Worldwide Webb Acquisition Corp. (WWAC) Completes Aeries Technology Deal
by Marlena Haddad on 2023-11-07 at 9:17am

Worldwide Webb Acquisition Corp. (NASDAQ:WWAC) announced this morning that as anticipated, it completed its business combination with Aeries Technology on November 6.

Shareholders already approved the deal at a meeting held on November 2, and saw 92.47% of its trust redeemed, leaving the SPAC with an estimated $18.5 million post-vote.

Prior to closing, the SPAC expanded its forward-purchase agreement and non-redemption financing where Meteora Capital agreed to purchase up to 250,000 shares 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.

Aeries is also in discussions to raise further capital based on indicative terms sheets to execute on its previously announced organic growth and M&A strategy.

Starting November 8, the ordinary shares and warrants of the combined company will be listed on The Nasdaq under the symbols “AERT” and “AERTW”, respectively.

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.

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