Powered Brands Announces Pricing of $240 Million Initial Public Offering

Rhea-AI Summary

Powered Brands (Nasdaq: POWRU) has priced its initial public offering of 24,000,000 units at $10.00 each, which will be listed on the Nasdaq Capital Market starting January 8, 2021. Each unit includes one Class A ordinary share and one-third of a warrant for purchasing one ordinary share at $11.50. The offering is expected to close on January 12, 2021. Credit Suisse Securities is the sole book-running manager. A registration statement was declared effective by the SEC on January 7, 2021. This announcement does not constitute an offer to sell or buy securities.

Positive

• Initial public offering priced at $10.00 per unit, which may attract investor interest.
• Listing on the Nasdaq Capital Market could enhance visibility and credibility.

Negative

• Offering involves issuance of units that may dilute existing shareholder value.
• Risks associated with successful consummation of the IPO could impact investor confidence.

Powered Brands (Nasdaq: POWRU, the “Company”) announced today that it priced its initial public offering of 24,000,000 units at $10.00 per unit. The units are expected to be listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “POWRU” beginning January 8, 2021. Each unit consists of one Class A ordinary share and one-third of one warrant to purchase one ordinary share at $11.50 per whole share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols “POW” and “POWRW” respectively.

The offering is expected to close on January 12, 2021, subject to customary closing conditions.

Credit Suisse Securities (USA) LLC is acting as the sole book-running manager for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on January 7, 2021. The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by telephone at (800) 221-1037 or by email at usa.prospectus@credit-suisse.com.

This press release shall not constitute an offer to sell or a 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 includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210107005940/en/

FAQ

What is the price of the initial public offering for POWRU?

The initial public offering for Powered Brands is priced at $10.00 per unit.

When will POWRU start trading on the Nasdaq?

POWRU is expected to begin trading on the Nasdaq Capital Market on January 8, 2021.

What does each unit in the POWRU offering consist of?

Each unit consists of one Class A ordinary share and one-third of one warrant to purchase an ordinary share at $11.50.

When is the closing date for the POWRU initial public offering?

The offering is expected to close on January 12, 2021, pending customary closing conditions.

Who is managing the POWRU initial public offering?

Credit Suisse Securities is acting as the sole book-running manager for the offering.