SPAC Worldwide Webb Acquisition prices $200 million IPO, led by Purple Innovation co-founders

Worldwide Webb Acquisition, a blank check company formed by the founders of Purple Innovation targeting the internet sector, raised $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.

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 (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 plans to list on the Nasdaq under the symbol WWAC.U. BofA Securities and J.P. Morgan acted as joint bookrunners on the deal.