Khare Bhisham bought AERT

March 26, 2024 · Form 4 insider transaction

Khare Bhisham bought 59,110 shares of Aeries Technology, Inc, a transaction worth N/A. The trade was recorded as disposition to the issuer and disclosed on an SEC Form 4, filed 2 days after the transaction.

Direction
Acquired (buy-side)
Shares
59,110
Price
N/A
Total value
N/A
Role—
SecurityAeries Shares Call Exchange Right
Transaction codeD: Disposition to the issuer
Transaction dateMarch 26, 2024
Filing dateMarch 28, 2024
Shares owned after59,110
OwnershipDirect
10b5-1 planNo
AmendedNo

Footnotes

Pursuant to the terms and subject to the restrictions set forth in that certain Exchange Agreement, dated as of November 6, 2023 (the "Exchange Agreement"), by and among Aeries Technology, Inc. (the "Issuer"), Aeries Technology Group Business Accelerators Private Limited ("Aeries"), the reporting person, and the other parties thereto, the reporting person has a put exchange right, subject to certain exercise conditions, to exchange the reporting person's ordinary shares of Aeries, par value of INR 10 per share (the "Aeries Shares"), for Class A ordinary shares, par value $0.0001 per share ("Class A Ordinary Shares") of the Issuer, at an exchange rate of approximately 14.40 Class A Ordinary Shares for each Aeries Share. The Issuer also has a call exchange right under the Exchange Agreement, subject to the exercise conditions, to require the reporting person to exchange up to all of the reporting person's Aeries Shares for Class A Ordinary Shares or a cash exchange payment.; (Continued from footnote 1) The Issuer determined that the exercise conditions to the exchange rights were satisfied on March 26, 2024. As of the date of this Form 4, the reporting person has the right to exchange up to 20% of the Aeries Shares and, on and after April 1, 2024, the reporting person has the right to exchange 100% of the Aeries Shares. In addition, subject to certain conditions, either the call exchange or put exchange may be settled with a cash exchange payment calculated as the arithmetic average of the volume-weighted average price of Class A Ordinary Shares for the five (5) consecutive trading days ending on the date that is two (2) business days after the reporting person delivers notice of the exercise of the put exchange.

View the original Form 4 on SEC EDGAR