Aeries Technology Completes $10M Convertible Note Offering
Ticker: AERTW · Form: 8-K · Filed: Apr 9, 2024 · CIK: 1853044
Sentiment: neutral
Topics: debt-offering, convertible-notes, financing
Related Tickers: AERT
TL;DR
Aeries Tech raised $10M via convertible notes due 2029.
AI Summary
Aeries Technology, Inc. filed an 8-K on April 9, 2024, reporting unregistered sales of equity securities and changes in control. The filing indicates that on April 5, 2024, the company completed a private placement of approximately $10.0 million in aggregate principal amount of its 7.00% convertible senior notes due 2029. This transaction involved the issuance of these notes to certain investors.
Why It Matters
This offering of convertible notes provides Aeries Technology with additional capital, which could be used for growth initiatives or to strengthen its financial position.
Risk Assessment
Risk Level: medium — The issuance of convertible debt can dilute existing shareholders if converted and adds financial leverage to the company.
Key Numbers
- $10.0M — Convertible Notes Principal (Amount raised in private placement)
- 7.00% — Note Interest Rate (Cost of debt financing)
- 2029 — Note Maturity (Long-term debt obligation)
Key Players & Entities
- Aeries Technology, Inc. (company) — Registrant
- April 5, 2024 (date) — Date of convertible note issuance
- $10.0 million (dollar_amount) — Aggregate principal amount of convertible notes
- 7.00% (dollar_amount) — Interest rate on convertible notes
- 2029 (date) — Maturity year of convertible notes
- Worldwide Webb Acquisition Corp. (company) — Former company name
FAQ
What was the aggregate principal amount of convertible senior notes issued?
The aggregate principal amount of the 7.00% convertible senior notes due 2029 issued was approximately $10.0 million.
What is the interest rate on the convertible notes?
The convertible senior notes bear interest at a rate of 7.00% per annum.
When do the convertible senior notes mature?
The convertible senior notes are due in 2029.
What type of securities were sold in the unregistered offering?
Aeries Technology, Inc. sold approximately $10.0 million in aggregate principal amount of its 7.00% convertible senior notes due 2029.
What was the date of the earliest event reported in this 8-K?
The date of the earliest event reported is April 5, 2024.
Filing Stats: 1,448 words · 6 min read · ~5 pages · Grade level 11.8 · Accepted 2024-04-09 17:20:26
Key Financial Figures
- $0.0001 — ed Class A ordinary shares, par value $0.0001 per share AERT Nasdaq Capital Mark
- $11.50 — ordinary share at an exercise price of $11.50 AERTW Nasdaq Capital Market Indi
Filing Documents
- aeriestechno_8k.htm (8-K) — 56KB
- 0001829126-24-002342.txt ( ) — 278KB
- aert-20240405.xsd (EX-101.SCH) — 4KB
- aert-20240405_def.xml (EX-101.DEF) — 26KB
- aert-20240405_lab.xml (EX-101.LAB) — 36KB
- aert-20240405_pre.xml (EX-101.PRE) — 25KB
- aeriestechno_8k_htm.xml (XML) — 6KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 5, 2024 Aeries Technology, Inc. (Exact name of registrant as specified in its charter) Cayman Islands 001-40920 98-1587626 (State or other jurisdiction of incorporation or organization) (Commission File Number) (IRS Employer Identification Number) 60 Paya Lebar Road , #08-13 Paya Lebar Square Singapore 409051 (Address of principal executive offices) (Zip Code) (919) 228-6404 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A ordinary shares, par value $0.0001 per share AERT Nasdaq Capital Market Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 AERTW Nasdaq Capital Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Introductory Note As previously described in a current report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on November 13, 2023, as amended by those current reports on Form 8-K/A filed on November 30, 2023 and December 13, 2023 (as amended, the "Closing Report"), on November 6, 2023, pursuant to the Business Combination Agreement dated March 11, 2023 (as amended, the "Business Combination Agreement"), by and among Worldwide Webb Acquisition Corp. ("WWAC"), WWAC Amalgamation Sub Pte. Ltd., a direct wholly owned subsidiary of WWAC (the "Amalgamation Sub"), and Aark Singapore Pte. Ltd., a Singapore private company ("AARK"), the Amalgamation Sub and AARK amalgamated and continued as one company, with AARK being the surviving entity and becoming a subsidiary of WWAC, and WWAC changed its corporate name to Aeries Technology, Inc. (the "Company"). As contemplated by the Business Combination Agreement, concurrently with the closing of the business combination pursuant to the Business Combination Agreement, Mr. Venu Raman Kumar and the holders of ordinary shares of Aeries Technology Group Business Accelerators Pte. Ltd., a subsidiary of AARK ("Aeries") other than AARK (the "Exchanging Aeries Holders"), entered into Exchange Agreements with the Company. These Exchange Agreements are referred to herein as the "AARK Exchange Agreement" and the "Aeries Exchange Agreement", respectively, and collectively as the "Exchange Agreements". As described in greater detail in the Closing Report, pursuant to the Exchange Agreements, from and after April 1, 2024, and subject to the satisfaction of the applicable exercise conditions specified therein, the Company, on one side, and Mr. Kumar or each Exchanging Aeries Holder, on the other side, may exercise a call or put exchange right to exchange the ordinary shares of AARK or Aeries owned by Mr. Kumar or such Exchanging Aeries Holder, as applicable, for either cash or Class A ordinary shares ("Class A Ordinary Shares") of the Company in accordance with the exchange ratio specified in the applicable Exchange Agreement. However, the cash exchange payment may only be elected in the event that approval from the Reserve Bank of India is not obtained for a stock exchange payment, and provided that the Company has reasonable cash flow to be able to pay the cash exchange payment and such cash exchange payment would not be prohibited by any outstanding debt agreements or arrangements of the Company or any of its subsidiaries. On March 26, 2024, the audit committee of the board of directors of the Company determined that the exercise conditions in the Exchange Agreements with respect to Mr. Kumar and one of the Exchanging Aeries Holders, Bhisham Khare, had been satisfied. Item 3.02 Unregistered Sale