Powered Brands announced that it will redeem all of its outstanding Class A shares effective at the close of business Jan. 12 because the SPAC will not complete a business combination within deadline.
The SPAC raised $240 million in a January 2021 IPO. Founded by entrepreneur Katherine Power, the blank-check firm was focused on acquiring a consumer business.
The per-share redemption price will be approximately $10.12. The balance of the SPAC’s trust as of Dec. 15 was approximately $279.5 million, including about $3.5 million in interest and dividend income. Powered Brands will use $100,000 of the interest and dividend income to cover dissolution expenses. Read more.