Worldwide Webb Acquisition said it entered into a subscription agreement for the sale of $620,000 shares in a PIPE totalling $3 million. The funding will support the SPAC’s proposed merger with Aeries Technology, 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,” according to a press release.
A vote on the merger is slated for Nov. 2 at 9 a.m. Mountain time.
The deal was valued at $656 million when announced in March.
Terms include $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.
The SPAC in June added a $5 million PIPE to the Aeries financing.
Worldwide Webb raised $200 million in an October 2021 IPO, although the trust was down to about $49 million following redemptions on an April extension vote. Read more.
