SPACInsider Logo
Waldencast Acquisition Corp. (WALD) Shareholders Approve OBAGI and Milk Deal
by Marlena Haddad on 2022-07-26 at 7:10am

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.
Recent Posts
by Sam Beattie on 2022-12-02 at 7:10pm

Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...

by Marlena Haddad on 2022-12-02 at 5:38pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...

by Marlena Haddad on 2022-12-02 at 4:38pm

Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...

by Marlena Haddad on 2022-12-02 at 11:38am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot  Embark Director Elaine Chao, Others Sued Over SPAC...

by Nicholas Alan Clayton on 2022-12-02 at 7:51am

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved