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.
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...