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Powered Brands, a special purpose acquisition company, has announced the redemption of all its outstanding Class A ordinary shares, effective January 12, 2023. Due to its inability to complete a business combination within the allotted timeframe, the company will cease operations except for winding up. Shareholders will receive approximately $10.12 per share from the trust account, totaling around $279.47 million, minus expenses. After the redemption, the company plans to liquidate and dissolve. No redemption rights apply to warrants, which will expire worthless.
Powered Brands (NASDAQ: POW, POWRU, POWRW) has announced that Mito Yamada has been appointed as Chief Operating Officer and member of the Board of Directors, effective August 30, 2021. Ms. Yamada brings over 15 years of experience in the luxury and consumer products industry, having previously held a leadership role in global mergers and acquisitions at Shiseido. She will be instrumental in defining the company's long-term strategy and executing initial business combinations, focusing on next-generation beauty and wellness brands.
Powered Brands (Nasdaq: POW) has regained compliance with Nasdaq Listing Rule 5250(c)(1) after filing its Quarterly Report on Form 10-Q for the period ended March 31, 2021, on June 3, 2021. The company previously received a notice from Nasdaq on May 28, 2021, indicating non-compliance due to the late filing of the Form 10-Q. Powered Brands is a blank check company focused on potential mergers and acquisitions in the beauty, wellness, and consumer sectors.
Powered Brands (Nasdaq: POWRU) announced that the separate trading of its common stock and warrants will begin on approximately March 3, 2021. The common stock will trade under the symbol “POW” and the warrants under “POWRW.” Units that are not separated will continue to trade as “POWRU.” The company is a blank check entity focused on mergers and acquisitions in the beauty, wellness, and consumer sectors. However, it cautions that its forward-looking statements involve risks and uncertainties that may result in actual outcomes differing from projections.
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