Worldwide Webb Acquisition Corp. (WWAC) Shareholders Approve Aeries Technology Deal

Worldwide Webb Acquisition Corp. (NASDAQ: WWAC) announced this afternoon that its shareholders approved its combination with consultancy firm Aeries Technology at a special meeting held earlier today.

Approximately 99.87% of the votes cast at the meeting on the business combination proposal, representing approximately 81.71% of WWAC’s outstanding shares, voted to approve the deal.

The SPAC did not divulge redemption results, but it went into today’s meeting with 83.57% of its trust already redeemed from a previous extension vote in October.

Worldwide Webb has about $40.28 million in its current trust and secured a $5 million PIPE for the deal back in June. While most PIPEs are priced at $10 per share, Worldwide Webb’s $5 million subscription agreement was executed at $4.48 per share in a private placement to be completed concurrently with the consummation of the business combination.

The parties expect to close the business combination on or about November 6. Following the closing, the combined company will operate as Aeries Technology, Inc. and its shares of Class A common stock and warrants are expected to trade on The Nasdaq beginning November 7 under the symbols “AERT” and “AERTW”, respectively.

The SPAC inked the $656 million business combination with Aeries Technology back in March. Mumbai-based Aeries provides outsourcing and offshoring business services for companies, frequently in tandem with private equity partners.