Williams Rowland Acquisition Corp. *
LIQUIDATION – 2/22/24 – LINK
- The Company anticipates that the last day of trading in the Class A ordinary shares will be February 29, 2024.
- The per-share redemption price was not mentioned.
EXTENSION – 7/26/23 – LINK
- The SPAC approved the extension from July 29, 2023 to January 29, 2024.
- 868,870 shares were redeemed.
- No contribution will be made into the trust account.
SUBSEQUENT EVENT – 6/27/23 – LINK
- On June 22, 2023, Wrac, Ltd., Williams Rowland Sponsor, LLC, Jonathan Rowland, and David B. Williams entered into a Securities Purchase Agreement. In this agreement, Wrac, Ltd. sold all of its securities in Williams Rowland Acquisition Corp., including 2,514,663 common stock shares and 5,550,000 share purchase warrants, to Williams Rowland Sponsor, LLC for $300,000.
EXTENSION – 12/23/22 – LINK
- As approved by its stockholders at the Special Meeting of Stockholders of Williams Rowland Acquisition Corp. held on December 22, 2022, the Company extended the date by which Williams Rowland has to consummate a business combination up to 6 times, each such extension for an additional 1 month period, from January 29, 2023, to July 29, 2023.
- In connection with the vote on the Charter Amendment at the Special Meeting, a total of 19,533,865 shares of common stock were submitted for redemption.
SUBSEQUENT EVENT – 12/21/22 – LINK
- Subsequent to December 14, 2022, the Company entered into additional non-redemption agreements substantially in the form filed as Exhibit 10.1 to the Current Report on Form 8-K dated December 14, 2022.
- An aggregate of 1,841,694 additional shares were subject to these additional agreements for an aggregate of 2,138,694 shares subject to non-redemption agreement.
- David B. Williams, a co-chief executive officer of the Company purchased a total of 741,921 shares of Company common stock at prices ranging from $10.0114-$10.28.
- Mr. Williams did not vote those shares in connection with the upcoming special meeting and therefore his purchases will have no effect on the likelihood that the proposal will be approved.
- The purpose of the purchases was to reduce the number of shares likely to be redeemed in connection with the redemption offer.
- As of the deadline for redemptions which was 5:00 pm on December 20, 2022, a total of 19,533,865 shares had been submitted for redemption.
SUBSEQUENT EVENT – 12/15/22 – LINK
- On December 14, 2022, the Company entered into non-redemption agreements in the aggregate, 297,000 shares of the Company’s common stock, in which such stockholders agreed, among other things, not to redeem or exercise any right to redeem such public shares in connection with the Charter Amendment Proposal.
- Williams Rowland Sponsor, LLC and Wrac, Ltd, the Sponsors of the Company agreed to transfer founders shares at the time of the business combination at the rate of 15,000 shares per 99,000 shares of Company common stock that the partners do not submit for redemption for an aggregate of 45,000 shares.
- The Company may enter into other agreements with one or more stockholders in which such stockholders will agree not to redeem all or a portion of their public shares in connection with the Charter Amendment Proposal.
MANAGEMENT & BOARD
Executive Officers
David “Tiger” Williams, 59
Chief Executive Officer and Director
Tiger is the Founder and Managing Member of Williams Trading LLC. Prior to founding Williams Trading, Tiger was an Associate Director at Tiger Management where he was responsible for trading the domestic equity portfolio from 1993 through 1997. Tiger began his career on Wall Street in 1987 as a member of the Principal Training Program at E. F. Hutton. In 1989, he joined First Boston as an Associate and Generalist Equity Sales Trader. In 1990, Tiger joined Needham and Co. as a Vice President and in 1991 moved to Donaldson Lufkin and Jenrette, also as a Vice President. Tiger received his Bachelor of Arts degree in Economics and Political Science at Yale University in 1984 and his Master’s in Business Administration from the Stern School of Business at New York University in 1989.
Jonathan David Rowland, 46 [RESGINED]
Co-Chief Executive Officer and Director
A banker and entrepreneur since the mid-1990’s, Mr. Rowland is currently Founder and Executive Chairman of Mode Global Holdings (MODE.LN), that operates Mode, a digital bank, wallet and payments platform, and Co-Founder and Non-Executive Director of Redwood Bank, a UK-based technology-driven SME commercial lender, and has more than 25 years of experience as an investor and Director of public and private companies globally. He has led many investments in Financial Services and FinTech companies, including being an early investment in ZOPA in 2005, and leading the post-crisis restructuring of Kauphting Bank Luxembourg, renamed Banque Havilland, and being the bank’s CEO between 2009 and 2013. Among public companies in which he has been involved are Jellyworks PLC, which was listed on LSE AIM in 1999 and sold eight months later to Shore Capital Plc.
Bobby Morovati, 49
Chief Financial Officer
Bobby is currently serving as the Chief Financial Officer of Williams Trading LLC. Prior to joining Williams, he was Accounting Manager at Pali Capital, a boutique derivatives and fixed income firm, where he worked as a key member of the finance and accounting team on all facets of the financial and operational components of the firm during its rapid growth and expansion phase. He began his career at Pershing in 1998 as a member of the Controller’s Group. He received his Bachelor of Science in Accounting from Rutgers University.
Board of Directors
Betsy L. Battle, 67
Independent Director
Ms. Battle is Chief Investment Officer and Founding Partner of Lone Peak Partners and brings more than four decades of financial services and investment experience to Williams Rowland. Prior to founding Lone Peak in 2009, she was Director of Manager Selection and a member of the Management Committee at Soros Fund Management LLC, where, she managed multibillion dollar portfolios of external hedge funds for the Quantum group of funds and George Soros, and built the manager selection and due diligence processes as well as the multi-manager portfolio construction and monitoring methodologies. Prior to Soros, she held positions at Bankers Trust, Citicorp and JP Morgan, primarily as a manager in Global Sales and Trading. She currently serves on the Board of the University of North Carolina Kenan-Flagler Business School Foundation, the Board of Directors of the Breast Cancer Research Foundation, and the President’s Council of the Peconic Land Trust. Ms. Battle received a BA from the University of North Carolina at Chapel Hill in 1976.
Tomago Collins, 49
Independent Director
Mr. Collins is Executive Vice President of Communications & Business Development, Kroenke Sports & Entertainment, where he works closely with ownership and senior leaders across a multibillion-dollar portfolio of Kroenke-owned global businesses on strategy, communications and development. He also serves on multiple public and private company and non-profit boards, including Four Seasons Hotels & Resorts and Republic Services Group, and was also a Board member of AutoNation from 2014-19. Mr. Collins also serves as a board member for the Global Down Syndrome Foundation. Mr. Collins is a graduate of Yale University.
William C. Kunkler, 64
Independent Director
Mr. Kunkler has over 40 years of manufacturing and operating experience and is currently Executive Vice President of Operations for CC Industries, Inc. (CCI), a private equity firm focused on manufacturing companies and real estate investments, where he is responsible for general operating issues and investment decisions at each of CCI’s companies. He is also Vice President of Henry Crown and Company, the parent company of CCI. Prior to joining CCI in 1995, he was Executive Vice President for Marblehead Lime Company, a subsidiary of General Dynamics Corporation, and he began his career at USG Corp. as a project engineer. Mr. Kunkler has been a Director of NIBCO Inc., a manufacturer of valves and fittings based in Elkhart, Indiana, since 2004 and was a Director of Sears Holdings Corporation, a leading retailer of general merchandise, from 2009 to 2018. Mr. Kunkler received his Bachelor of Science degree in Mechanical Engineering from Yale University and his Master of Management degree from Kellogg Graduate School of Management, Northwestern University.
Brent McIntosh, 48 [Resigned 10/23/21]
Independent Director
Most recently Mr. McIntosh served as Under Secretary for International Affairs within the U.S. Department of the Treasury, a position he held from September 2019 through January 2021. Prior to that position, he served as the General Counsel for the U.S. Department of the Treasury. Before assuming that role in August 2017, Mr. McIntosh was a partner at the law firm of Sullivan & Cromwell LLP in Washington DC where he specialized corporate and financial institutions matters, a position he held since January 2011. Mr. McIntosh holds a Bachelor of Arts degree in Economics and Political Science from the University of Michigan as well as a Juris Doctor degree from Yale Law School.