Waldencast plc announced a private placement to issue 14,000,000 class A common shares at an issue price of $5 per share for the gross proceeds of $70,000,000 on September 14, 2023.

On the same date, the company issued 13,600,000 class A shares at an issue price of $5 per share for the gross proceeds of $68,000,000 in the first tranche. The PIPE Investment is anchored by a $50,000,000 investment by a returning investor Beauty Ventures LLC. The remainder of the PIPE Investors in the PIPE Investment are certain existing shareholders, certain members of the sponsor, and Michel Brousset, Founder and Chief Executive Officer and Hind Sebti, Founder and Chief Growth Officer. The Subscription Agreements relating to approximately $68,000,000 of proceeds have been consummated, with the closings of Subscription Agreements relating to the remaining approximately $2,000,000 expected to occur no later than following the receipt of a certain regulatory approval. The shares are restricted to a hold period. Following the Closings, the Company will have a total of 122,152,112 Class A Shares issued and outstanding. No Class B ordinary shares, warrants or other securities of the Company were issued in connection with the PIPE Investment. For 75% of the Lock-Up Shares, the lock-up period means the period beginning on the Closing Date and ending on the one-year anniversary of the Closing Date. For 25% of the Lock-Up Shares, the lock-up period means the period beginning on the Closing Date and ending on the six-month anniversary of the Closing Date.