Worldwide Webb Acquisition announced that it has entered into a PIPE agreement for $5 million at a purchase price of $4.84 per share in support of the SPAC’s proposed merger with Aeries Technology.
Announced in March, 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.
Worldwide Webb raised $200 million in an October 2021 IPO, but the trust is now down to about $49 million following redemptions on an April extension vote.
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