签字分工也能对上：13D/A#1 由 David Egglishaw 以 Manager 身份签；
SNTI 的票据购买协议由 John Cullinane 以 CPIF II-7 授权签字人身份签。
两人签不同实体，别混为一谈。日常联系人是 Lin-Chun Huang（香港，852-3851-8700）。
Donald Tang 的履历（D8 招股书原文，2020 年）
Donald Tang, our President, has extensive experience as a private equity investor. In 2018, he founded Celadon Partners (Asia Pacific) Limited … a private equity firm focused on mispriced opportunities ready for operational or strategic transformation, with an emphasis on the consumer space. From 2004 to 2017, Mr. Tang worked at D. E. Shaw & Co., most recently as chief executive officer of D. E. Shaw & Co. (Asia-Pacific). He was the sole D. E. Shaw & Co. partner on the investment side in Asia, and a founding member of the firm's Asian private equity business. Mr. Tang started his career at Citadel Investment Group in 2003. He is a member of the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government Advisory Council, Special Advisor (China) to the Milken Institute and a member of the Aspen Global Leadership Network. Donald graduated from Carnegie Mellon University with a degree in computer science and business administration, and a minor in computational finance.D8 Holdings Corp. 424B4，2020-07-16
★ 招股书里还有一句，很关键
「None of the members of our management team has any past experience with any blank check companies
or special purpose acquisition companies.」
——D8 是他们的第一支 SPAC。而且当时的定位写得很清楚是消费品牌
（"with an emphasis on the consumer space"），最终并的却是外科手术机器人，
今天在做的是生物科技。推断 这是一条明显的口径漂移。
SNTI 董事会里的 Celadon 线：八个月加了三个人
入董事会
人
背景（委托书原文摘要）
与 D8/Vicarious 的关系
2024-12
Donald Tang
Celadon 创始人；Class II，任期至 2027
D8 President 兼董事；Vicarious 董事（已卸任）
2025-03
Feng Hsiung
Acion Partners 创始人／CIO／CEO（与 KKR 有战略合作）；2007–2014 York Capital 亚洲 CEO、初始员工；Raising Investment Corporation 总裁；达特茅斯 B.A.
无
2025-07-18
Bryan Baum
K5 Global 联合创始人兼管理合伙人（2020-01 创办）；创办并卖出 Blue Vision Labs（2018 卖给 Lyft）、Represent.com（2016 卖给 CustomInk）；个人天使投资 200+ 笔
★ D8 招股书里就已列名，身份是 advisor（「our management team will also have access to advisors … including: Bryan Baum」）
★ Tang 和 Baum 两个人同时出现在两条线上——重叠的不止一个人。
而这三名董事的加入时点，与 13D/A#2（2025-09-02）里
「obtaining additional representation on the Board」那句措辞在时间上吻合。
三、唯一的前一个公开案例：D8 → Vicarious 的完整弧线
这是 Celadon 在美国公开市场上唯一一个已经走完的案例。全部数字来自一手件。
3.1 SPAC 的钱是怎么进来的
日期
事
数
出处
2020-07-17
D8 Holdings Corp. IPO（NYSE：DEH）
30,000,000 单位 @$10.00 ＝ $3.00 亿；每单位＝1 股 A 类 ＋ ½ 份权证（$11.50）
管理层：David Chu（Nautica 创始人）任 CEO；Donald Tang 任 President 兼董事，
并在 Form 3 上申报为 10% 以上持有人（acc 0001213900-20-017493）。
注意：委托书类文件后来只写他是「董事」，Form 3 上的身份比这更重。
3.2 并购交割：公众赎回了七成七
The total number of shares of the Company's Class A common stock outstanding immediately following the Closing was approximately 98,832,452, comprising of (i) 68,252,480 shares … issued to Legacy Vicarious stockholders …, (ii) 14,200,000 shares … issued … to the PIPE Investors …, (iii) 8,625,000 shares … issued to holders of shares of D8 Class B common stock … and (iv) 7,754,972 shares of D8 Class A common stock outstanding at the Effective Time.Vicarious Surgical 8-K，交割日 2021-09-17（acc 0001213900-21-049537）
On July 13, 2022, D8 Sponsor LLC distributed 100% of the shares of Class A common stock … held by it to its members … D8 Sponsor LLC distributed 4,090,236 shares of Class A common stock of the Issuer to Cadin Limited in its capacity as a member of D8 Sponsor LLC. … Celadon Partners, LLC is the sole director of Cadin Limited and shares voting and dispositive power over the securities held directly by Cadin Limited.Cadin Limited / Celadon Partners, LLC 联合 SC 13G，2022-07-26（acc 0001213900-22-041708）
Pursuant to the Warrant Agreement, on November 3, 2022, Cadin Limited provided notice to the Issuer limiting Cadin Limited's ability to exercise its warrants such that its ownership of the outstanding Class A common stock of the Issuer shall not exceed 4.9% (the "Blocker").SC 13G/A，2022-12-02（acc 0001213900-22-076956）
标准被动式：「do not currently have any specific plan or proposal … may suggest … as a means of enhancing shareholder value」
A#1
2025-03-17
同上
37.6%
—
仅补 Appendix A
A#2
2025-09-02 (08-29)
13,404,441
45.0%
26,160,206 （2025-07-31）
★转折：「a potential financing transaction … changes to the Issuer's capital structure and composition of its board … obtaining additional representation on the Board」＋全菜单（business combinations／sale of the Issuer as a whole or in parts）
A#3
2026-01-20 (01-19)
13,511,322
45%
26,290,838 （2025-10-31）
★签约前就把方案说了：「financing of at least $10.0 million from a consortium of investors led by the Reporting Persons」；并新增「restructuring or merger and acquisition transactions」
A#4
2026-05-04 (04-27)
25,748,890
54.6%
47,116,644
完整披露 SPA
A#5
2026-07-16 (07-14)
25,748,890
54.6%
同上
★目的说得最直白（见下）
The Reporting Persons and their affiliates entered into the Merger Agreement for the purpose of acquiring the Issuer's assets relating to its Gene-Circuit-enabled pipeline, including the rights to SENTI-202, through the Merger.13D/A#5，2026-07-16
★★ 45% 那一步：一个可以定位到时点的主动动作
2024 权证 §11(a) 允许持有人把受益所有权上限「increase or decrease … not in excess of 45%」，
上调须提前 61 天通知公司。原始 13D（2025-03）里明写：
…because Celadon Partners SPV 24's ownership of 9,777,000 shares of Common Stock as of the date of this filing is in excess of the 9.99% beneficial ownership limitation and Celadon Partners SPV 24 has not notified the Issuer of its intent to increase its beneficial ownership limitation, the Warrants are not exercisable as of the date of this filing.原始 SC 13D，2025-03-13
委托书原文：该私募的投资人「may be identified by Celadon」——是 Celadon 挑的人。一手
委托书原文：「Timothy Lu…serves as Chief Scientific Advisor and has a passive financial interest in NSG,
and his brother serves as the Managing Partner of NSG.」一手
公开网络补上的三件事：
NSG Ventures 官网团队页共列三名创始合伙人：Daphne Teo（创始人兼 CEO，同时是 D3 Capital 首席投资官）、
Timothy Lu（首席科学顾问）、Jeffrey Lu（Engine Biosciences 联合创始人）。
团队里只有两个 Lu ⇒ 推断 委托书所说的「brother」应即 Jeffrey Lu。二手
NSG Ventures 是 GDMC A 轮的共同投资人——那一轮由 Celadon 领投（2024-01）。二手
此前写「具体离任日未见」——现已核到一手件2025-09-12，Donald Tang 辞任 Vicarious Surgical 董事，公司 2025-09-16 报 8-K（acc 0001213900-25-088203，Item 5.02）：
「Mr. Tang's resignation did not result from any disagreement regarding the Company's operations, policies or practices.」
先更正我在上一节写反的一句
我此前写「GeneFab 期权＝SNTI 原本握着的、能拿回 GeneFab 权益的钩子，被主动剪断了」。方向反了。
10-K 原文：「GeneFab was granted an option to purchase up to 1,963,344 shares（i.e. up to $20.0 million worth）
of the Company's common stock at a per share purchase price of $10.18670」——
是 GeneFab 有权按 $10.19 买 SNTI 的股票，SNTI 把它记成负债（2023-08-07 初始公允价值 $960 万，ASC 815 derivative）。
⇒ 2026-04 的《终止与解除协议》减掉的是 SNTI 的一项负债，不是 SNTI 丢掉一项资产；
而且该期权本来 2026-08-07 就到期，行权价 $10.19 对着 $0.6–1.1 的股价深度价外。
所以上一节「反向证据②」不成立，已在该处改掉。
★ 错因同一族：我看见「Option 被终止」就按常识补了方向，没去取那条的定义。
shortly after the business combination with Dynamics, the Company received
two bids for the Alameda facility—one from Celadon and one from another company—and that the Company
rejected Celadon's bid and entered into a term sheet with the other company. After that company
backed out of the deal, the Company entered into negotiations with Celadon.PRER14A「Background of the Merger」，Dr. Lu 2026-01-19 当着特别委员会的复述
★ 无罪读法必须留位
10-K 明写 GeneFab 是 VIE，理由是「its total equity at risk is not sufficient to finance its activities
without additional subordinated financial support」——它本身就是一个资本金不足、要靠股东持续输血的实体。
它不付租金，完全可能就是真没钱，而不是战术性拖欠。
SNTI 把自己那 10% 经济权益两年都记为零，同样支持「GeneFab 本身价值不高」这个读法。 本页不作有罪推定：没有任何一手件显示 GeneFab 是「故意」拖欠。
7.4 ★ 但对持有人来说，动机不是最要紧那一层
要紧的是结构——同一个人在桌子两边。委托书自己写明特别委员会为什么成立：
The Special Committee was established in light of Celadon's significant stock
ownership and the fact that Donald Tang, a member of the Board, is also the founder of Celadon.PRER14A，2025-08-15 成立特别委员会（Frances Schulz／Feng Hsiung／Jim Collins）
★★ 管理层自己意识到了这一点，而且留下了动作痕迹2026-01-18：管理层要求 Celadon「all GeneFab discussions be held separately from the financing discussions」； 2026-01-19：Celadon 把 GeneFab 相关条款从条款清单里删掉。
⇒ 「要求把两件事分开谈」这个动作本身，就证明它们本来是绑在一起的。