There is a person named Channing Tatum.
James Devaney is a GC Images photographer.
Manscaped, a men's grooming startup backed by Channing Tatum, is going public by merging with a blank check firm.
After the deal closes, the San Diego, California-based firm plans to list on the Nasdaq. The combined company will trade under the ticker MANS.
Paul will continue to lead the firm after completion. The boards of the two companies unanimously approved the transaction.
Manscaped is expected to receive up to $305 million in gross transaction proceeds, including $75 million from PIPE, at $9.20 per share. Some of the investors are Tatum, Endeavor Group, Guggenheim Investments, Signia Venture Partners, and funds managed by U.S. O'Connor.
The firm will have $235 million on the balance sheet if no redemptions occur, according to the statement.
The capital raised in this transaction will allow us to serve more men in more markets around the world, while also allowing us to grow the Manscaped routine into additional personal care and lifestyle product spaces.
Manscaped focuses on below the waist grooming for men, and is looking to expand to address all of men's self-care needs.
In the past year, the company has generated over $300 million of revenue. It expects to grow to over $500 million in the next five years.
SPACs, which are shell companies seeking to merge with private companies with the intention of taking them public, have exploded in popularity in the last year.
SPACs raised $83.3 billion in 2020. Half of initial public offerings have been raised by SPACs.
Business Insider has an original article.
