Waldencast Acquisition shareholders voted to approve the business combination with physician-dispensed skin care brand Obagi Global Holdings and with makeup and skin care brand Milk Makeup. Avbout 98% of voted shares were in support of the deals, according to an 8-K filing.
Although Waldencast in the filing said 30,021,946 shares were redeemed — wiping out nearly half its trust — securing the deal was a foregone conclusion after the SPAC secured a $118 million PIPE and $333 million in forward purchase agreements earlier this year The two targets set a combined minimum cash consideration of $440 million. With just the PIPE and FPAs, Waldencast had $11 million to spare even if trust redemptions had reached 100%.
The transactions are expected to close tomorrow, after which Waldencast will list on the Nasdaq under the symbol WALD. The approximately $1.2 billion deal is Waldencast’s first step in a strategy to create a global multi-brand beauty and wellness platform. Read more.
