Worldwide Webb Acquisition Corp. enters business combination with AARK/Aeries at $346M pre-transaction equity value

Aeries Technology, Inc.

Pre-transaction equity value of Aeries: $346M. Closing expected Q3 2023, subject to shareholder and regulatory approvals.
Consideration includes up to 3.75M bonus Class A shares for non-redeeming shareholders; Class V share with 26% voting power.
Sponsor to cancel up to 1.5M shares; earnout shares released if stock hits $12/$14/$16 VWAP thresholds over 20 of 30 days.
Minimum available cash at closing: $30M; Company also seeks $50M in additional capital from third parties.
Post-closing board of 7 directors, 5 designated by AARK; Aeries management to become officers of combined company.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Aeries Technology, Inc. entered into Business Combination Agreement with Worldwide Webb Acquisition Corp., WWAC Amalgamation Sub Pte. Ltd., and Aark Singapore Pte. Ltd. valued at pre-transaction equity value of Aeries of $346 million (effective 2023-03-11).

Action: entry
Agreement: merger
Counterparty: Worldwide Webb Acquisition Corp., WWAC Amalgamation Sub Pte. Ltd., and Aark Singapore Pte. Ltd.
Value: pre-transaction equity value of Aeries of $346 million
Effective: 2023-03-11

Exact text from the filing

On March 11, 2023, Worldwide Webb Acquisition Corp., a Cayman Islands exempted company (the “Company”), entered into the Business Combination Agreement (the “Business Combination Agreement”), with WWAC Amalgamation Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned Subsidiary of the Company, with company registration number 202300520W (“Amalgamation Sub”), and Aark Singapore Pte. Ltd., a Singapore private company limited by shares, with company registration number 200602001D (“AARK", together with the Company and Amalgamation Sub, collectively, the “Parties” and individually a “Party”).

View on SEC.gov

Browse all material agreements →

Aeries Technology, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-068751

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.