{"id":460862,"date":"2021-03-18T11:03:30","date_gmt":"2021-03-18T15:03:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=460862"},"modified":"2021-03-18T11:03:30","modified_gmt":"2021-03-18T15:03:30","slug":"waldencast-acquisition-corp-announces-up-to-678-million-raise-behind-closing-of-upsized-345-million-initial-public-offering","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/waldencast-acquisition-corp-announces-up-to-678-million-raise-behind-closing-of-upsized-345-million-initial-public-offering\/","title":{"rendered":"Waldencast Acquisition Corp. Announces up to $678 Million Raise Behind Closing of Upsized $345 Million Initial Public Offering"},"content":{"rendered":"

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Waldencast Acquisition Corp. Announces up to $678 Million Raise Behind Closing of Upsized $345 Million Initial Public Offering<\/b><\/p>\n

Includes Exercise of Underwriters\u2019 Over-Allotment Option and an Additional Investment of up to $333 Million in Forward Purchase Agreements<\/i><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nWaldencast Acquisition Corp. (the \u201cCompany\u201d) (NASDAQ: WALDU) announced today the closing of its upsized initial public offering of 34,500,000 units at a price of $10.00 per unit, including 4,500,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The units are listed on The Nasdaq Stock Market LLC (\u201cNasdaq\u201d) and began trading under the ticker symbol \u201cWALDU\u201d on March 16, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. Only whole warrants are exercisable. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols \u201cWALD\u201d and \u201cWALDW,\u201d respectively.\n<\/p>\n

\nThe Company is incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While it may pursue an initial business combination target in any industry or geographic location, the Company intends to focus its search for a target business operating in the beauty, personal care and wellness sectors.\n<\/p>\n

\nIn connection with the initial public offering, the Company has entered into a forward purchase agreement (the \u201cSponsor Forward Purchase Agreement\u201d) with its sponsor, Waldencast Long-Term Capital LLC, and Dynamo Master Fund, a member of the sponsor, which will provide for the purchase of an aggregate 13,000,000 Class A ordinary shares and 4,333,333 redeemable warrants, for an aggregate purchase price of $130,000,000, or $10.00 per one Class A ordinary shares and one-third of one redeemable warrant, in a private placement to close substantially concurrently with the closing of the initial business combination. The Sponsor Forward Purchase Agreement provides that the purchasers may, in their sole discretion, increase the amount of capital committed under the Sponsor Forward Purchase Agreement up to an amount not to exceed $160,000,000.\n<\/p>\n

\nIn addition, the Company has entered into a third-party forward purchase agreement (the \u201cBeauty Forward Purchase Agreement\u201d) with Beauty Ventures LLC (\u201cBeauty Ventures\u201d), which will provide for the purchase of an aggregate of up to 17,300,000 Class A ordinary shares and up to 5,766,667 redeemable warrants, for an aggregate purchase price of up to $173,000,000, (subject to the below), or $10.00 per one Class A ordinary share and one-third of one redeemable warrant, in a private placement to close substantially concurrently with the closing of the initial business combination. To the extent that the amounts available from the trust account and other financing (including the Sponsor Forward Purchase Agreement) are sufficient for the cash requirements in connection with our initial business combination, our sponsor may, in its sole discretion, as the managing member of Beauty Ventures, reduce its purchase obligation, up to the full amount, under the Beauty Forward Purchase Agreement.\n<\/p>\n

\nThe Company is led by CEO Michel Brousset<\/b> (former Group President of L\u2019Or\u00e9al), Executive Chairman Felipe Dutra<\/b> (former CFO at Anheuser-Busch InBev) and COO Hind Sebti <\/b>(former General Manager of L\u2019Or\u00e9al). The Board of Directors consists of the following individuals:\n<\/p>\n