Worldwide Webb Acquisition Corp. (WWAC) Expands FPA, Non-Redemption Agreements
by Nicholas Alan Clayton on 2023-11-06 at 10:20am

Worldwide Webb Acquisition Corp. (NASDAQ:WWAC) announced in an 8-K this morning that it has expanded forward-purchase agreement (FPA) and non-redemption financing that it added to its combination with Aeries Technology on Friday.

Meteora Capital has agreed to purchase up to 250,000 shares in the SPAC under the same terms as those already struck with Sea Otter Trading, Sandia Investment and YA II, who themselves signed on for up to 3,000,000.

Like the other investors, who also agreed not to redeem 1,239,670 shares, Meteora has agreed to reverse its redemption decision for up to 103,306 shares and will receive the same compensation of a cash payment at the redemption rate minus $4.84 per share.

That comes to $5.82 per share and a $7.8 million cash payment that these investors are due if they reverse their redemptions on the full amount. They naturally can also still sell those shares in the future.

This is a not insignificant investment by Worldwide Webb in addition to the payments that Worldwide Webb has pledged for the FPA portion of the agreement. It shows that the price is high even for securing non-redemption agreements in this market, but it also shows the value in having a SPAC sponsor willing and able to support a deal in its endgame.

Worldwide Webb shareholders approved the deal last week, but the SPAc came out of it with 92.9% redemptions. At the time, the parties noted they expected to close the deal today with the combined company set to begin trading tomorrow, but they have not since provided an timing update.

The two sides originally inked their $656 million business combination back in March. Mumbai-based Aeries provides outsourcing and offshoring business services for companies, frequently in tandem with private equity partners.

Once the deal is completed, Aeries’ shares and warrants are expected to trade on the Nasdaq under the symbols “AERT” and “AERTW”, respectively.


Recent Posts
by Nicholas Alan Clayton on 2024-02-26 at 1:45pm

News and Rumors PR: Medtech firm Agiliti (NYSE:AGTI) has agreed to be acquired by an affiliate of private equity firm Thomas H. Lee Partners (THL) at $10 per share and an enterprise value of $2.5 billion. This represents a 43% premium over the company’s 90-day VWAP and returns it to 100% ownership by THL five...

by Nicholas Alan Clayton on 2024-02-26 at 7:42am

At the SPAC of Dawn The last week of February is to host a moderate amount of SPAC votes and also the potential for some market-moving data releases. Shareholders for five SPACs are to consider extensions this week and seven more SPACs have scheduled completion votes. But, among the more interesting events on the agenda...

by Kristi Marvin on 2024-02-24 at 11:45am

Terms Tracker for the Week Ending February 23, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As expected, new issuance filings were quiet this week.  But, deal announcements were surprisingly active.  Four more SPACs announced combinations in a shortened holiday week...

by Nicholas Alan Clayton on 2024-02-23 at 2:26pm

Pyrophyte (NYSE:PHYT) faced a major regulatory setback for its combination with mining firm Sio Silica this week, but a recent analogous SPAC deal could provide some encouragement for a path forward. Sio Silica is working to develop a high-grade silica mine in the Vivian Sands outside Winnipeg, Canada and it inked the $708 million combination...

by Nicholas Alan Clayton on 2024-02-23 at 1:37pm

News and Rumors JD Supra: Securities class action lawsuits against SPACs and de-SPACs increased only slightly in 2023 with 27 after 2022 saw 24 and 2021 – 33. Lawsuits concerning the de-SPACing process itself dropped precipitously, however, representing just 21% of cases as compared to 69% in the previous two years and 80% in 2020....


Copyright © 2023 SPACInsider, Inc. All Rights Reserved