Worldwide Webb Acquisition in an 8-K said as of yesterday it had entered into 11 non-redemption agreements covering 3,733,623 Class A shares ahead of an extension vote.
Redemption requests for 1,517,310 Class A shares are expected to remove just over $16 million from the trust, although that may change depending on reversals. As of Oct. 12, the SPAC said 3,200,744 Class A shares remain outstanding.
Through the non-redemption agreements, Worldwide Webb said it anticipates an additional 578,323 share redemptions will be reversed.
Worldwide Webb is asking shareholders to approve a deadline extension of up to six months starting Oct. 22.
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.
The deal was valued at $656 million when announced in March.
Worldwide Webb raised $200 million in an October 2021 IPO, but the trust is now down to about $33 million following redemptions on an April extension vote and the latest round of cash-outs. Read more.
