Powered Brands announced that it will redeem all of its outstanding Class A ordinary 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 per-share redemption price for the public shares will be approximately $10.12. The company’s sponsor has waived its redemption rights with respect to the outstanding Class A ordinary shares held by the sponsor, and the Class B ordinary shares. After January 12, 2023, the company shall cease all operations except for those required to wind up the company’s business. The company expects that the Nasdaq Capital Market will file a Form 25 with the U.S. Securities and Exchange Commission to delist its securities.
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