Willard Marine, Inc. announced that it has signed an agreement with GEM Global Yield LLC SCS ("GGY"), the Luxembourg-based private alternative investment vehicle providing Willard Marine with a Share Subscription Facility of up to $25 Million for when it goes public. Willard Marine will control the timing and maximum number of drawdowns under this facility and has no minimum drawdown obligation.
Willard Marine, Inc. (Willard) has partnered with tech industry leaders in alternative fuel propulsion, autonomous navigation, and renewable materials to develop the next generation of small boats for the military and other critical-use markets.
"GGY’s investment facility strengthens Willard's immediate and long-term financial goals and reinforces its ability to rapidly accelerate our continued growth," said Jordan Angle, second-generation CEO of Willard. “We are excited to build on Willard’s 65-year track record of innovation with the development of green and autonomous small boats, for use in the military, commercial, and leisure markets. The company plans to go public through either a merger with a Special Purpose Acquisition Company (SPAC), reverse merger or direct listing on the NASDAQ."
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