THE WHAT? Waldencast Acquisition Corp has announced that its shareholders voted to approve the business combination with skin care brand Obagi Global Holdings Limited and award-winning makeup and skin care brand Milk Makeup.
THE DETAILS The business combination was supported by approximately 98 percent of the vote cast at a meeting, representing approximately 70 percent of Waldencast’s outstanding shares.
Waldencast says, “The closing of the business combination is expected to occur on or around July 27, 2022, subject to the satisfaction or waiver of all closing conditions. Upon the closing of the transactions with Obagi Skincare and Milk Makeup, both companies will become part of the Waldencast portfolio, and the combined company, Waldencast plc, will be listed on Nasdaq under the symbol “WALD”.
THE WHY? According to Waldencast, the three-way transaction with Obagi Skincare and Milk Makeup is a first step in its strategy to create a global best-in-class multi-brand beauty and wellness platform.