Worldwide Webb Acquisition in an 8-K said it secured another non-redemption agreement, this one covering 250,000 shares, with a Meteora Captial Fund. This adds to the 3 million shares secured last week by an NRA with Sea Otter Trading, Sandia Investment Management and YA II PN, Ltd.
Meteora further agreed to reverse the redemption of up to 103,306 Class A shares.
Immediately upon closing of the business combination, the SPAC will pay Meteora, in consideration for its non-redeemed shares, an amount in cash equal up to the 103,306 shares for which redemptions are reversed, multiplied by the redemption price minus $4.84.
Worldwide Webb stockholders last week approved a business combination with Aeries Technology, a global professional services and consulting firm. Redemptions reached nearly 93%, leading to the 11th-hour financing arrangements.
The SPAC also said it entered into a forward purchase agreement with an unnamed investor who agreed to buy shares subject to a 9.9% cap.
The deal was expected to close today. Aeries Technology shares and warrants are expected to begin trading tomorrow on the Nasdaq under the symbols AERT and AERTW.
The deal was valued at $656 million when announced in March. Read more.
