Waldencast Acquisition in a regulatory filing disclosed the issuance of a $600,000 promissory note to its sponsor with the funds to be used for working cpaital.
The SPAC last November inked a deal to merge with skin care brand Obagi and makeup and skin care brand Milk Makeup. The approximately $1.2 billion transaction is a first step in Waldencast’s strategy to create a global multi-brand beauty and wellness platform.
Obagi is a physician-dispensed brand in the dermo-cosmetic space.
Milk Makeup is a cult-favorite beauty brand among Gen-Z consumers.
The transaction will be funded by $345 million in the SPAC’s trust (subject to any redemptions); a fully committed $333 million forward purchase agreement of which $160 million is provided by sponsors Waldencast Long-Term Capital and Dynamo Master Fund; a fully committed $105 million PIPE and $475 million of seller rollover equity. Read more.
