Aeries Technology, a global professional services and consulting partner, completed its business combination with Worldwide Webb Acquisition on Nov. 6.
Shares and warrants of Aeries Technology will list tomorrow on the Nasdaq under the symbols AERT and AERTW.
The deal was approved by Worldwide Webb shareholders on Nov. 2, although redemptions reached nearly 93%.
The SPAC was able to secure two non-redemption agreements — covering 250,000 shares with a Meteora Captial Fund as well as 3 million shares held by 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 was to 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.
The SPAC also has a forward purchase agreement with an unnamed investor who agreed to buy shares subject to a 9.9% cap. Read more.
