Bright Lights Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

Bright Lights Acquisition Corp. priced its initial public offering (IPO) of 20 million units at $10.00 each, set to trade on Nasdaq under the ticker symbol BLTSU starting January 7, 2021. Each unit consists of one share of Class A common stock and one-half of a redeemable warrant, with whole warrants entitling holders to purchase shares at $11.50. The company aims to merge with businesses in consumer products and entertainment. Jefferies LLC and Moelis & Company LLC are joint book-running managers for the IPO, which includes a 45-day option for underwriters to buy an additional 3 million units.

Positive

• IPO priced at $10.00 with significant demand, indicating investor interest.
• Focus on mergers in consumer products and entertainment sectors, potentially benefiting from celebrity partnerships.

Negative

• Market volatility and uncertainties surrounding the completion of the IPO.
• The company operates as a blank check firm, which comes with inherent risks related to finding suitable acquisition targets.

LOS ANGELES, CA, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Bright Lights Acquisition Corp. (the “Company”) announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit. The units will be listed on The Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “BLTSU” beginning January 7, 2021. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and redeemable warrants are expected to be listed on Nasdaq under the symbols “BLTS” and “BLTSW,” respectively.

The Company, led by Chief Executive Officer, Michael Mahan, Co-Chairmen of the board of directors, Allen Shapiro and John Howard, and Chief Financial Officer, Hahn Lee, is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on businesses in the consumer products and media, entertainment and sports sectors that can benefit from celebrity ownership and/or partnership. The Company’s board of directors also includes Ciara Wilson, Peter Guber, Mark Shapiro and Selena Kalvaria.

Jefferies LLC and Moelis & Company LLC are acting as joint book-running managers. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10002, by telephone: 877-821-7388 or by email: Prospectus_Department@Jefferies.com.

A registration statement relating to the securities was declared effective by the Securities and Exchange Commission (the “SEC”) on January 6, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement for the Company’s offering filed with the U.S. SEC and the preliminary prospectus included therein. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact:

Hahn Lee
Chief Financial Officer and Secretary
Telephone: (310) 421-1472
Email: info@brightlightsacquisition.com

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FAQ

What is the price of Bright Lights Acquisition Corp's IPO and how many units are offered?

Bright Lights Acquisition Corp's IPO is priced at $10.00 per unit, offering a total of 20 million units.

When will the units of Bright Lights Acquisition Corp begin trading on Nasdaq?

The units will start trading on Nasdaq under the ticker symbol BLTSU beginning January 7, 2021.

What is included in each unit of the IPO issued by Bright Lights Acquisition Corp?

Each unit consists of one share of Class A common stock and one-half of a redeemable warrant.

What are the ticker symbols for Bright Lights Acquisition Corp's common stock and warrants?

The common stock will trade under the ticker symbol BLTS, and the warrants will trade under BLTSW.

Who are the joint book-running managers for the IPO of Bright Lights Acquisition Corp?

Jefferies LLC and Moelis & Company LLC are acting as joint book-running managers for the IPO.