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.
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