Waldencast Acquisition, a blank check company formed by Waldencast Ventures and the former CFO of Anheuser-Busch InBev, filed on Monday with the SEC to raise up to $250 million in an initial public offering.
The White Plains, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $130 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor and an affiliate. At the proposed deal size, Waldencast Acquisition would command a market value of $313 million.
The company is led by Executive Chairman Felipe Dutra, who most recently served as the CFO of Anheuser-Busch InBev (Euronext: ABI; NYSE: BUD), and CEO and Director Michel Brousset, the founder and CEO of Waldencast Ventures and a former executive at L'Oréal. The company plans to leverage its management team's experience and target the beauty, personal care, and wellness sectors.
Waldencast Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol WALDU. The company filed confidentially on January 22, 2021. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.
