Internet Business SPAC Worldwide Webb Acquisition Prices US$200 Million IPO
Special purpose acquisition company Worldwide Webb Acquisition Corp. (Nasdaq: WWAC.U) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$200 million in its initial public offering.
The offering consists of 20.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each whole warrant is redeemable for one Class A common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “WWAC.U”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “WWAC” and “WWAC.WS”, respectively.
The proposed offering is being managed by BofA Securities and J.P. Morgan as bookrunners. The company granted the underwriters a 45-day over-allotment option to purchase additional 3.0 million company units at the same IPO price.
The blank check company is being led by former Bank of America Corp. technology investment banker Daniel Webb as CEO while mattress brand Purple Innovation co-founders Tony and Terry Pearce will act as Executive Chairman and Executive Vice Chairman, respectively.
On its target firms for businesses combination, the company looks for an internet company within its target sectors of interest, including ” direct-to-consumer brands, Amazon centric, online marketplaces, food tech, new media, digital health, software-as-a-service, fintech, and any adjacent industries undergoing technology-driven transformations”.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
