Worldwide Webb Acquisition announced that its stockholders approved the business combination with Aeries Technology, a global professional services and consulting firm.
Approximately 99.87% of the votes cast at the meeting, representing 81.71% of the SPAC’s outstanding shares, voted in favor of the merger. Worldwide Webb has not disclosed redemptions, if any.
The deal is expected to close Nov. 6. Aeries Technology shares and warrants are expected to begin trading Nov. 7 on the Nasdaq under the symbols AERT and AERTW.
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.
Separately, in an 8-K filed today, the SPAC said it entered into forward purchase agreements with Sea Otter Trading, Sandia Investment Management and YA II PN, Ltd. for up to 3 million shares.
Worldwide Webb further disclosed that yesterday it entered into non-redemption agreements in which one or more investors agreed to reverse the redemption of up to 1,239,670 Class A shares. Immediately upon completion of the business combination, the merged company will pay the praties to the NRA an amount in cash equal to the up to 1,239,670 shares multiplied by the redemption price minus $4.84.
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.
