WWAC amends SPAC merger terms with AARK: value $349M, redemption threshold 89.15%

Aeries Technology, Inc.

AARK pre-transaction equity value set at $349M in revised Business Combination Agreement.
Redemption threshold raised from 85% to 89.15% to reduce risk of deal failure from high redemptions.
50,000 Employee Merger Consideration Shares to certain employees; remaining bonus shares to CEO/Chairman equally.
Pro Rata Reduction Percentage defined as (100 - RedemptionPct*100) / 10.85; impacts bonus share pool.
Amendment executed June 30, 2023; terms modify original March 11, 2023 agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Aeries Technology, Inc. amended Amendment No. 1 to the Business Combination Agreement with Worldwide Webb Acquisition Corp., WWAC Amalgamation Sub Pte. Ltd., and Aark Singapore Pte. Ltd. valued at $349,000,000 (effective 2023-06-30).

Action: amendment
Agreement: merger
Counterparty: Worldwide Webb Acquisition Corp., WWAC Amalgamation Sub Pte. Ltd., and Aark Singapore Pte. Ltd.
Value: $349,000,000
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, WWAC, Amalgamation Sub, and AARK entered into Amendment No. 1 to the Agreement (the “First Amendment”) to, among other things, (i) revise the pre-transaction equity value of the company to be $349,000,000, (ii) increase the redemption threshold percentage from 85.00% to 89.15%, and (iii) provide that 50,000 bonus shares will be issued to certain employees of AARK, and that any remaining bonus shares after applying the pro rata reduction percentage will be issued to the Chief Executive Officer and Chairman of the Company (as defined in the Agreement) in equal shares instead of being added to the pool of awards available under the 2023 Equity Incentive Plan.

View on SEC.gov

Browse all material agreements →

Aeries Technology, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-182054

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.