Aeries Technology Announces Director Changes and Agreements
Ticker: AERTW · Form: 8-K · Filed: Dec 4, 2024 · CIK: 1853044
| Field | Detail |
|---|---|
| Company | Aeries Technology, INC. (AERTW) |
| Form Type | 8-K |
| Filed Date | Dec 4, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.0001, $11.50, $0.25 |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-change, material-agreement
Related Tickers: AERT
TL;DR
Aeries Tech swaps a director, signs a deal, and files financials. Board shakeup incoming.
AI Summary
Aeries Technology, Inc. announced on November 27, 2024, the departure of director David M. Ruggiero and the appointment of new director, John P. D. Ruggiero. The company also entered into a material definitive agreement and filed financial statements and exhibits.
Why It Matters
Changes in board composition and material agreements can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Director departures and new appointments, along with material definitive agreements, can introduce uncertainty and signal strategic shifts.
Key Players & Entities
- Aeries Technology, Inc. (company) — Registrant
- David M. Ruggiero (person) — Departing Director
- John P. D. Ruggiero (person) — Appointed Director
- November 27, 2024 (date) — Date of earliest event reported
FAQ
Who is the new director appointed to Aeries Technology, Inc.'s board?
John P. D. Ruggiero was appointed as a new director.
Which director has departed from Aeries Technology, Inc.?
David M. Ruggiero has departed from the board of directors.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated November 27, 2024.
What types of information are included in this 8-K filing?
This filing includes information on the entry into a material definitive agreement, departure/election of directors and officers, and financial statements and exhibits.
What was Aeries Technology, Inc.'s former company name?
Aeries Technology, Inc.'s former company name was Worldwide Webb Acquisition Corp.
Filing Stats: 1,133 words · 5 min read · ~4 pages · Grade level 13.3 · Accepted 2024-12-04 17:00:15
Key Financial Figures
- $0.0001 — ed Class A ordinary shares, par value $0.0001 per share AERT Nasdaq Capital Marke
- $11.50 — ordinary share at an exercise price of $11.50 AERTW Nasdaq Capital Market Indic
- $0.25 — d in the forward purchase agreement) to $0.25 per share. The foregoing summary of th
Filing Documents
- aeriestech_8k.htm (8-K) — 39KB
- aeriestech_ex10-1.htm (EX-10.1) — 175KB
- aeriestech_ex10-2.htm (EX-10.2) — 70KB
- 0001829126-24-008019.txt ( ) — 555KB
- aert-20241127.xsd (EX-101.SCH) — 4KB
- aert-20241127_def.xml (EX-101.DEF) — 26KB
- aert-20241127_lab.xml (EX-101.LAB) — 36KB
- aert-20241127_pre.xml (EX-101.PRE) — 25KB
- aeriestech_8k_htm.xml (XML) — 6KB
01 Entry Into A Material Definitive Agreement
Item 1.01 Entry Into A Material Definitive Agreement. On November 27, 2024, Aeries Technology, Inc. ("Aeries" or the "Company") entered into an amended forward purchase agreement with Sandia Investment Management LP (the "Amended Forward Purchase Agreement"), which modified the original agreement dated November 3, 2023, as previously amended by a forward purchase agreement confirmation amendment dated November 3, 2024. The Amended Forward Purchase Agreement primarily (1) extended the reference date under the definition of "Maturity Date" (as defined in the forward purchase agreement) to 14 months after the closing of the business combination in November 2023, and (2) revised the Reset Price (as defined in the forward purchase agreement) to $0.25 per share. The foregoing summary of the Amended Forward Purchase Agreement is qualified in its entirety by reference to the text of the document, which is filed as Exhibit 10.1 hereto and incorporated herein by reference. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Chief Financial Officer Transition On December 1, 2024, the Board of Directors of the Company (the "Board") approved the termination of Rajeev Nair's employment as the Company's Chief Financial Officer, effective as of the close of business on November 29, 2024. In connection with the termination, a separation agreement and release was entered into with Mr. Nair, dated November 29, 2024 (the "Separation Agreement"), which provided for a severance payment in accordance with Section 4(d) of his employment agreement, dated November 6, 2023, with Aeries Technology Solutions, Inc., as amended on June 12, 2024, along with a customary release of claims. The foregoing summary of the Separation Agreement is qualified in its entirety by reference to the text of the document, which is filed as Exhibit 10.2 hereto and incorporated herein by reference. In
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Amended Forward Purchase Agreement, dated November 27, 2024, by and between Aeries Technology, Inc. and Sandia Investment Management LP. 10.2 Separation Agreement and Release, dated November 29, 2024, by and between Aeries Technology Solutions, Inc. and Rajeev Nair. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 4, 2024 AERIES TECHNOLOGY, INC. A Cayman Islands exempted company By: /s/ Sudhir Appukuttan Panikassery Name: Sudhir Appukuttan Panikassery Title: Chief Executive Officer and Interim Chief Financial Officer 3