Waldencast Acquisition Corp. (NASDAQ:WALD) announced this afternoon that it has tacked on an additional $5 million PIPE for its combination with beauty brands OBAGI and Milk.
The PIPE investors will be subject to the same terms as the Initial PIPE Investors and have collectively subscribed for 500,000 shares of Waldencast Common Stock for an aggregate purchase price equal to $5 million. The PIPE Investment will be consummated substantially concurrently with the closing of Waldencast’s initial business combination.
Additionally, Waldencast entered into a promissory note with its sponsor, Waldencast Long-Term Capital LLC to loan the SPAC up to $450,000 to be used for working capital purposes. The loan will not bear any interest, and will be repayable by Waldencast to the Sponsor upon the earlier of the date by which Waldencast has to complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Today’s additional funding comes just a few weeks after the SPAC confirmed $225 million in debt which was in the form of a four-year secured first-lien made up of a $175 million term loan and a $50 million revolving loan facility with $7.5 million available to be drawn as letters of credit. JP Morgan Chase (NYSE:JPM), Santander (NYSE:SAN) and Wells Fargo (NYSE:WFC) served as joint bookrunners and lead arrangers for the facility with JPM served as administrative agent and Credit Suisse (NYSE:CS) as documentation agent.
The combined company would now receive $1.025 billion in total proceeds as this funding joins $333 million in forward purchase agreements (FPAs), a $118 million PIPE and Waldencast’s $345 million trust before redemptions. The original PIPE and FPAs already covered the $440 million collective minimum cash conditions for the two companies, but the additional funding further secures all of the uses that the company had in mind.
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.
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...