Worldwide Webb Acquisition Corp. (NASDAQ: WWAC) announced this afternoon that it has secured a $5 million PIPE for its proposed merger with consultancy firm Aeries Technology.
While most PIPEs are priced at $10 per share, Worldwide Webb’s $5 million subscription agreement was executed at just $4.48 per share in a private placement to be completed concurrently with the consummation of the business combination.
Today’s announcement marks the SPAC’s first step in executing funding for the deal’s PIPE. But, Worldwide Webb and Aeries Technology still have a long way to go as they will need $45 million more in additional capital to reach their target of $50 million. With a completion deadline of October 22, the parties have approximately four months left on their clock to secure additional financing.
The SPAC inked the $656 million business combination with Aeries Technology just a few months ago in March. WWAC originally brought about $232 million into the deal through its trust, but saw 79.49% of this removed due to redemptions during an extension meeting held in April. It now has $48.88 million remaining in its trust.
Mumbai-based Aeries provides outsourcing and offshoring business services for companies, frequently in tandem with private equity partners.
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