Powered Brands Will Redeem Public Shares
Powered Brands - Class A Ordinary Shares (POW)
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Powered Brands (the “Company”) (NASDAQ: POWRU, POW, POWRW), a special purpose acquisition company, today announced that it will redeem all of its outstanding Class A ordinary shares, par value $0.0001 per share (the “Public Shares”), effective as of the close of business on January 12, 2023, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the “Articles”).As such, in accordance with the Company’s Articles, the Company will:cease all operations as of January 12, 2023, except for the purpose of winding up;as promptly as reasonably possible, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Company’s trust account (the “Trust Account”), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s income
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