Worldwide Webb Acquisition in an 8-K said it entered into non-redemption agreements with unaffiliated third parties who pledged to hold onto 4,935,000 Class A ordinary shares up through an upcoming vote to extend the SPAC’s merger deadline by six months.
In return, the SPAC will give those investors 987,000 sponsor shares.
Worldwide Webb has a merger deal in hand with Aark Singapore Pte Ltd, and its subsidiary Aeries Technology at an implied market capitalization of $656 million.
The deal includes $50 million of additional capital as well as 3.75 million shares to incentivize investors to not redeem during the closing. Aeries’ existing shareholders are rolling 100% of their equity into the transaction.
Aeries is a global professional services and consulting firm “specializing in Technology Services, Business Process Management, and Digital Transformation initiatives,” according to a press release announcing the deal last month.
Worldwide Webb raised $200 million in an October 2021 IPO. Read more.
