Capital Markets, at D. Boral Capital, since May of 2023.

Phil has spent 15 years in Financial Services, where he has held multiple leadership positions at GoldenTree Asset Management, Sculptor Capital, and JP Morgan. He has completed numerous Capital Markets transactions, which have accounted for several billions of dollars, and has participated in multiple product offerings including IPOs, Follow-Ons/Secondaries, PIPEs, Private Placements, Uplistings (Re-IPO), Reverse Mergers, Registered Directs, CMPOs, ATMs, and SPACs. His experience also includes Cash and Position Reconciliations, Private Equity Structured Products, Trade Settlements, Crypto Settlements, Account Setups, Expense Management, Risk Reporting, and Fund Accounting. Phil has also managed numerous service provider and third-party relationships, which has helped streamline processes and improve internal efficiencies.

Phil holds a Bachelor’s degree in Business Administration from the Miami Herbert Business School at the University of Miami.

Jared S. Merlin

Chief Compliance Officer

Jared S. Merlin has been the Chief Compliance Officer at D. Boral Capital since November of 2022.

Prior to joining D. Boral Capital, Jared spent nine years as a Managing Director at Credit Agricole Corporate and Investment Bank, serving as the Chief Compliance Officer and Head of Capital Markets Compliance. Jared has over two decades of Compliance experience, providing regulatory advice and oversight to investment banks and broker dealers. Prior to Jared’s tenure at Credit Agricole, Jared held various positions in the Compliance Departments of Knight Capital Americas LLC, and Brown Brothers Harriman & Co.

Jared holds a bachelor’s degree from Syracuse University and an MBA from the NYU Stern School of Business.

Sharad Agrawal

Chief Technology Officer

Sharad Agrawal has been Chief Technology Officer at D. Boral Capital since May of 2023.

Prior to joining D. Boral Capital, Sharad worked in Private Equity in a technology leadership capacity, to improve infrastructure, cybersecurity, and technology operations. Sharad was also Chief Technology Officer at Redwood Capital Management, and prior to that, was Global Head of Information Technology at Eagle Investment Solutions, where he was responsible for all firmwide technology efforts globally. His duties included helping develop custom applications and strategy, while leading compliance, data, digital, engineering, and cloud initiatives.

Sharad will be pursuing an Executive Education-Chief Technology Officer program at University of Pennsylvania beginning Winter 2024.

Ben Reed

Head of Wealth Management

Ben has over a decade of experience in the retail markets, focusing on emerging growth, small, and middle market companies in biotechnology, healthcare, technology, and energy.

Throughout his career, he has helped raise capital for numerous IPOs, secondary offerings, PIPES, and SPACs. He currently holds his series 7, 24, 63, 65, and Insurance Licenses.

He graduated from Villanova University with a Bachelor of Arts degree in Economics and remains an avid Wildcats fan.