Item 8.01. Other Events.
On January 12, 2021, Powered Brands (the "Company") consummated an initial
public offering (the "IPO") of 27,600,000 units (the "Units"), which included
the exercise of the underwriters' option to purchase an additional 3,600,000
Units at the initial public offering price to cover over-allotments, at an
offering price of $10.00 per Unit and a private placement with PB Management
(the "Sponsor") of 5,180,000 private placement warrants at a purchase price of
$1.50 per warrant (the "Private Placement"). Each Unit consists of one of the
Company's Class A ordinary shares, $0.0001 par value per share (the "Class A
Ordinary Shares"), and one-third of one redeemable warrant (the "Public
Warrants"), each whole Public Warrant entitling the holder thereof to purchase
one Class A Ordinary Share at an exercise price of $11.50 per share, subject to
adjustment. The net proceeds from the IPO, together with certain of the proceeds
from the Private Placement, $276,000,000 in the aggregate (the "Offering
Proceeds"), were placed in a U.S.-based trust account at J.P. Morgan Chase Bank,
N.A., established for the benefit of the Company's public shareholders and the
underwriters of the IPO with Continental Stock Transfer & Trust Company acting
as trustee.
An audited balance sheet as of January 12, 2021 reflecting receipt of the
Offering Proceeds has been issued by the Company and is included as Exhibit 99.1
to this Current Report on Form 8-K.
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