Worldwide Webb Acquisition in an 8-K said it entered into non-redemption agreements with investors who will hold onto 2,384,613 Class A shares through an extension vote and ultimately a merger or liquidation, whichever may occur.
In consideration, upon the closing of an acquisition the SPAC will issue the participating investor(s) 1% of the total unredeemed shares. If the first monthly extension is necessary, the NRA participants would receive an additional 1.5% of the number of non-redeemed shares. With each following monthly extension, if required, the SPAC will issue to investor(s) a number of shares equal to 3% of the non-redeemed shares.
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.
The SPAC has a deal in hand with Aeries Technology, a global professional services and consulting firm. Worldwide Webb in June secured a PIPE agreement for $5 million at a purchase price of $4.84 per share to support the deal. Read more.
