Powered Brands, a consumer SPAC formed by Greycroft and Katherine Power, files for a $200 million IPO
Powered Brands, a blank check company formed by Greycroft and entrepreneur Katherine Power targeting a consumer business, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Powered Brands would command a market value of $250 million.
The company is led by CEO and Director Katherine Power, who serves as co-founder and CEO of Clique Brands, known for its digital brand WhoWhatWear.com; Power also serves as CEO of Power Beauty (dba Merit) and Offspring Beauty (Versed), and last year co-founded clean wine brand Avaline. She is joined by Chairperson Dana Settle, co-founder and Managing Partner of Greycroft, and CFO Brianna Mobrem, who currently serves as CFO of Clique Brands. The company plans to target beauty, wellness, and consumer-related businesses.
Powered Brands was founded in 2020 and plans to list on the Nasdaq under the symbol POWRU. The company filed confidentially on October 26, 2020. Credit Suisse is the sole bookrunner on the deal.
The article Powered Brands, a consumer SPAC formed by Greycroft and Katherine Power, files for a $200 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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