Davis Polk advised the sole bookrunner, in connection with the initial public offering of 27,600,000 units of Powered Brands, including 3,600,000 units purchased pursuant to the full exercise of the underwriters’ option to purchase additional units, for aggregate proceeds of $276 million. Each unit consists of one share of Class A common stock and one-third of one warrant to purchase one share of Class A common stock of Powered Brands. The units were listed on the Nasdaq Capital Market under the symbol “POWRU.”
Powered Brands is a newly incorporated special purpose acquisition company (SPAC) whose business purpose is to effect a business combination with a beauty, wellness or consumer-related business.
The Davis Polk corporate team included partners Derek Dostal and Deanna L. Kirkpatrick and associates Yoojin Nairn-Kim and Alba Baze. The tax team included counsel Kiara L. Rankin and associate Daniel L. Jose. Counsel Marcie A. Goldstein provided FINRA advice. All members of the Davis Polk team are based in the New York office.