Worldwide Webb Acquisition announced that its registration statment on the proposed acquisition of Aeries Technology has been decalred effective by the SEC.
The SPAC called an Oct. 30 meeting at 11 a.m. Eastern for shareholders to vote on the deal, which was valued at $656 million when 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.
Aeries is a global professional services and consulting firm “specializing in Technology Services, Business Process Management, and Digital Transformation initiatives that are specifically tailored to meet the unique needs of top management and leadership teams of businesses including leading private equity sponsors and their portfolio companies, who are seeking higher operational effectiveness, greater flexibility and consistent, guaranteed cost efficiencies,” according to a press release.
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 in June added a $5 million PIPE to the Aeries financing. Read more.
