Aeries Technology, Inc. received a nasdaq deficiency notice notice regarding shareholders (rules 5550(a)(3)).
“n May 12, 2023, the Company also received a letter (the “Notice”) from the Listing Qualifications department of Nasdaq notifying the Company that the Company no longer meets the minimum of 300 public holders required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(3) (the “Public Holder Standard”). The Notice states that the Company has until June 26, 2023 to provide Nasdaq with a definitive plan to achieve and sustain compliance with all The Nasdaq Capital Market listing requirements, including the time frame for completion of this plan. The Notice i”
Governance Changes
Aeries Technology, Inc.: Shareholders approved an amendment to the Articles to extend the deadline for the Company to complete a business combination from 18 months to 24 months from the closing of the IPO, and an amendment to eliminate the redemption limitation that prevented the Company from redeeming Class A ordinary sha (effective 2023-04-14).
“At the Meeting, the Company’s shareholders also approved two proposals to amend the Company’s amended and restated memorandum and articles of association (the “ Articles ”). The first such proposal (the “ Extension Amendment Proposal ”) sought to amend the Articles to extend the date by which the Company must (1) consummate a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, (2) cease its operations except for the purpose of winding up if it fails to complete such business combination, and (3) redeem all of the Company’s Class A ordinary shares sold in the Company’s initial public offering that was consummated on October 22, 2021 (the “IPO”), from 18 months from the closing of the Company’s IPO to 24 months from the closing of the IPO (the “ Extension Amendment ”). The second such proposal (the “ Redemption Limitation Amendment Proposal ”) sought to amend the Articles to elimi”
Shareholder Votes
Aeries Technology, Inc. shareholders approved Redemption Limitation Amendment Proposal.
“The Redemption Limitation Amendment Proposal For Against Abstain 23,010,057 26,165 500,007”
Shareholder Votes
Aeries Technology, Inc. shareholders approved Extension Amendment Proposal.
“The Extension Amendment Proposal For Against Abstain 23,010,257 25,965 500,007”
Material Agreements
Aeries Technology, Inc. amended Administrative Services Agreement Amendment with Worldwide Webb Acquisition Sponsor, LLC valued at a maximum of $160,000 (effective 2023-04-10).
“On April 10, 2023, the Company and the Sponsor entered into an amendment (the “Administrative Services Agreement Amendment”) to that certain Administrative Services Agreement, dated October 19, 2021, between the Company and the Sponsor, to amend the total amount which the Company would pay Sponsor for certain administrative services to a maximum of $160,000.”
Material Agreements
Aeries Technology, Inc. amended Investment Agreement Amendments with Worldwide Webb Acquisition Sponsor, LLC and certain other investors (effective 2023-04-06).
“On April 6, 2023, April 10, 2023 and April 11, 2023, Worldwide Webb Acquisition Corp. (the “Company”), Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”), the sponsor of the Company, and certain other parties (the “Investors”) entered into amendments (the “Investment Agreement Amendments”) to those certain investment agreements entered into in connection with the Company’s IPO among the Company, the Sponsor and the Investors party thereto (the “Original Investment Agreements”)”
Material Agreements
Aeries Technology, Inc. entered into Non-Redemption Agreement with certain unaffiliated third parties (effective 2023-03-31).
“On March 31, 2023, Worldwide Webb Acquisition Corp. (the “Company”) and Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”), the sponsor of the Company, entered into non-redemption agreements (each, a “Non-Redemption Agreement”) with certain unaffiliated third parties (each, a “Holder,” and collectively, the “Holders”) in exchange for the Holder or Holders agreeing either not to request redemption in connection with the Extension (as defined below) or to reverse any previously submitted redemption demand in connection with the Extension with respect to an aggregate of 4,935,000 Class A ordinary shares”
Material Agreements
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).
“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”).”
Davis Smith was appointed as Director at Aeries Technology, Inc..
“Effective as of October 19, 2021, the following individuals were appointed to the board of directors of the Company: Lynne M. Laube, Tanner Ainge, Dave Crowder and Davis Smith.”
Dave Crowder was appointed as Director at Aeries Technology, Inc..
“Effective as of October 19, 2021, the following individuals were appointed to the board of directors of the Company: Lynne M. Laube, Tanner Ainge, Dave Crowder and Davis Smith.”
Tanner Ainge was appointed as Director at Aeries Technology, Inc..
“Effective as of October 19, 2021, the following individuals were appointed to the board of directors of the Company: Lynne M. Laube, Tanner Ainge, Dave Crowder and Davis Smith.”
Lynne M. Laube was appointed as Director at Aeries Technology, Inc..
“Effective as of October 19, 2021, the following individuals were appointed to the board of directors of the Company: Lynne M. Laube, Tanner Ainge, Dave Crowder and Davis Smith.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.