On October 16, 2023, Worldwide Webb Acquisition Corp. (the “Company”) will convene an extraordinary general meeting of shareholders (the “Meeting”) to, among other things, approve an amendment to the Company’s amended and restated memorandum and articles of association 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 (a “business combination”), (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 IPO, from 24 months from the closing of the IPO to 25 months from the closing of the IPO or such earlier date as is determined by our Board of Directors (the “Board”) to be in the best interests of the Company (such date, the “Extended Date”), and to allow the Company, without another shareholder vote, by resolution of our Board, to elect to further extend the Extended Date in one-month increments up to five additional times (with each such extension being upon five days’ advance notice in writing), for a total of up to 30 months from the closing of the IPO, unless the closing of a business combination will have occurred prior thereto (each an “Extension” and such proposal the “Extension Proposal”).
The Extension Proposal is described in more detail in the Company’s definitive proxy statement, which was filed with the Securities and Exchange Commission on October 2, 2023.
In connection with the Extension Proposal, shareholders of the Company (the “Shareholders”) received a right to redeem their shares of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”), for a pro rata portion of the funds in the Trust Account. The deadline to submit such redemptions was 5:00 p.m. Eastern time on October 12, 2023.
As of October 12, 2023, the Company entered into 11 non-redemption agreements (each a “Non-Redemption Agreement” and collectively, the “Non-Redemption Agreements”) with third parties (each a “Non-Redeeming Shareholder” and collectively, the “Non-Redeeming Shareholders”) in connection with the Extension Proposal on the form previously disclosed on the Current Reports on Form 8-K filed with the SEC on October 10, 2023 and October 11, 2023. Pursuant to the Non-Redemption Agreements, the Non-Redeeming Shareholders have agreed not to request redemption of an aggregate of 3,733,623 Class A ordinary shares (the “Non-Redemption Shares”) in connection with the Extension Proposal.
The Non-Redemption Agreements are expected to increase the likelihood that the Extension Proposal is approved by the Shareholders, and increase the amount of funds that remain in the Trust Account following the Meeting, relative to the amount of funds that would be expected to be remaining in the Trust Account following the Meeting had the Non-Redemption Agreements not been entered into and the shares subject to such agreements had been redeemed.
In connection with the Extension Proposal, the Company received redemption requests for 1,517,310 Class A ordinary shares. As of October 12, 2023, 3,200,744 Class A ordinary shares remained following the submission and non-reversal of the aforementioned redemption requests. Holders of the Class A ordinary shares who previously submitted a redemption request may reverse such redemption request at any time prior to the Special Meeting and, accordingly, the number of Class A ordinary shares outstanding may change. Pursuant to the Non-Redemption Agreements, the Company anticipates holders of an additional 578,323 Class A ordinary shares will reverse previously-submitted redemption requests.
If no holders of Class A ordinary shares reverse previously-submitted redemption requests, the Company estimates that as of October 16, 2023, the date of the Special Meeting, approximately $16,113,832 (approximately $10.62 per Class A ordinary share) will be removed from the Trust Account to pay such redeeming holders.
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This Current Report on Form 8-K relates to a proposed business combination transaction among WWAC and Aeries Technology Business Accelerators Pte. Ltd. (“Aeries Technology”). In connection with the proposed transaction,