Waldencast Acquisition Corp. (NASDAQ:WALD) announced in an 8-K that its shareholders approved its combination with beauty brands OBAGI and Milk at a special meeting July 25.
In connection with the vote, 30,021,946 shares (87%) were redeemed, removing about $301 million from its trust. But, Waldencast had long secured the deal’s minimum cash requirements with $333 million in forward-purchase agreements and a recently upsized $118 million PIPE.
Together with Waldencast’s remaining trust funds, this makes for about $496 million in equity financing in addition to a $225 million debt facility that the SPAC announced in June. Obagi required a cash consideration of at least $327.5 million in the deal and Milk required $112.5 million.
The parties now expect the deal to close on or around July 27, after which the combined company will trade on the Nasdaq under the symbol “WALD”.
Waldencast initially announced the $1.2 billion combination with OBAGI and Milk Makeup on November 15. OBAGI provides medical-grade skincare products and Milk Makeup provides clean 100% vegan cosmetics via retail stores and its native ecommerce site.
The SPAC intended this transaction to mark the first step in forming a platform beauty company that will roll up additional brands across the cosmetics and wellness space.
ADVISORS
- J.P. Morgan Securities LLC acted as capital markets advisor and lead financial advisor, and Credit Suisse acted as capital markets advisor and financial advisor to Waldencast.
- Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Waldencast.
- Lazard was financial advisor to Obagi, and Financo Raymond James was financial advisor to Milk Makeup.
- Latham & Watkins served as legal counsel to Obagi, and Goodwin Procter served as legal counsel to Milk Makeup.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...