Williams Rowland Acquisition Corp. (WRAC) Sells Sponsor Ownership
by Marlena Haddad on 2023-06-27 at 4:55pm

Williams Rowland Acquisition Corp. (NYSE:WRAC) announced this afternoon that it has entered into a securities purchase agreement with its sponsor, Jonathan Rowland and David B. Williams.

As part of the agreement, Williams Rowland sold its securities, consisting of 2,514,663 founder shares, and 5,550,000 warrants, to purchase shares of common stock for $300,000. These securities constituted the entirety of Jonathan Rowland’s ownership in the SPAC.

Following the transaction, Jonathan Rowland informed the Board of Directors that he was resigning his positions as a director and as co-chief executive officer. It remains unclear if he will have a replacement, but David “Tiger” Williams will continue to lead the company as CEO along with Bobby Morovati as CFO.

The SPAC  originally raised $234.6 million in gross proceeds from its IPO in July 2021, but saw 84.93% of this removed due to redemptions during a December meeting. Although Williams Rowland has not found a target to combine with just yet, it aims to identify a business that has dominant technology, services or market position with a can-do company culture.


Recent Posts
by Kristi Marvin on 2023-12-09 at 11:45am

Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...

by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved