Bright Lights Acquisition and MANSCAPED are mutually terminating their merger agreement, effective immediately. This is the 8th SPAC deal called off this month.
“Although we are disappointed that current market conditions have made it unworkable to complete the merger with MANSCAPED, we are huge fans of the company and wish (CEO Paul Tran) and the rest of the team continued success,” said Mike Mahan, CEO of Bright Lights.
MANSCAPED is a consumer lifestyle brand specializing in men’s grooming and self-care products.
The company is on the hook to Bright Lights for a termination fee of $1 million, payable in installments, according to an 8-K filing. The first $350,000 is due immediately, followed by $216,666.66 on the one-year anniversary of the termination and the remaining $216,666.66 on the two-year anniversary.
Announced last November, the deal had an enterprise value of approximately $1 billion and was expected to provide $305 million in gross proceeds.
Funding was expected to come from the SPAC’s $230 million in trust plus a $75 million fully-committed PIPE at $9.20 per share from investors that included actor Channing Tatum, funds managed by UBS O’Connor, Shaolin Capital Management, Signia Venture Partners, Guggenheim Investments, Endeavor, and an affiliate of Saban Capital Group. Read more.
