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 Nicholas Alan Clayton on 2024-02-29 at 7:42am

At the SPAC of Dawn Over 100 potentially market-moving indices are to report data globally today, but the US economy specifically is to get a handful of major ones. At 8:30 am ET, traders are to get their hands on a number of readings around inflation in the country. Importantly, Core PCE numbers are to...

by Nicholas Alan Clayton on 2024-02-28 at 3:31pm

SK Growth (NASDAQ:SKGR) has entered into a definitive agreement to combine with digital investment platform Webull at an enterprise value of $7.3 billion. New York-based Webull provides an equities trading and education platform to about 20 million cumulative users. The combined company is expected to trade on the Nasdaq once the deal is completed in...

by Nicholas Alan Clayton on 2024-02-28 at 1:36pm

News and Rumors PR: Hillsinai Learning, which serves about 500,000 students across 40 schools and 5,000 partner schools, has hired iLearningEngines to build its AI learning automation platform. iLearningEngines has a pending combination with Arrowroot (NASDAQ:ARRW). SpaceNews: Virgin Galactic (NYSE:SPCE) does not expect any delays on its Galactic 07 mission to take passengers into space...

by Nicholas Alan Clayton on 2024-02-28 at 11:33am

Aetherium Acquisition Corp. (NASDAQ:GMFI) has entered into a definitive agreement to combine with Capital A (KL:5099), the parent company of the AirAsia airline at an estimated transaction value of $1.15 billion. Kuala Lumpur-based Capital A owns the AirAsia regional airline as well as subsidiaries in logistics, payments and loyalty. Transaction Overview Aetherium has an estimated...

by Nicholas Alan Clayton on 2024-02-28 at 7:58am

At the SPAC of Dawn NVIDIA’s (NASDAQ:NVDA) market cap is about 10% of the entire Nasdaq, so the notion that its own rise would float many boats is something of a given. But, it has also been specifically instrumental in the recent gains by a number of de-SPACs in the AI technology space. Soundhound (NASDAQ:SOUN)...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved