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.
Terms Tracker for the Week Ending June 13, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week brought three new SPAC IPOs with pricings from BEST SPAC I Acquisition Corp., Blue Acquisition Corp. and Blue Water Acquisition Corp. III. All...
Starry Sea (NASDAQ:SSEAU) has filed for a $50 million SPAC with leadership that is making its debut as SPAC officers and a broad search mandate. The new SPAC is offering investors one right to a 1/6 share in each unit and a redemption opportunity coming at the end of its 15-month initial transaction deadline if...
At the SPAC of Dawn Israel’s bombing of sites in Iran has brought a new injection of uncertainty to the markets, which appear poised to open in the red. But, this may be a temporary factor after the week has also produced better-than-expected indicators on inflation. One more data point is set to come in...
Best SPAC I Acquisition Corp. (NASDAQ:BSAAU) announced the pricing of its $55 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BSAAU”, Friday, June 13, 2025. The new SPAC plans to combine with a consumer goods company with a total enterprise value between $100 million and $600 million....
Blue Acquisition Corp. (NASDAQ:BACCU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BACCU”, Friday, June 13, 2025. The new SPAC intends to combine with a target company within a manufacturing company or data center that aligns with green energy initiatives and...