Worldwide Webb Acquisition, a blank check company formed by the founders of Purple Innovation targeting the internet sector, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
The Orem, UT-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Worldwide Webb Acquisition would command a market value of $250 million.
The company is led by CEO, CFO, and Director Daniel Webb, who has worked in investment banking at Bank of America and Citi, and Executive Chairman Tony Pearce and Executive Vice Chairman Terry Pearce, the co-founders and former Co-CEOs of mattress brand Purple Innovation (Nasdaq: PRPL), which went public via SPAC merger in 2018.
The company plans to target market-leading, differentiated internet businesses 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, fin tech, and any adjacent industries undergoing technology-driven transformations. It plans to focus on businesses with enterprise values over $750 million.
Worldwide Webb Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol WWAC.U. The company filed confidentially on April 2, 2021. BofA Securities and J.P. Morgan are the joint bookrunners on the deal.
