Aeries Technology Files 2024 10-K

TL;DR

Aeries Tech 10-K filed for FY24. Full financials out.

AI Summary

Aeries Technology, Inc. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its operations and financial condition. The company, formerly known as Worldwide Webb Acquisition Corp., changed its name on March 24, 2021. The filing covers the period from April 1, 2023, to March 31, 2024, and includes detailed financial statements and disclosures.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Aeries Technology's financial performance and strategic positioning for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks.

Key Numbers

• FY 2024 — Fiscal Year (Reporting period for the 10-K)
• 0331 — Fiscal Year End (Indicates the end of the fiscal year reported)

Key Players & Entities

• Aeries Technology, Inc. (company) — Filer of the 10-K
• Worldwide Webb Acquisition Corp. (company) — Former name of Aeries Technology, Inc.
• 20240331 (date) — Conformed period of report
• 20240927 (date) — Filed as of date
• 0001853044 (company) — Central Index Key for Aeries Technology, Inc.

FAQ

Key Financial Figures

• $0.0001 — ed Class A ordinary shares, par value $0.0001 per share AERT The Nasdaq Stock Mar
• $11.50 — ordinary share at an exercise price of $11.50 AERTW The Nasdaq Stock Market Sec

Filing Documents

• aeriestech_10k.htm (10-K) — 2472KB
• aeriestech_ex4-4.htm (EX-4.4) — 139KB
• aeriestech_ex10-17.htm (EX-10.17) — 252KB
• aeriestech_ex10-19.htm (EX-10.19) — 22KB
• aeriestech_ex10-21.htm (EX-10.21) — 22KB
• aeriestech_ex10-23.htm (EX-10.23) — 24KB
• aeriestech_ex10-25.htm (EX-10.25) — 23KB
• aeriestech_ex10-27.htm (EX-10.27) — 22KB
• aeriestech_ex10-45.htm (EX-10.45) — 31KB
• aeriestech_ex10-46.htm (EX-10.46) — 36KB
• aeriestech_ex10-47.htm (EX-10.47) — 37KB
• aeriestech_ex10-48.htm (EX-10.48) — 40KB
• aeriestech_ex21-1.htm (EX-21.1) — 4KB
• aeriestech_ex23-1.htm (EX-23.1) — 3KB
• aeriestech_ex31-1.htm (EX-31.1) — 14KB
• aeriestech_ex31-2.htm (EX-31.2) — 14KB
• aeriestech_ex32-1.htm (EX-32.1) — 8KB
• aeriestech_ex32-2.htm (EX-32.2) — 5KB
• aeriestech_ex97-1.htm (EX-97.1) — 26KB
• 0001829126-24-006527.txt ( ) — 12351KB
• aert-20240331.xsd (EX-101.SCH) — 104KB
• aert-20240331_cal.xml (EX-101.CAL) — 108KB
• aert-20240331_def.xml (EX-101.DEF) — 333KB
• aert-20240331_lab.xml (EX-101.LAB) — 598KB
• aert-20240331_pre.xml (EX-101.PRE) — 546KB
• aeriestech_10k_htm.xml (XML) — 1942KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 40

Cybersecurity

Item 1C. Cybersecurity 40

Properties

Item 2. Properties 41

Legal Proceedings

Item 3. Legal Proceedings 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41 PART II 42

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 42

[Reserved]

Item 6.[Reserved] 43

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 57

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 57

Controls and Procedures

Item 9A. Controls and Procedures 58

Other Information

Item 9B. Other Information 60

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 60 PART III 61

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 61

Executive Compensation

Item 11. Executive Compensation 70

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 76

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 78

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 81 PART IV 82

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 82

Form 10-K Summary

Item 16. Form 10-K Summary 86

SIGNATURES

SIGNATURES 87 i INTRODUCTORY NOTE Aeries Technology, Inc. (formerly known as Worldwide Webb Acquisition Corp. or "WWAC") was originally incorporated on March 5, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On October 22, 2021, WWAC consummated an initial public offering (the "IPO"), after which its securities began trading on The Nasdaq Capital Market ("Nasdaq"). On November 6, 2023 (the "Closing Date"), Aark Singapore Pte. Ltd., a Singapore private company limited by shares ("AARK"), consummated the previously announced business combination pursuant to that certain Business Combination Agreement, dated as of March 11, 2023 (as amended, the "Business Combination Agreement"), by and among WWAC, WWAC Amalgamation Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly owned subsidiary of WWAC ("Amalgamation Sub"), and AARK. Pursuant to the Business Combination Agreement, Amalgamation Sub and AARK amalgamated and continued as one company, with AARK being the surviving entity, and as a result thereof, Aeries Technology Group Business Accelerators Pte. Ltd., an Indian private company limited by shares ("ATG") became an indirect subsidiary of WWAC (the "Amalgamation" and, together with the other transactions contemplated by the Business Combination Agreement, the "Business Combination"). In connection with the Business Combination, the registrant changed its name from Worldwide Webb Acquisition Corp. to Aeries Technology, Inc. Following the Closing Date, Aeries Technology, Inc. changed the trading symbols for its Class A ordinary shares and warrants to purchase Class A ordinary shares on Nasdaq from "WWAC" and "WWACW" to "AERT" and "AERTW." Unless the context otherwise requires, references to "the Company," "Aeries Technology," "Aeries," "we," "us" and "our" refer to Aeries Technology, Inc. and its consolid

Business

Item 1. Business Unless the context otherwise requires, references in this section to "we," "us," "our," "Aeries Technology," "Aeries" and "the Company" refer to the business and operations of AARK and its consolidated subsidiaries prior to the Business Combination (excluding the associated legacy financial technology and investing business activities) and to Aeries Technology, Inc. and its consolidated subsidiaries, following the consummation of the Business Combination. Overview Aeries Technology is a global provider of professional and management services and technology consulting, specializing in the establishment and management of dedicated delivery centers known as "Global Capability Centers" ("GCCs") for portfolio companies of private equity firms and mid-market enterprises. Our engagement models are designed to provide a mix of deep vertical specialty, functional expertise, and digital systems and solutions to scale, optimize and transform a client's business operations. By leveraging artificial intelligence ("AI"), implementing process improvements, and recruiting talent in cost-effective geographies, we are positioned to deliver significant cost savings to our clients. With over a decade of experience, we are committed to delivering transformative business solutions that drive operational efficiency, innovation, and strategic growth. We support and drive our clients' global growth by providing a range of services, including professional advisory services and operations management services, to build and manage GCCs in suitable and cost-effective locations based on client business needs. With a focus towards digital enterprise enablement, these GCCs are designed to act as seamless extensions of the client organization, providing access to top-tier resources. We believe this empowers our clients to remain competitive and nimble and to achieve their goals of enduring cost efficiencies, operational excellence, and value creation, without sacrificing func

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View this 10-K filing on SEC EDGAR